Saadiyat Island developer to sell off last block at beach residences

According to Asteco, apartments at Saadiyat Beach Residences currently sell for between Dh1,400 and Dh1,500 per sq ft, while a one-bedroom apartment in the complex rents at between Dh120,000 and Dh135,000 a year.

Above, apartments at Tourism Development & Investment Company's Saadiyat Beach Residences development. Mona Al Marzooqi / The National

Tourism Development and Investment Company (TDIC), the master developer of Saadiyat Island, is marketing a block of 70 apartments to potential investors in the latest of a series of sell-offs.

The government-owned development company is hoping to sell the final building of its six-block Saadiyat Beach Residences housing complex to an investor.

The completed and let block, which comprises five one-bedroom flats, 20 two-bedroom flats, 40 three-bedroom flats and five four-bedroom flats as well as parking spaces for 140 cars, has a built-up area of 249,844 square feet.

According to real estate firm Asteco, apartments at Saadiyat Beach Residences currently sell for between Dh1,400 and Dh1,500 per sq ft, while a one-bedroom flat there rents at between Dh120,000 and Dh135,000 a year.

In 2013 TDIC sold 285 flats in three of the five-storey apartment blocks in the complex.

Another 70 individual units in two more of the blocks in the complex were sold to investors in 2013 at prices starting from Dh1.4 million.

TDIC's decision to sell the final block of apartments in Saadiyat Beach Residences follows news in December that the company had sold the 377-room St Regis hotel on Saadiyat Island as well as 190 rented apartments and 10 villas to the Manchester City football club owner Abu Dhabi United Group Investment & Development.

Last June, TDIC reported to the London Stock Exchange that it had agreed to writedown Dh658.4m on the sale of hospitality assets for Dh948m.

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