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Rental prices in Abu Dhabi fell by 10 per cent

By Shehab A. Makahleh  gulfnews.com

Rents in Abu Dhabi fell by 10 per cent in the second quarter as supply continued to outweigh demand amidst expectations that this phenomenon will prevail for the rest of the year whereby up to 14, 000 residential units, primarily high end, will be handed over in Abu Dhabi by the end of 2011.

Al Raha beachWith regard to office supply, there is an oversupply. The total oversupply of office space in Abu Dhabi is expanding, but it is important to note that only 11 per cent of the current stock qualifies as international Grade A quality..

Several large scale office projects are expected to be delivered this year, including more buildings at Sowwah Square, Capital Plaza, Etihad Towers, International Towers, The Sky and Sun Towers, Infinity Tower, the Guardian Towers, the Capital Towers, the Marina Square, Al Bustan Complex, AL Muneera and Al Zeina projects, Yas Island Villas and Saadiyat Beach. As for office supply, Tower One at Sowwah Square and Guardian Tower at Danet Abu Dhabi.

The Al Raha Beach development, which is being completed and delivered in phases, will accommodate 120,000 residents. Aldar will also hand over Al Noor Tower, an office tower in Al Muneera during the second half of 2011.

Aldar’s portfolio of projects in Abu Dhabi is valued at more than $75 billion, (Dh275.4 billion).

Moreover, Aldar announced in July, 2011 that its 278m, 59 storey Trust Tower, one of the tallest office developments in the capital and the centerpiece of the capital’s downtown district is available for pre-lease.

The Emporium Shopping Mall will be completed in the third quarter of 2012 and the residential Domain Tower, home to 274 residential units will be finished in 2012, according to Aldar statement.

The Strata Tower will be the tallest building in Al Dana precinct once completed in 2011. The tower’s height is 160 meter high, and the Strata Tower will be the tallest building in the Al Dana precinct.

The whole Saadiyat Island Projects estimated cost would amount up to $27 billion (Dh97.2). It houses two hotels: The St Regis Saadiyat Island Resort and the AED 1 billion Park Hyatt Abu Dhabi. Both are expected to be completed by the end of 2011.

The Rocco Forte Abu Dhabi development, a joint venture between TDIC and Al Farida Investments Company LLC, is the brand’s first venture into the Middle East. It is located on Sheikh Rashid bin Saeed Al Makhtoum Street.

The Regent Emirates Pearl is a joint venture between TDIC and Atlas Group. The expected cost of the resort will be AED 500 million. The tower will stand 255 tall with 47 floors. It is expected to be finished in 2012, according to TDIC estimations.

Capital Gates distinctive futuristic design, aesthetic splendor and technical excellence made it a modern marvel and a celebration of human achievement that reflects dynamism of Abu Dhabi..

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