Privately owned Webridge Properties, in partnership with Mubadala Investment Co, has launched the first freehold residential project in Abu Dhabi's financial free zone.
Abu Dhabi this year has made changes to its real estate laws allowing foreign investors to own freehold property in designated zones.
The Al Maryah Island, home to Abu Dhabi's financial free zone currently has only commercial properties such as hotels, retailers, offices and the Cleveland Clinic, where hundreds of foreign nationals work.
The 22-storey Al Maryah Vista with 772 apartments is aiming to tap demand for studios, one- and two-bedroom apartments on the island, said Nasser al Khamis, CEO of Webridge Properties, a subsidiary of Reportage Group of Companies.
With an investment outlay of 500 million dirhams ($136 million), the project will be completed by the second quarter of 2023, he said.
The firm plans to launch its second residential project next year on Abu Dhabi's Yas Island, home to the Formula One Abu Dhabi Grand Prix racetrack and the Warner Bros theme park.
Abu Dhabi launches freehold residential project in financial free zone