Tourism Development & Investment Company (TDIC) said on Saturday it had signed an agreement with Arabtec Construction to build phase one of its Saadiyat Beach Residences community.
The deal, worth in excess of 2 billion dirhams ($544.5 million), includes the design, development and construction of phase one of the community on Abu Dhabi’s $22 billion offshore development Saadiyat Island.
The contract covers the first of seven gated communities which will front the Gary Player signature golf course. It comprises a range of three to eight bedroom villas and town houses in Mediterranean, Arabian and contemporary architectural styles, featuring a private gym, elevator, swimming pool and movie theatre.
“This project raises Abu Dhabi’s residential market to a world class level and is a highly prestigious award for Arabtec,” CEO Riad Kamal said in a statement.
“Given TDIC’s reputation for working with best-of-breed suppliers, we see this MOU as a significant vote of confidence in our abilities.”
The project, which includes all associated infrastructure works, is due for completion in 30 months.
Saadiyat Island, which lies 500 metres offshore Abu Dhabi, is being developed into a signature leisure, cultural and residential destination.
Linked to Abu Dhabi via the 10-lane Saadiyat Bridge, the island will be home to cultural assets including the Lord Foster-designed Sheikh Zayed National Museum, Guggenheim Abu Dhabi designed by Frank Gehry, the Louvre Abu Dhabi, a performing arts centre designed by Zaha Hadid and a maritime museum by Japan’s Tadao Ando.
Scheduled for completion in 2018, it will include seven districts including the Cultural District, Saadiyat Business Marina, Saadiyat Beach, South Beach, Saadiyat Park, The Wetlands and Eco-point.
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