Asteco to lease out new property
Abu Dhabi, May 15, 2013
Regional real estate company Asteco has announced that the Al Wifaq Tower on Reem Island, Shams Abu Dhabi, is now ready for lease, with prices starting at Dh75,000 ($20,414.1) per annum for a one-bedroom apartment.
Owned by Union National Bank, Al Wifaq Tower comprises of 269 units extending over 29 floors, totalling 56,000 sq m and is surrounded by spectacular views of the Arabian Gulf and Abu Dhabi’s unique and evolving skyline, a statement from the company said.
Al Wifaq Tower offers the highest quality finishes and amenities, laid-out in a fashion that complements a busy modern lifestyle.
The tower also includes basement parking, pool, gym and a retail community as well as access to a new beach, which is nearing completion. The one, two and three-bedroom apartments have already generated positive pre-leasing interest with prices announced for two and three-bedroom units at Dh110,000 and Dh140,000 per annum respectively.
With the island’s infrastructure already in place, executives are confident that the development will be fully leased within the next 6 months, the statement said.
“Now that the apartments are ready to move in and the leasing rates have been published we are expecting strong interest. Al Reem, is a natural island and has become a much sought after residential area, offering a quality hi-spec lifestyle close to offices, shops, restaurants and entertainment,” said Paul Maisfield, associate director & general manager Abu Dhabi, Asteco Property Management.
Many of the latest high-quality developments in Abu Dhabi have been able to attract premium rental rates, as both new and existing tenants relocating from older properties, look for quality and value-for-money, according to the latest Q1 2013 report from Asteco. – TradeArabia News Service
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