UAE-based Manazel Real Estate said the first phase of its Al Reef 2 villas project coming up in Al Samha area of Abu Dhabi was nearing completion and the completed units were likely to be handed over by the year-end.

Al Reef 2 consists of 860 duplex villas across four residential neighbourhoods with a central hub offering community facilities such as schools that will accommodate 1,500 students, retail outlets for shopping and dining, clinics and public parks. The retail area will host around 30 shops, said the company in a statement.

Around 95 per cent of the villas in Phase One have been sold out, it stated.

Giving an update on the project's progress, Manazel’s chairman Mohamed Al Qubaisi said: "More than 70 per cent of the construction work had been completed on the project. The concrete skeleton of all villas are now built and the project has been registered with the Abu Dhabi City Municipality."
 
The successful sales of Al Reef 2, which offers easy access to Dubai and the rest of the UAE, have contributed significantly towards Manazel’s ongoing profitable growth to date, he stated.
 
Al Qubaisi said: “Over the past year, we have been focused on accelerating construction on Al Reef 2 in order to deliver the project to our investors in a timely manner. With the first phase nearing completion, we will hand over all the villas by the end of 2017."

This follows on from the success of Al Reef 1 which now houses 17,000 residents, he added.

He pointed out that Al Reef 2 had witnessed solid response from the investors mainly due to its excellent connectivity between Abu Dhabi, Dubai and the rest of the UAE.

It also has easy access to key landmarks such as Yas Island, Dubai Parks & Resorts, Abu Dhabi International Airport and Al Maktoum Airport, he added.-TradeArabia News Service