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Asteco launches AED800 mn Waterfront Residence in Abu Dhabi

- January 8, 2007, 2:18 pm

Asteco launches AED800 mn Waterfront Residence in Abu Dhabi

Real estate and property services leader Asteco has won the contract for apartment sales of the Waterfront Residence, Abu Dhabi’s latest residential tower.

Representing an investment of more than AED800 million, Waterfront Residence is a 57-storey iconic tower located on the Shams, Reem Island master planned community, overlooking stunning water and park views. Due for completion by mid-2009, apartments are available on a 99-year lease.

‘We have seen an increase in demand for premium residential apartments in Abu Dhabi,’ said Damian Hill, Asteco’s Sales Team Leader in Abu Dhabi. ‘Although many projects are coming on stream, residents are not satisfied with the quality, service standards, room sizes and facilities provided. We are confident that the Waterfront Residence will set new quality and design standards in Abu Dhabi.’

‘Another key feature of this development is its attractive payment plan. Designed keeping investors in mind, this is the first project in Abu Dhabi where all the payments are linked to construction progress. So, final payment is made only when the tower is completed.’

Strategically located to take advantage of the Gulf skyline and the city’s panoramic views, design has been conceptualised by world renowned architectural and design firm AEDAS. The structural engineering contract has been awarded to Whitby & Bird, while tenders for the construction contract are currently being prepared. Abu Dhabi Commercial Bank is the financial partner.

The tower offers a total of 430 apartments, a rooftop helipad, secure undercover parking, a swimming pool, spa and sun deck, multi-function room for community activities, fitness club, landscaped outdoor garden and a terrace café.

Investors can opt for one, two, three or four-bedroom apartments with unit sizes starting from 990, 1,390, 1,825 and 2,785 square feet respectively. Three-bedroom townhouses sprawling over 4,875 square feet are also available.

All apartments are spacious, designed to maximise views, and will be equipped with fully-fitted ergonomic kitchens. Residents also have the option to upgrade their bathroom and kitchen packages.

Waterfront Residence is being developed by Empire International Investments- a division of the Empire Group, a multi disciplined Dubai-based company specialising in real estate development, financial services and strategic advisory.

Founded in Dubai in 1985, Asteco is the UAE’s largest property services company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property management and marketing; feasibility studies and valuations; and research and investment.



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