Abu Dhabi Announces Luxury Condo Development Adjacent to Guggenheim Outpost
Abu Dhabi's Tourism Development & Investment Company (TDIC) has unveiled the first residential project on Saadiyat Island, the "cultural district" home to the Guggenheim Abu Dhabi, Louvre Abu Dhabi, and New York University (NYU) Abu Dhabi.
Abu Dhabi’s Tourism Development & Investment Company (TDIC) has unveiled the first residential project on Saadiyat Island, the “cultural district” home to the Guggenheim Abu Dhabi, Louvre Abu Dhabi, and New York University (NYU) Abu Dhabi. Almost a mile long, the newly announced “Mamsha al Saadiyat” (Saadiyat Walk) is a beachfront mixed-use project that abuts the Guggenheim Abu Dhabi, Construction Week Online reported.
TDIC is eager to highlight the residential development’s proximity to the multi-billion-dollar museums, which are mentioned five times in the official news release. The document also contains the following comment by way of articulating the “one-of-a-kind investment” value of the residential units — whose pricing is to be announced next week — from Ahmed Al Fahim, executive director of marketing, communications, sales, and leasing at TDIC:
Given its unique location neighbouring world-class museums in addition to being a beachfront development, we strongly believe that Mamsha Al Saadiyat sets itself apart from other residential developments in the region. It is truly a one-of-a-kind investment opportunity and will surely attract investors locally and from around the world.
Paul Maisfield, chief executive of MPM Properties, the property arm of Abu Dhabi Islamic Bank, told state-owned paper The National that the “top end of the market” has experienced a “marked slowdown” in Dubai that is “starting to be felt in Abu Dhabi too,” but remained optimistic about the prospects for the new Saadiyat development.
“However, we are still very positive about the latest TDIC launch. There is an undersupply of good quality stock in Abu Dhabi and for well-paid executives who want a good quality of life Saadiyat is one of a very few options,” Maisfield said.
Last month, the artist and writer Molly Crabapple published an investigative account of the conditions for the poorly paid laborers constructing Saadiyat Island, where she found continuing instances of labor and human rights abuses extensively documented by Human Rights Watch, Gulf Labor, the Guardian, and the New York Times, among others.
