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Wednesday, 18 July 2012

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ADM starts delivery of title deeds for Reem Island

Process carried out in cooperation with Tumooh Company

Municipality

The Municipality of Abu Dhabi City has started the delivery of title deeds of residential units of Marina Square Project at Reem Island, in collaboration with Tumooh Company, the main developer of Al Reem Island.

An announcement to this effect was made in a joint press conference held by the Municipality of Abu Dhabi City and Tumooh Company, at the Company's headquarters at Al Reem Island on Tuesday.

Awaidah Al Qubaisi, acting executive director of Municipal Services Sector, Municipality of Abu Dhabi City, said, "The Municipality of Abu Dhabi City is keen on strengthening the cooperation and integration with the national institutions as well as leading property development companies in line with the objectives aimed at providing effective municipal services at the highest quality standards."

"The Municipality has handed over Tumooh Company 713 freehold title deeds for the Marina Square Project at Reem Island in Abu Dhabi. The Municipality is also preparing to issue about 2800 title deeds of the extra five buildings and seven villas," added Al Qubaisi.

Posted by: Umer Malik, Friday, 18 November 2011
I wonder what would be the market value now. The buildings seem already a year old with shabby maintenance. The rents in the Tourist club area opposite to Reem Island have already halved and people are really weary of old and below standard accomodation there. Reem Island will provide a good relief with some decent standard and quality of life. However, i don't believe Abu Dhabi would be able to replicate the success Dubai had with JBR. Property market in Dubai is much more advanced and realistic. Reem Island is still a DREAM Island where developers don't let market test the true worth of the property by keeping strict control over sales.
Its just wait and watch period for now !!
Posted by: Henry M, Thursday, 17 November 2011
After over 2 years delay.... FINALLY!
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