Luxury Real Estate Development officially receive Mangrove Place, Shams Abu Dhabi plot from Sorouh Real Estate

The plot located adjacent to the prestigious Sky Tower and with water frontage on two aspects, was handed over by Sorouh Real Estate PJSC and will be developed by LRED into a mid rise residential building - Mangrove Place - scheduled for completion in the beginning of 2010.

Ausama Zubaidi, Chief Executive Officer of Luxury Real Estate Development commented;
"Receiving the plot from Sorouh marks a major step forward in the development of Mangrove Place. We have confirmed the boundaries of the land and now construction can begin. The project construction is scheduled over a 24 month period which means Mangrove Place, will be one of the first developments to complete within Shams and on Reem Island as a whole."

Mangrove Place was showcased at Cityscape Abu Dhabi in May 2007 and has achieved over 40% of sales. The 28 storey property features 1, 2 and 3 bedroom apartments with fantastic staggered terraces and balconies offering uninterrupted canal and sea views. These well planned homes have been designed to maximize indoor/outdoor living as well as space and light. Facilities include fully fitted kitchens with appliances, a residents' temperature controlled swimming pool, fully equipped gym, manned 24 hour reception and easy access to the amenities of Reem Island and the main Abu Dhabi Island. Each property will have private covered car parking.

Prices are competitively designed to suit all types of buyers as well as investors, with an outstanding payment plan - featuring 5% on reservation and 45% in the final year.

Following the plot handover, enabling works are planned to begin within the next couple of weeks and tenders have closed for the main construction contract, which is scheduled to be awarded before the end of this year.