Reem Diamond project attracts overseas interest

Chun Wo Development Holdings Ltd hopes for firmer foothold in ME

NEWS, Projects, Overseas, Property market, Reem Diamond

Sales of Reem Diamond have been boosted by new regulations implemented in the UAE property market.

Smartwill Asia Limited, a subsidiary of veteran Hong Kong based construction conglomerate Chun Wo Development Holdings Limited, announced that overseas investors, especially Chinese, have booked units in its ‘Reem Diamond’ luxury residential project.

The announcement was made at the official opening of Reem Diamond at a ceremony attended by Perry Fung, regional director, Middle East and Africa, HKTDC and Abdulla Saeed Al Qamzi, managing director of Khidmah.

Anthony Poon, director of property development, Chun Wo Development Holdings Ltd, said: “The seaside development which supports a natural and open-air lifestyle triggered a huge demand from investors.

"With Dubai winning the Expo 2020 bid and the UAE authorities introducing new legislations and regulations, many keen investors understood these as a clear ‘go ahead’ signal to invest in properties such as Reem Diamond Residence.”

Reem Diamond Residence is the first exclusive residential project in Abu Dhabi from Chun Wo Development Holdings Ltd that aims to gain a firmer foothold in the Middle Eastern property markets through strategic developments such as this unique project.

Poon added: “This exclusive project symbolizes our quest for meticulous standards in property developments. I am proud to say that on this mission, Reem Diamond Residence has succeeded beyond expectations. Our residents are able to retreat from the hustle and bustle of the city and retain a peaceful and cozy way of living.”

Poon also announced the appointment of Khidmah, one of the leading property management companies in the GCC, as the property management company of the building that he described as a low-density residence that sits right by the beachfront.

Reem Diamond has a total saleable area of approximately 61,686ft and houses 48 units ranging from one-bedroom to three-bedroom duplexes. The residential building features an infinity sky pool, spacious balconies with sea views, and tailor-made floor plans to cater to a wide range of individual tastes. Chun Wo plans to hold part of the building as their group’s investment. Reem Diamond is now officially open to public for lease.

The first residential project in Abu Dhabi to be financed and developed by a Hong Kong Developer is strategically located at the Shams Abu Dhabi of Al Reem Island, a natural island 600m off the coast of Abu Dhabi. The Island is one of the Emirate’s first free zones where foreign nationals can purchase property on leasehold. The building, which is located on the beachfront in the prestigious Gate District and has direct access to the beach commanding panoramic mangrove views, is designed as a low-density 10-storey, exclusive living habitat for 48 residents only, amid super-high rise curtain-walled building clusters.

Chun Wo Development Holdings Limited has been undertaking large-scale and diverse construction projects for 44 years. Among its key property development and construction markets are Hong Kong, Taiwan, Macau, Vietnam and the People’s Republic of China. The company has footprint in 11 major cities in five countries. It is among the top five construction conglomerate in Hong Kong, involved in large-scale core-infrastructure works and construction projects for the HK Government.

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