Ocean View, SBK in key Abu Dhabi realty deal
Abu Dhabi, April 26, 2008
Ocean View Abu Dhabi, a new real estate company, has been set up to market Abu Dhabi’s attractively priced properties, including some amazing waterfront developments, to high net worth individuals from across the globe.
Ocean View Abu Dhabi is a joint venture between SBK Holding, a company owned by Dr Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan, and Dubai-based real estate consultancy Ocean View.
The duo pointed out that the emirate's property market was poised for dramatic growth over the next few years as the government implemented its ambitious and systematically planned growth strategy
“SBK Holding, with its extensive experience of the Abu Dhabi market, is pleased to partner with Ocean View, a company that has enjoys strong reputation for business integrity and customer-friendly approach,” said Dr Sheikh Sultan.
“The freehold property market in Abu Dhabi is in relative infancy, and there is need for a focused and aggressive-minded player to effectively market the emirate’s strengths and growth potential to investors,” said Tim Boswell, managing director, Ocean View, after signing the partnership deed.
“We are delighted with this alliance with SBK Holdings, and together we will open a new chapter in Abu Dhabi’s freehold skyline.”
“The factors that weigh strongly in favour of Abu Dhabi are that it is the nation’s capital, has large oil reserves and cash flow and has adopted a planned, prudent and eco-friendly approach to property development. More significantly, there is a wide gap between demand and supply, thus assuring high rental yields and attractive return on investment,” Boswell added.
Ocean View Abu Dhabi is opening a state of the art office in the capital, and will later expand to other emirates and other cities in the region and across the globe.
Property analysts say that Abu Dhabi, which has earmarked Dh1 trillion worth of construction projects for the next few years, is emerging as one of the strongest players in the regional market with real estate businesses reporting growth rates of up to 25 per cent annually.
The amendment of laws to allow freehold ownership (99-year lease) to outsiders in 2005 has opened floodgates of interest across the globe. The property law has established a sound legal basis for the development, sale, leasing and mortgaging of property in Abu Dhabi.
'Abu Dhabi is by far the richest and politically most important among the emirates, it would be very surprising if the property market did not perform extremely well over the coming years.'
The total estimated value of construction projects awarded at the end of 2007 was estimated at €10.5 billion, which gives an indication of just how seriously the government is taking the conversion to market-economy property transactions. Abu Dhabi’s coastline extends for more than 400 kilometres, so there is no danger of the supply of beachfront sites drying up soon.
“Abu Dhabi offers a second chance for those who felt they had missed the boat by not investing in Dubai’s booming properties when they were more affordable. Ocean View Abu Dhabi will use all its expertise to bring to investors Abu Dhabi’s stunningly beautiful properties, including some great waterfont homes,” said Boswell.
Ocean View, Dubai, has been successfully marketing Dubai properties to high network individuals across the globe for the past seven years. It has sold the largest number of waterfront properties in Dubai, compared to any other real esate company.-TradeArabia News Service
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