Abu Dhabi's Tourism Development and Investment Company (TDIC) has announced that the construction of Mamsha Al Saadiyat, the first residential development within the Saadiyat Cultural District in the UAE emirate, is well underway.

The project was awarded in April of this year to a joint venture between San Jose Contracting and Pivot Engineering and General Contracting, following a competitive tendering process. The contract is valued at Dh1.25 billion ($340.22 million) and is scheduled for delivery in the second half of 2018, a statement said.

Sufian H Al Marzooqi, TDIC’s chief executive officer, said: "We are pleased to see that Mamsha Al Saadiyat, one of the most unique residential projects on Saadiyat, is progressing as per schedule. Given its prime location on the beach of the Saadiyat Cultural District, it continues to drive interest from investors and because of that demand, we are looking forward to releasing more residential units to the market in the near future, with plans to start leasing retail and F&B space to the market in Q4 of 2016."

TDIC is closely monitoring the project’s development with targeted milestones on schedule such as the completion of the basement and podium levels by the first quarter of 2017, he said.

Amna Alalkeem Al Zaabi, Mamsha Al Saadiyat project manager at TDIC, said: "We are working very closely with our contractors to monitor advancement of work on the ground and ensuring it’s all done to the highest standards."

Mamsha Al Saadiyat, a 1.4 km beachfront mixed-use project, will feature nine low-rise residential buildings with a total number of 462 units. As many as 327 units will be one- to four-bedroom apartments ranging from 106 sq m to 473 sq m; 78 will be 'lofts', and 47 will be two- to three- bedroom townhouses and garden units with some having a roof garden that offers direct access to the podium level.

The residential project also has nine five-bedroom penthouses which range from 1,055 sq m to 1,099 sq m. Each penthouse features a terrace with private swimming pool.

The complete project, which is being developed in phases, offers residents a luxurious beach-inspired lifestyle. The project, in addition to the apartments, encompasses a serviced apartment building and a beach retail destination offering approximately 5,000 sq m of leasable area, for both retail and dining outlets with access to a 1.4 km promenade with specified walking and cycling paths, direct access to the beach, children’s playgrounds, and dedicated parking for both residents and visitors.

Mamsha Al Saadiyat is located in Abu Dhabi’s future cultural hub, featuring three world-class museums designed by Pritzker Prize winning architects: Louvre Abu Dhabi, Zayed National Museum, and Guggenheim Abu Dhabi.