Modon Holding, an Abu Dhabi-based listed company, has generated about Dh1 billion ($272.3 million) by selling out its freehold residential project on Reem Island on the day of its launch, amid strong property demand in the UAE.
The developer registered “strong interest” for Muheira, a collection of 475 one to three-bedroom apartments in two towers, close to Abu Dhabi financial free zone ADGM, it said in a statement on Friday. Prices for the units started from Dh1.2 million.
The Muheira towers will be located along a waterfront promenade and include jogging and cycling tracks, as well as outdoor fitness stations, among other amenities, the developer said.
Ibrahim Al Maghribi, chief executive of Modon Real Estate, said the strong interest in the properties demonstrated buyer and investor confidence.
There has been a boom in the UAE property sector on the back of government initiatives, such as residency permits for retired people and remote workers, and strong economic growth, boosted by non-oil diversification.
The influx of wealthy people to the Emirates is also supporting the property market. Last year, 7,200 millionaires arrived in the UAE, building on an influx of 4,700 in 2023 and 5,200 in 2022, property consultancy Knight Frank said in a report.
The total number of dollar millionaires in the UAE stood at 130,500 at the end of December, ranking the Emirates as the 14th-largest wealth market.
Residential property sale prices in Abu Dhabi rose by 11 per cent annually last year amid higher demand and a supply shortage in the emirate, according to a March report by real estate company Cushman & Wakefield Core.
Modon Holding was created in March 2024 following the merger of Q Holding, Modon Properties and Adnec Group, a move aimed at expanding its market presence in the UAE and internationally.
In October last year, Abu Dhabi-based investment and holding company ADQ announced that Modon Holding would serve as the master developer for a megaproject in the Egyptian coastal city of Ras Al Hekma. The development's investment is projected to reach $150 billion.
In January, the developer also partnered with Broadgate Reit, owned equally by FTSE 100-listed property developer British Land and global investor GIC, marking its entry into London's prime real estate market.
The deal involves a 50-50 joint venture to develop 2 Finsbury Avenue, a 750,000-square-foot, mixed-use project in the Broadgate campus, an office-led site in the heart of London.
