Dubai-based developer MERED announced its expansion to Abu Dhabi on Wednesday with the acquisition of a 11,890 square feet waterfront plot on Al Reem Island, Abu Dhabi, within the Abu Dhabi Global Market (ADGM) area.

The developer said in press statement that the project planned for the plot will offer a combination of residential and commercial spaces and is in the schematic design stage.

MERED’s CEO Diana Nilipovscaia said: "With a 6 percent price appreciation for luxury residential apartments in the city in the first half of the year, this is the perfect time to begin the development of our exclusive project on Al Reem Island. This growth in the market underscores the opportune moment for launching our new venture."

The statement didn’t disclose additional details about the project, its construction timelines and the cost of the plot.

ICONIC Tower, MERED’s first project in Dubai, is currently under construction and is set to be the tallest in Dubai Internet City at 286.4 metres. Global architectural design firm Pininfarina designed the 310-unit luxury residential tower with Mirage providing detailed design services from while Hirsch Bedner Associates (HBA) has been awarded the interior design mandate. ICONIC Tower is scheduled for handover scheduled in the third quarter of 2027.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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