Complete Property Market Updates of Singapore

June 10, 2008

CapLand JV unveils 1st Abu Dhabi devt

Filed under: Developer News,General,World Property — Propertymarketupdates @ 2:43 am

CAPITALA, an Abu Dhabi-based real estate company, yesterday launched its maiden project – an integrated development combining residential, leisure, sports and retail.

Capitala is a joint venture firm by CapitaLand – which owns 49 per cent – and Mubadala, which owns the remaining 51 per cent. The company aims to design, build, manage and maintain integrated communities in Abu Dhabi. Its maiden project, Arzanah, is located on a 1.4 million square metre site in the Grand Mosque District, minutes away from Abu Dhabi city centre, the Abu Dhabi International Exhibition Centre and the central business district.

The development boasts features such as gardens, a canal, a beach, and facilities such as a club, a spa, a school and extensive walking and cycling trails. Shopping can also be done in an open-air climate controlled environment. Residents and visitors have easy access to the Zayed Stadium, and other sports facilities such as the Abu Dhabi International Tennis Complex, the 40-lane international standard Khalifa International Bowling Centre, the Abu Dhabi Ice Rink and a state-of-the-art aquatic centre.

Capitala estimates that there will be 9,000 residences with about 18,000 residents and over two million people will visit the development annually. The first phase of the development will be completed in 2011.

‘Today, both Capitala and its maiden project Arzanah are fundamental building blocks of our long term real estate strategy – one that is focused on regenerating the community and constructing architecturally outstanding and sustainable properties that will help create secure investments for property owners and provide a quality standard of living for the community of Abu Dhabi,’ said Waleed Al Mokarrab Al Muhairi, chief operating officer of Mubadala. He added that Mubadala’s Real Estate & Hospitality division is making investments in the real estate sector to address the growing need for high quality residential real estate and related services in Abu Dhabi.

Mr Heang Fine Wong, CEO of CapitaLand GCC Holdings Pte Ltd and CapitaLand ILEC Pte Ltd, said: ‘Our development will fit well with the intent of Plan Abu Dhabi 2030 which maps out a strategy for the future of the city as an environmentally, socially and economically sustainable community.’

Source : Business Times – 13 May 2008

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