Mubadala will also implement the construction of a separate ensemble of 69 apartments with service and duplexes, as well as 2 penthouses, which are combined with the Four Seasons hotel under construction. These properties are planned to be put up for resale at the off-plan stage in the second half of this year. Four Seasons Hotel is due to start operating in 2016.
Apartments with the service of 2 ensembles will be presented at the Cityscape Abu Dhabi Real Estate Exhibition, which is currently being held in Moscow."The island of Al Maryah Island provides a free financial zone, which means that residential property on the peninsula has every chance to buy as residents of the UAE, for example, residents from the states of the Persian Gulf Cooperation Council and traders from every other country in the world,"
said Ali Eid AlMheiri, Executive Director, Mubadala Real Estate & Infrastructure
Ali Eid Al Mheiri, Executive Director of Mubadala Real Estate and Infrastructure, said: "We are moving forward in full implementation of the first phase of the Al Maryan Island project. We are confident that, adding to the dynamic mix of mixed-use, they [elements] will attract investors and developers to work on the implementation of the project of Al Maryan Island.
The High Rise Building and Urban Environment Council (CTBUH) as the best high-rise building in the Middle East and Africa have recognized Sowwah Square, located on Al Maryah Island in Abu Dhabi (UAE), in 2013. In total, over 60 high-rise buildings located in different cities of the planet took part in this competition. Built by the developer Mubadala Real Estate and Infrastructure, the Sowwah Square project has 450 thousand square meters of office, commercial and hotel space that make up the business center of Al Maryah Island (formerly Sowwah Island). The project consists of four Class A commercial buildings, two 5-star Rosewood Abu Dhabi hotels and Four Seasons Hotel Abu Dhabi, the Abu Dhabi Stock Exchange and a shopping complex. This mega-complex is designed in such a way as to maximize the use of renewable energy sources.
The joint venture Mubadala Pramerica Real Estate Investors (MPREI) fully purchased the housing of the first phase of the Saadiyat Beach Residences project. However, the value of this transaction is not reported. Three five-story buildings, the construction of which was completed in 2012, are currently 80% rented. Now, these buildings are fully owned by the MPREI joint venture, however, under the terms of the deal, the project apartments will be leased for 5 years to TDIC, the main developer of cultural, tourism and residential projects in Abu Dhabi.
The second phase of the Saadiyat Beach Residences project, which includes 210 apartments and will be commissioned in the third quarter of 2013, remained the property of TDIC. This transaction was an important event for the MPREI joint venture, formed in 2010 to increase investment opportunities. "The conclusion of such a deal indicates that Abu Dhabi is today an excellent market for investment. Saadiyat Island
is becoming an increasingly popular and promising destination for the capital, providing excellent investment opportunities."
The upscale architecture will always be part of the overall picture, but what will benefit the city to a greater extent is the development of our public spaces and housing, designed for middle and low-income recipients, "said the expert.
The second Four Seasons hotel called Four Seasons Hotel Abu Dhabi opened in the UAE capital in the second quarter of 2016.
By the way, the 34-storey hotel has 190 rooms, 54 serviced apartments, and 1290 square meters. m of commercial space. Also, the hotel plans to equip a rooftop pool and a garden of 300 square meters.