Property developer CapitaLand is joining hands with Mubadala Development to invest in the property sector in Abu Dhabi.
The two partners have launched a joint venture company called Capitala. They are pumping in US$300 million into the joint venture. Mubadala Development will hold a 51 percent stake, with CapitaLand holding the remaining 49 percent.
Capitala will develop mainly residential properties in Abu Dhabi.
Its flagship project, with a total project cost of US$4 billion to US$5 billion, is a mixed-use integrated development surrounding the Zayed Sports City Stadium.
Mubadala Development is a wholly-owned investment firm of the Abu Dhabi government. - CNA/ms
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