CAPITALAND and Abu Dhabi's Mubadala Development Company yesterday launched the first phase of a massive project in the United Arab Emirates (UAE) capital.
Grand: Rihan Heights is part of an integrated development called Arzanah that will comprise about 9,000 homes, leisure and sports facilitiesThe phase, called Rihan Heights, is a residential development comprising 14 villas and 854 condominium units on a site of about 38,000 sq metres. CapitaLand could not give any price indication yesterday.
Rihan Heights is part of an integrated development called Arzanah that will comprise about 9,000 homes, leisure and sports facilities and retail space on a 1.4 million sq m site surrounding Abu Dhabi's existing Zayed Stadium.
Arzanah, estimated to cost about US$5-6 billion to develop, is being developed by Capitala, a 49:51 joint venture between CapitaLand and Mubadala, an investment and development vehicle set up and wholly owned by the Abu Dhabi government.
The 854 condo units at Rihan Heights include one to three-bedroom apartments and penthouses. An exclusive invitation to buy has been extended to all UAE nationals who registered interest at the Capitala stand during the Cityscape exhibition in Abu Dhabi earlier this year.
Capitala's acting CEO Wong Heang Fine said: 'Not only are we offering our first phase and starting to build long-term relationships with our buyers, we are doing so with construction already underway and progressing ahead of schedule, and with mortgage finance offered to our buyers through First Gulf Bank.'
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