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Leading Taiwan developer Farglory Group to develop four luxury waterfront towers on Sowwah Island.
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| 5 Nov 2010 |
Mubadala Real Estate & Hospitality (MREH), a business unit of Mubadala Development Company (Mubadala), has signed an agreement with Taiwan’s leading real estate development and construction company, the Farglory Group (Farglory), to develop four land plots totalling approximately 17,000 square meters on Sowwah Island. The agreement represents the first foreign investment in Sowwah Island, which will become a vibrant, mixed-use Central Business District (CBD) and home to 30,000 residents.
The agreement is the first investment by Farglory in the Middle East and follows purchases of commercial plots in 2009 by two prestigious UAE banking institutions, National Bank of Abu Dhabi and Al Hilal Bank.
Farglory’s four adjacent plots will be developed in phases and when complete will provide approximately 153,000 square meters of gross floor area (GFA) of residential, commercial and mixed use towers with retail services all connected by climate controlled pedestrian passageways. The first of these plots is to be developed as a luxury waterfront residential building, expected to be completed in 2014.
The plots occupy a prime location along the eastern waterfront within the first phase of Sowwah Island’s development, which includes the Island’s key infrastructure, road network, several bridges and the flagship commercial development, Sowwah Square, home to the new headquarters of the Abu Dhabi Securities Exchange.
Also included in this phase are the Cleveland Clinic Abu Dhabi, luxury hotels the Four Seasons Hotel Abu Dhabi at Sowwah Island, and Rosewood Abu Dhabi. This first phase of the Island is at an advanced stage of development with the commercial towers and the Abu Dhabi Securities Exchange scheduled to be open and operational by mid 2011.
“Farglory is an internationally-renowned development and investment company and we are delighted to have them as a key partner in the development of Sowwah Island,” said Peter Wilding, Executive Director of Mubadala Real Estate & Hospitality.
“Their development of the first residential and mixed use towers on Sowwah Island is a significant milestone in the evolution of Abu Dhabi’s strategic Central Business District. Sowwah Island is a key destination for international real estate investors and developers who share a long term vision and commitment to this development and to Abu Dhabi.”
Farglory Group chairman Teng-Hsiung Chao said, “Abu Dhabi in the Middle East is the top priority market in Farglory’s globalization plan. Farglory will bring the world’s best construction design teams together for the Sowwah Island Development Project. This construction project will not only enhance Farglory’s international competitiveness but will also make Taiwan’s construction development business known to the world. The Sowwah Island Development Project is just a beginning of Farglory’s cooperation with Mubadala Development Company. Both sides will establish an even closer partnership.”
Established in 1969, Farglory is an international land development and construction company that operates in Taiwan, China, the United States, and France. One of the largest companies in Taiwan, Farglory has more than NTD 400 billion in total assets.
MREH is responsible for the development of the 114-hectare island, which is strategically located at the junction of Reem Island, Mina Zayed, and the existing downtown area of Abu Dhabi Island. Sowwah Island will be a vibrant district, modelled on the world’s leading mixed-use CBDs.
Designed to the highest international standards, Sowwah Island will feature a dynamic combination of premium commercial and residential clusters, luxury business hotels, comprehensive retail, medical facilities, public amenities, landscaped parks and pedestrian-friendly open spaces. It will also feature an integrated and multi-layered transport network to ensure efficient, convenient access from all areas of Abu Dhabi, including 13 new bridges and a mass transit system with both light and heavy rail.
Skyscraper Banners