Mubadala, Farglory break ground on $1bn plaza
Abu Dhabi, June 27, 2013
Mubadala Real Estate & Infrastructure (MREI) and TOP Taiwanese property developer Farglory Group have broken ground on the $1 billion Maryah Plaza, a four-tower luxury waterfront complex in Abu Dhabi.
Located on Al Maryah Island, the four towers of the plaza will be developed in phases and, when complete in 2020, will have a combined GFA (gross floor area) of 153,000 sq m.
This marks the first development which has commenced on the Island by a foreign direct investor.
Set to welcome its first tenants in 2016, Maryah Plaza will provide approximately 500 premium residences in the hub of Abu Dhabi’s new Central Business District.
Situated in close proximity to Sowwah Square, Maryah Plaza will offer convenient access to the district’s four Grade ‘A’ commercial towers, luxury retail and dining destination, as well as top five-star hotels.
Built in accordance with Estidama Pearl 1 rating, the project will also be connected by climate controlled pedestrian passageways to Sowwah Central, a world class regional retail destination due for completion in 2016 and Cleveland Clinic Abu Dhabi.
With residences ranging from one-bedroom apartments to penthouses, the development will offer beautifully landscaped parks and open spaces, art galleries, community centers, and a wide arrange of street cafés and world class restaurants.
Designed by the renowned Rogers Stirk Harbour + Partners, who have attained awards for projects across Europe, North America and Asia, including 2 RIBA Stirling Prizes, Maryah Plaza has been conceived to complement the waterfront view and the natural environmental characteristics of Abu Dhabi, using building design to represent and symbolize sailing, cruises and decks.
“We are delighted to collaborate with the Farglory Group on the creation of a vibrant new neighbourhood that will be a further catalyst to the development of Al Maryah Island and the vision of Abu Dhabi's Central Business District,” said Ali Eid AlMheiri, director, Mubadala Real Estate & Infrastructure.
“The ground-breaking of Maryah Plaza firmly establishes the local and international character that helps define Al Maryah Island’s unique identity and supports its recognition as one of the world’s leading CBDs – truly in the heart of Abu Dhabi.”
Teng-Hsiung Chao, chairman of Farglory Group said: “Al Maryah Island is a truly visionary mixed-use district and we are proud to have the opportunity to contribute to Mubadala's vision for this development.
“Coupled with Farglory's 44 years of real estate development experience Maryah Plaza, will raise the bar for luxury residential developments by combining the renowned design expertise of Rogers Stirk harbour + Partners, resort-style amenities and carefully designed community spaces to create an outstanding living experience. ”
Established in 1969, Farglory is a land development and construction company that operates in Taiwan, China, the US and France. Its investment on Al Maryah Island is the company’s first expansion into the Mena region.
Mubadala Real Estate & Infrastructure (MREI) is a business unit of Mubadala Development Company and operates as an equity partner and asset manager, focusing on social infrastructure projects and real Estate investment opportunities, both within the UAE and overseas. – TradeArabia News Service
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