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Masdar breaks ground on new residential project

ABU DHABI, April 10, 2016

UAE-based renewable energy company Masdar has joined hands with leading developer Reportage Real Estate to officially break ground on its 170-unit Leonardo Residences at its sustainable city project in Abu Dhabi.

The one-, two- and three-bedroom private apartments will go up in the existing footprint of Masdar City, within walking distance from the Masdar Institute of Science and Technology, the headquarters of the International Renewable Energy Agency (Irena) and the multinational companies anchoring the development, said a top official.

"The official start of construction of Leonardo Residences is another milestone in the realisation of the world’s most sustainable urban development,” remarked Mohamed Al Ramahi, the chief executive of Masdar.

Residential apartments now under construction at Masdar City in Abu Dhabi will add to the thriving community taking shape at one of the world’s most sustainable urban developments, said senior management of Masdar and Reportage Real Estate at the groundbreaking ceremony.

The development will achieve a minimum ‘3 Pearl’ Estidama rating, and each home buyer will receive a certificate when the apartments are handed over. To date, nearly all (93 per cent) of the apartments have already been reserved, they added.

Aref Ismaeil Al Khoori, the chairman of Sama Emirates Holding Group and Reportage Real Estate, said: “Our aim is to be the market leader in its segment, developing and delivering property in Abu Dhabi that offers an outstanding value proposition, not only in terms of its quality and on-time delivery but also with regards to quality of living, community building and the promotion of environmental sustainability."

Established in 2014 with a focus on the UAE market, Reportage Real Estate said Leonardo Residences was its first project. This will be followed by other developments in Al Raha Beach and other parts of Abu Dhabi.

"With that in mind, the decision to develop Leonardo Residences in Masdar City becomes a natural choice and goes hand in hand with the vision and essence of the city’s community. Reportage also plans to offer more projects within Masdar City in the future," stated Al Khoori.

Anthony Mallows, the executive director of Masdar City, said: "More than a third of Masdar City’s planned built-up area will be completed within the next five years, and third-party developers are playing an important role."

“New projects are contributing to the Masdar City’s evolving ecosystem, where people can live, work, learn, play and thrive,” he added.

Masdar City will be hosting a dedicated exhibition stand at Cityscape Abu Dhabi to be held from April 12 to 14.-TradeArabia News Service




Tags: UAE | abu dhabi | Masdar | Residential project |

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