The head of Farglory Group, a land development and construction company based in Taiwan, visited the site of its new investment, Sowwah Island, a 114-hectare island located in Abu Dhabi.

Teng-Hsiung Chao was accompanied by Peter Wilding, executive director of Mubadala Real Estate & Hospitality (MREH) during his visit to the site where the Taiwanese company will develop four luxury waterfront towers.

MREH, a business unit of Mubadala Development Company, had recently signed an agreement with Farglory to develop approximately 153,000 sq m of gross floor area of residential, commercial and mixed-use areas in several phases over the coming years, with the first of these expected to be completed in 2014.

This marks the first investment by an international developer on the Island and follows the commercial plot purchases by the National Bank of Abu Dhabi and Al Hilal Bank.

“Sowwah Island has already established itself within the Abu Dhabi market as the premium investment destination with leading companies such as NBAD and Al Hilal Bank developing their headquarter buildings on site,” said Wilding.

“We are now seeing a growing interest among international investors who are seeking the right opportunity to be part of this development and the larger Abu Dhabi story,” he remarked.

Hsiung Chao said 'Farglory is a diverse conglomerate and we have different divisions that have experience in Greater China, America and France but we were deeply moved by the farsighted and visionary development on Sowwah Island.”

'We believe that the little step we are making now signifies a major cooperation between Farglory and Mubadala and will strengthen the ties between Taiwan and Abu Dhabi,' he added.

Wilding said Farglory was the first international investor in Sowwah Island and would deliver the first residential mixed use properties.

'This is a significant step in delivering the project’s vision which is to create a thriving community that is home to 30,000 residents, with the new central business district at its heart, he noted.-TradeArabia News Service