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54450
Wed, 04/08/2009 - 13:53
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https://oananews.org//node/54450
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Capitala not to expand overseas, remains focused on Abu Dhabi
Abu Dhabi, April 8, 2009 (WAM) - Capitala, an Abu Dhabi-based master developer, has ruled out plans for any overseas expansion and will remain focused on developments in the capital, a top company executive said yesterday.
"Our focus will be on Abu Dhabi. There are no plans to go outside the capital, as we need to be successful in our venture here," Peter Wilding, Deputy Chief Executive Officer, Capitala, told “Emirates Business”.
The company is a joint venture between Mubadala Development and Singapore-based CapitaLand, where the former owns 51 per cent and the latter 49 per cent stake.
Arzanah, its flagship project valued at US$5 billion (Dh18.36bn) to US$6bn, a 1.4 million square metre fully integrated development surrounding Sheikh Zayed Stadium, was launched in September last year. Master planner Sasaki Associates and architectural firm, SMC Alsop, have designed the master development.
"This project [Arzanah] is of an enormous size and scale and we have an aggressive plan to develop it over the next seven years. However, we will also be looking at other opportunities in the capital over the time."
According to Wilding, the company has sold 86 per cent of Rihan Heights, the first phase of Arzanah, which includes five residential towers with a total of 854 apartments and 14 villas. Construction is underway with 80 per cent base footprint slabs for Tower A being completed, Tower B 50 per cent, Tower C 25 per cent and Towers D and E 10 per cent, respectively.
Five cranes are currently operating on the site, which will be increased to 10 by May-end. There are almost 650 workers on site and is expected to be increased to 1,000 by June.
"Rihan Heights will be completed by end of 2010 and we will be handing it over in the first quarter of 2011."
In January, the 25-month contract, worth Dh1.9bn, was awarded to a joint venture partnership between Sunway Construction, part of Malaysia's Sunway Group, and Silver Coast Construction and Boring Establishment, an Abu Dhabi-based contractor.
Asked when the master developer was planning to launch the next phase of Arzanah, Wilding said they were over with the conceptual stage for the second phase, while details were being finalised for the third and fourth phase.
"We may even start work on the other phases without actually announcing sales for those phases."
According to Wilding, the master plan has undergone a slight modification after consultation with the Abu Dhabi Urban Planning Council (UPC).
"We are working hand in glove with UPC, who advised us to relocate our bridges and that we are doing. This is not a gated community and that is our strong vision."
The development will also have an underground Metro station and a tram and bus network to link the entire community. It has been designed to fit well with the Plan Abu Dhabi 2030 that maps out a strategy for the future of the city as an environmentally, socially and economically sustainable community.
Besides this, Capitala plans to carefully remove and transplant 10,000 trees to a specially built nursery on-site as construction activities commence.
The conservation plan involves reintegrating a large number of these trees in parts of the new public realm spaces in the project with the remaining being planted in other areas of the emirate.
"This initiative is not only practical and sustainable but necessary. Re-planting existing trees will help to ensure that the design of both public and private spaces are engaging, visually striking, practical and above all, suitable given the climate in the UAE."
To help balance Arzanah's micro-climate and the eco-system as a whole, the landscape plan will provide shade and colour as they line the streets and contour the garden areas of each new neighbourhood.
"We aim to be self-sufficient in terms of meeting all our landscaping requirements," Wilding said.
Only UAE nationals are allowed to buy units in Arzanah, said Wilding. "This is the largest development site in the capital and only UAE nationals are allowed to buy properties here."
Asked if the developer will seek a "freehold" status for the project, Wilding said they were not going to seek an investment zone status.
"Although only nationals can buy, but they are allowed to lease it," he said.
"Our focus will be on Abu Dhabi. There are no plans to go outside the capital, as we need to be successful in our venture here," Peter Wilding, Deputy Chief Executive Officer, Capitala, told “Emirates Business”.
The company is a joint venture between Mubadala Development and Singapore-based CapitaLand, where the former owns 51 per cent and the latter 49 per cent stake.
Arzanah, its flagship project valued at US$5 billion (Dh18.36bn) to US$6bn, a 1.4 million square metre fully integrated development surrounding Sheikh Zayed Stadium, was launched in September last year. Master planner Sasaki Associates and architectural firm, SMC Alsop, have designed the master development.
"This project [Arzanah] is of an enormous size and scale and we have an aggressive plan to develop it over the next seven years. However, we will also be looking at other opportunities in the capital over the time."
According to Wilding, the company has sold 86 per cent of Rihan Heights, the first phase of Arzanah, which includes five residential towers with a total of 854 apartments and 14 villas. Construction is underway with 80 per cent base footprint slabs for Tower A being completed, Tower B 50 per cent, Tower C 25 per cent and Towers D and E 10 per cent, respectively.
Five cranes are currently operating on the site, which will be increased to 10 by May-end. There are almost 650 workers on site and is expected to be increased to 1,000 by June.
"Rihan Heights will be completed by end of 2010 and we will be handing it over in the first quarter of 2011."
In January, the 25-month contract, worth Dh1.9bn, was awarded to a joint venture partnership between Sunway Construction, part of Malaysia's Sunway Group, and Silver Coast Construction and Boring Establishment, an Abu Dhabi-based contractor.
Asked when the master developer was planning to launch the next phase of Arzanah, Wilding said they were over with the conceptual stage for the second phase, while details were being finalised for the third and fourth phase.
"We may even start work on the other phases without actually announcing sales for those phases."
According to Wilding, the master plan has undergone a slight modification after consultation with the Abu Dhabi Urban Planning Council (UPC).
"We are working hand in glove with UPC, who advised us to relocate our bridges and that we are doing. This is not a gated community and that is our strong vision."
The development will also have an underground Metro station and a tram and bus network to link the entire community. It has been designed to fit well with the Plan Abu Dhabi 2030 that maps out a strategy for the future of the city as an environmentally, socially and economically sustainable community.
Besides this, Capitala plans to carefully remove and transplant 10,000 trees to a specially built nursery on-site as construction activities commence.
The conservation plan involves reintegrating a large number of these trees in parts of the new public realm spaces in the project with the remaining being planted in other areas of the emirate.
"This initiative is not only practical and sustainable but necessary. Re-planting existing trees will help to ensure that the design of both public and private spaces are engaging, visually striking, practical and above all, suitable given the climate in the UAE."
To help balance Arzanah's micro-climate and the eco-system as a whole, the landscape plan will provide shade and colour as they line the streets and contour the garden areas of each new neighbourhood.
"We aim to be self-sufficient in terms of meeting all our landscaping requirements," Wilding said.
Only UAE nationals are allowed to buy units in Arzanah, said Wilding. "This is the largest development site in the capital and only UAE nationals are allowed to buy properties here."
Asked if the developer will seek a "freehold" status for the project, Wilding said they were not going to seek an investment zone status.
"Although only nationals can buy, but they are allowed to lease it," he said.
