Al Markaz phase two work to start

Abu Dhabi-based Waha Capital's property arm may begin work on the second phase of a Dh12 billion ($3.3 billion) mixed use development project earlier than planned to meet increased demand for affordable housing and industrial units.

Developer Waha Land launched its Al Markaz project in Abu Dhabi city in April last year. "The start of phase two will overlap before phase one is completed. We are expecting phase one by the end of 2011," Hazem Al Nowais, Chief Operating Officer of Waha Land, said. "We are looking to start the handover of units from the first phase in the first quarter of 2011," he said, adding that some of these would be affordable housing.

The developer is finalising tenders for the infrastructure, affordable housing and industrial components of the project and expects to announce them in the next month, he added. Nowais said Waha Land is considering other projects in the emirate focusing on industrial real estate, affordable housing and social infrastructure projects but would concentrate for now on Al Markaz.

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