Park Town Capital has acquired a prime high-rise residential site at the $953 million (Dh3.5 billion) Saraya Abu Dhabi development on which they will build “Blue”, a 45-storey luxury residential development boasting views of the Corniche and Abu Dhabi coastline.
The freehold development will be targeted primarily at UAE nationals, although institutional and high net worth investors from across the GCC have shown interest. The tower is expected to contain 500 apartments, including a 1,500 square metre two-storey penthouse, some high-end retail space, a gymnasium and public access.
As properties become available, Park Town Capital hopes to be an active participant in the Abu Dhabi high-end luxury market.
Saraya – the Arabic word meaning palace – will consist of up to 30 towers ranging from 10 to 40 storeys with a mix of commercial and residential properties, serviced apartments, and a hotel on the eastern side of the Abu Dhabi Corniche. Construction of the complex started at the end of December 2006, with two phases to be completed in 2010 and 2013.
The “Blue” site is minutes from the Abu Dhabi central business district and enjoys 270 degree views of the Arabian Gulf and the many developments under construction in Abu Dhabi.
“Saraya is one of the most exclusive and ambitious luxury developments to come to market and we are very excited to be awarded the opportunity to build and market Blue. This marks the beginning of many property development prospects for Park Town Capital in Mena,” Daniel McGowan, Chairman, Park Town Capital, said.
Founded by Daniel McGowan, Park Town Capital is a hybrid property and finance company operating in London, New York and the Middle East.
Park Town Capital to build ‘Blue’