A mixed-use development covering 1.4 sq m and costing up to Dh18.4 billion is to be the first project by CapitaLand, a joint venture between Mubadala and Singapore's CapitaLand.
Work on the Arzanah project next to the capital's Zayed Sports City has already started, Wong Heang Fine, Chief Executive Officer of CapitaLand, said at the Cityscape Abu Dhabi exhibition. Sasaki Associates and SMC Alsop will draw up the master plan.
"The project will be completed in phases over four to five years," Fine told
Emirates Business.
"It will be a fully integrated development and the funding will be raised with a mixture of equity, pre-sales and debt."
Arzanah will be developed on a 2km stretch of beach and will offer exclusive club and spa facilities, civic services and education institutions. It is expected to have 18,000 residents and will attract at least two million visitors a year.
"Together with Mubadala we are proud to unveil this outstanding landmark development that will provide unique lifestyle experiences," said Fine.
Mubadala CEO Waleed Al Mokarrab Al Muhairi said: "Capitala and its maiden project Arzanah are fundamental building blocks of our overall long-term real estate strategy.
"We are focused on regenerating the community and constructing architecturally outstanding and sustainable properties that will help create secure investments for property owners and provide a quality standard of living for the community of Abu Dhabi."
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