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- Dubai 04:00 05:25 12:19 15:41 19:08 20:33
LEAD Development and Project Management Consultants LLC (LEAD) and The National Investor PJSC (TNI) will build the first residential community of private “green” villas and townhouses at Masdar City, Abu Dhabi’s flagship sustainable urban development, it was announced today.
The project, which will also include apartments, is to be delivered over 250,000 m² of gross floor area (GFA). The freehold real estate development will accommodate around 5,000 residents when completed in 2022, and will be open to both UAE and foreign national investors.
Located in the southern district of Masdar City’s Free Zone, the project will meet a minimum 3 Pearl rating according to Abu Dhabi Urban Planning Council’s “Estidama” sustainability framework for built environments and urban communities.
“It is a great opportunity to be working closely with Masdar to deliver this unique sustainable development,” said Abdullah M. Mazrui, Chairman of TNI. “LEAD and TNI will work with the Masdar team to deliver a project in line with Abu Dhabi’s regulations for sustainable, water and energy efficient real estate developments. On behalf of our investors and management team, we would like to thank all those involved in making this vision and opportunity a reality, bringing to life a unique community that will complement the lifestyles of its diverse residents.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, Abu Dhabi’s renewable energy company, added: “Our ongoing successful development of Masdar City is demonstrating how cities can be economically, socially and environmentally sustainable, reducing energy and water demand and the production of waste efficiently and cost effectively, while also building thriving communities.
“The private sector has a vital role to play in promoting the wider adoption of commercially viable solutions to urban sustainability challenges, and in sharing knowledge and experience across the industry. LEAD and TNI share our vision for low-carbon urban development, and we are delighted to be working with them in realising the future expansion of Masdar City.”
Residential property will make up more than 90 per cent of the mixed-use development. Roughly 7,800 m² has been set aside for community amenities, and there is additional space for commercial units. Abu Dhabi’s planned light rail system will also serve residents. The new project from LEAD and TNI adds to significant construction activity currently underway at Masdar City.
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