Malyasian-UAE consortium bags $500-mn Abu Dhabi projectSeptember 24th, 2008 - 5:25 pm ICT by IANS
Abu Dhabi, Sep 24 (IANS) A consortium comprising Malaysian and United Arab Emirates (UAE)-based companies has a bagged a 1.9 billion-dirham ($500 million) construction contract for a new residential and commercial project in Abu Dhabi.Real estate developer Capitala has announced that it has awarded the contract for Rihan Heights, the first phase of its flagship project Arzanah, to a consortium comprising Sunway Construction (SunCon), a part of Malaysia’s Sunway Group, and Silver Coast Construction and Boring, a leading Abu Dhabi-based contractor.
The $6-billion Arzanah project was launched last month by Capitala, a joint venture between Mubadala, the investment vehicle of the government of the emirate of Abu Dhabi, and the Singapore-based CapitaLand.
“This is a key milestone for both Capitala and our major project, Arzanah,” said Heang Fine Wong, active chief executive officer of Capitala.
“We have achieved a significant advantage with the completion of our enabling works ahead of schedule and main construction works are due to commence this coming November.”
Wong said the company was on target to start the gradual handover of residences to buyers in the first quarter of 2011, the state-run Emirates News Agency (WAM) reported.
Strategically located at the gateway point on Abu Dhabi island, Arzanah is a 1.4-million square metre fully integrated, mixed-use development surrounding the Zayed Stadium here, UAE’s capital city.
The development will comprise residential properties with leisure, sports and retail amenities.
The first phase, Rihan Heights, will consist of five residential towers with 854 apartments and 14 exclusive villas.