USD 1 billion project to be built in accordance with Estidama Pearl 1 rating

Mubadala Real Estate & Infrastructure (MREI) and Taiwanese property developer Farglory Group have broken ground on the USD 1 billion Maryah Plaza, a four-tower luxury waterfront complex on Al Maryah Island. The four towers will be developed in phases and, when complete in 2020, will have a combined GFA (gross floor area) of 153,000 square metres. Announcing this, Mubadala added that HE Khaldoon Khalifa Al Mubarak, Waleed Al Mokarrab Al Muhairi, Carlos Obeid and Ali Eid AlMheiri from Mubadala Development Company PJSC and Farglory Chairman Teng-Hsiung Chao and Managing Director Jack Hu were in attendance at the ground-breaking ceremony, marking the first development to commence on the Island by a foreign direct investor.

Mubadala gave details of the project: To be built in accordance with Estidama Pearl 1 rating, the project will be connected by climate- controlled pedestrian passageways to Sowwah Central, a regional retail centre due for completion in 2016. Set to welcome its first tenants in 2016, Maryah Plaza will provide approximately 500 premium residences in Abu Dhabi’s new Central Business District (CBD).

“We are delighted to collaborate with the Farglory Group on the creation of a vibrant new neighbourhood that will be a further catalyst to the development of Al Maryah Island and the vision of Abu Dhabi’s Central Business District,” commented Ali Eid AlMheiri, Director, Mubadala Real Estate & Infrastructure.”

Teng-Hsiung Chao, Chairman of Farglory Group said, “Coupled with Farglory’s 44 years of real estate development experience Maryah Plaza, will raise the bar for luxury residential developments by combining the renowned design expertise of Rogers Stirk harbour + Partners, resort-style amenities and carefully designed community spaces to create an outstanding living experience.”