- Broker Directory
- My Tools
- News & Advice
- Market Trends
- Other GN Sites
Mubadala Development Company, the master-developer behind Abu Dhabi’s Al Maryah Island, said it will look at developing the north side of the island when the market and demand pick up.
According to Saed Arar, associate director of Mubadala Real Estate and Infrastructure, the slowdown in the global economy has translated to lower demand for the company’s developments.
“I think the global economy affected us in one simple way; if we had 100 customers, today there are 50. It’s as simple as that,” he said.
Asked about when he expected construction on Al Maryah Island to be complete, he said there was no timeline but that the “pieces are falling into place.”
“Cleveland Clinic came in only last year, Rosewood has been there for some time, Four Seasons Hotel is coming this year, Al Maryah Central is coming in 2018, Al Hilal Bank building is done – the pieces are falling in place. We can’t estimate or put a deadline on when [the island’s] going to be done because the market dictates that.
The market dictates how we take this island forward and if the market is active, you will see it populating much faster,” Arar told Gulf News at Cityscape Abu Dhabi.
He added, however, that a lot of progress was made in the past 24 months, with the upcoming opening of the Four Seasons Hotel on the island in May expected to attract more footfall.
“We’re talking about trying to finalise designs and get a contractor on board as soon as possible for the continuation of the Promenade – the waterfront – which currently goes from The Four Seasons to Cleveland Clinic. We’re going to continue it to circulate the south side of the island.
“The north side of the island is still not developed, so until the market picks up and demand picks up, we’ll look at this at a later stage,” he said.
The infrastructure on Al Maryah has already been completed, and sub-developers are now working on the construction of more projects. Some of the largest projects on the island are Rosewood Hotel, Abu Dhabi Global Market Square, The Galleria mall, and Cleveland Clinic.
“Is the market dead on Al Maryah Island? Definitely not. Are we affected by the global economy? Of course, we are; we’re part of it, but the demand is there. I see some genuine interest in either plots or residential apartments on the island from [investors at Cityscape],” he said.
Source: Sarah Diaa, Staff Reporter, gulfnews.com