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After a two-year delay due to weak market conditions, the first phase of Abu Dhabi’s $1 billion (Dh3.67 billion) Maryah Plaza is scheduled for completion in 2018, a top executive of the Farglory group said.
The first phase of the Maryah Plaza was originally expected to be completed in 2016 when the project was announced three years ago, but was delayed due to a downturn in the property market.
Low oil prices and a general slowdown in the economy also contributed towards the postponement of the project by the developer.
“We had to delay the project because of the global volatility. As a private developer we had to be a bit conservative and wait so that market sentiment becomes clearer,” said Jack Hu, Managing Director of Farglory Group Middle East, while speaking to reporters in Abu Dhabi.
The company announced Abu Dhabi-based Al Fara’a group as the main contractor for the project, to be located on the waterfront in Al Maryah Island’s financial free zone.
It will have four towers comprising offices, apartments and a boutique hotel.
The first of three 29-floor high towers is scheduled to be completed in 2018 with a range of homes from one bed room apartments to penthouse suites and private swimming pools.
The fourth and largest tower will have offices, serviced apartments and a boutique hotel with restaurants, cafés and shops on the ground floor of the building.
The cost of the first tower is estimated to be $200 million. The entire project will be funded by Farglory which is listed on Taipei stock exchange.
“Maryah Plaza received huge interest from investors looking to purchase residential property on the island. We already sold 10 per cent of the apartments to international investors mostly from the GCC region.”
“We have positioned the product to make it more affordable keeping in mind the global volatility and market conditions.”
Despite a slowdown in the property market in Abu Dhabi, Hu said he is very optimistic about the long term demand with the government focusing on diversification of the economy.
“I think Abu Dhabi market has been stable. It is not a volatile market like Dubai which has been going up and down by about 20 per cent. We see a good future and demand in the emirate.”
Abu Dhabi’s government is developing Al Maryah Island as a business, leisure and entertainment hub to meet long term commercial and community needs of the growing population in the emirate.
Al Maryah Island has a number of buildings like Abu Dhabi Global Market, Rosewood hotel, Four Seasons hotel, Cleveland Clinic, Galleria Mall and other towers housing offices of different private entities.
Source: Fareed Rahman, Senior Reporter, gulfnews.com