Cityscape: Arabtec showcases projects worth $3.8bn
Figure includes three developments in Abu Dhabi and two in Dubai
Arabtec Holding has announced that the projects showcased at Cityscape Abu Dhabi by its newly launched subsidiary, Arabtec Properties, hold a total value of $3.8bn (AED14bn).
These projects include five local developments, three in Abu Dhabi and two in Dubai.
Hasan Ismaik, managing director and chief executive officer of Arabtec Holding, said: “The company is building on Arabtec’s solid foundations and long-standing track record of delivering high quality developments in the UAE and across the region.”
The Abu Dhabi-based projects include the Saraya development, two high-quality luxury towers on the Abu Dhabi Corniche, which will stand at 40 and 46 stories high.
The towers comprise a total of 122 apartments, comprising three and four bedroom apartments, as well as duplex apartments, three townhouses and seven penthouses.
The project is due for delivery towards the end of the current year.
Abu Dhabi will also house the C13 development on Reem Island, adjacent to Shams Abu Dhabi.
It will boast a 5-star hotel, branded serviced apartments, premium residential apartments and high-end retail outlets. The development will include 630 residential apartments including two and three bedroom apartments, as well as 184 serviced apartments and 4,600m2 of retail space.
Arabtec is also currently in discussions with international companies to manage the development’s luxury hotel, which will contain 398 rooms.
The C17 development will provide 809 parking spaces, as well as other recreational facilities such as swimming pools, gym and spa. This project is currently in the design phase, and is expected to be completed by 2018.
The third Abu Dhabi-based project is the Rancho Ghantout development, which is still in the master plan development and feasibility study phases.
In Dubai, Arabtec Properties will develop two projects, Viceroy Tower and the P-17 development. Viceroy Tower development will consist of two towers located in the heart of Business Bay in Dubai. The first tower will offer a luxurious hotel with 440 rooms, while the second tower will have 136 serviced apartments.
The towers will also provide top-of-the-line spa and health club facilities, and retail outlets servicing tenants and the area, as well as 630 parking spaces. The 123,000m2 project is set for completion in November 2015.
Located on Dubai’s Sheikh Zayed Road, P-17 is a mixed-use development that will house a luxurious hotel and serviced apartments in addition to a variety residential apartments and boutique offices with top-of-the-line facilities.
The hotel will house 180 residential apartments comprising one, two and three bedroom apartments, as well 215 serviced apartments and 8,148m2 of retail and commercial space.
The development’s five star hotel will include 324 hotel rooms, to be managed by the internationally renowned Viceroy Hotel Group.
The project is expected to be completed in February 2018.
Taking centre stage at Arabtec’s stand in Cityscape has been a model of one of the company’s largest projects, which will see Arabtec Properties construct one million homes in Egypt for lower income Egyptian families. The project will be developed in 13 locations in a number of governorates across the country, at a total value of $38bn (AED140bn).