Saturday, June 23, 2007

Al Yasat to develop Dh.3.5b health care city in Abu Dhabi

The Abu Dhabi based Al Yasat Holdings, a part of the Al Mazroui group, plans to develop a healthcare city on Shams Abu Dhabi, worth Dh.3.5 billion.

The project intends to bring together wellness and clinical services.

The Chief Executive Officer, Mukaram Ulla Khan said "We are carrying on talks with a German Consortium for launching a healthcare city on Shams Abu Dhabi. We plan to announce the project during the first half of next year."

Khan said the company will construct a residential tower worth Dh.360m in Shams Abu Dhabi.

He also said that the design of the tower is in its final stages, and that the company will be emphasizing on an eco-friendly structure.

Shams Abu Dhabi is being developed at the Reem Island by Sourouh Real Estate, and covers about 25 percent of the island, and occupies 1.32 Sq. mts., ninety percent of which will be marked for residential buildings.

The entrance will have the distinct Gate District, constituting eight buildings. It will also comprise one of the largest parks in the UAE, which covers about a million square meters.

Shams Abu Dhabi will be developed in various phases, the first of which is likely to be completed by 2009, and the entire project will be complete by 2011.

Al Yasat has another two developments in pipeline, one each in Abu Dhabi and Dubai. "We will build a mixed-use tower at the Business Bay in Dubai and launch another residential tower at Abu Dhabi during initial part of next year," says Khan.

Al Yasat has already invested about Dh.1bn in the Dubai and Abu Dhabi property sector, including the recent launch of Dh.550m commercial project, The One Tower.

Khan mentioned "Abu Dhabi is facing a shortage of residential units, and hence we decided to launch residential projects there. We expect property prices to rise by twenty to twenty five percent each year. We plan to finance the project ourselves."

1 comment:

len said...

"Khan said the company will construct a residential tower worth Dh.360m in Shams Abu Dhabi.

He also said that the design of the tower is in its final stages, and that the company will be emphasizing on an eco-friendly structure. "

- Do you have any idea who's doing the design for this tower?