Capitala launches sales of Rihan Heights, first phase of Arzanah

Capitala, the Abu Dhabi-based real estate company, today announced it has launched the residential sales of Rihan Heights, the first phase of Arzanah, its flagship development.

Strategically located at the gateway point to the island of Abu Dhabi, Arzanah is one of the few remaining parcels of prime real estate on the island, located just minutes away from Abu Dhabi city centre and the Central Business District.

Arzanah is a 1.4 million square metre fully integrated, mixed use development surrounding Zayed Stadium, offering a unique blend of quality residential, leisure, sports and retail environment that has been designed by some of the world’s finest designers, architects and engineers.

An exclusive sales invitation was extended for the first phase of the development, Rihan Heights, to all UAE Nationals who registered interest at the Capitala stand during Cityscape in Abu Dhabi earlier this year. Rihan Heights comprises 14 exclusive villas carefully planned around the plot and five residential towers with over 800 beautiful homes ranging from one to three bedroom apartments, as well as penthouses. The residents will also enjoy other amenities such as lush gardens, secure parking, swimming pools and a private gym.

Mr Heang Fine Wong, Acting Chief Executive Officer of Capitala commented:

“We are proud to launch the sales of Rihan Heights, the first phase of Arzanah. Our strategy was carefully developed to give priority to those who took the time to register interest in Arzanah at our stand during Cityscape Abu Dhabi in May this year, where we first showcased the project.” He concluded, “We are thrilled that not only are we offering our first phase to the market and starting to build long term relationships with our buyers, we are doing so with construction already underway and currently progressing ahead of schedule and with mortgage financing offered to our buyers through First Gulf Bank.”

Arzanah has been designed by award winning master planner Sasaki Associates and one of the world’s renowned architectural firms, SMC Alsop and aims to be an inspiring and enduring development, integrating seamlessly into the growing community of Abu Dhabi.

WAM/MAB

Mubadala and Majid Al Futtaim sign joint venture

Mubadala Development Company (Mubadala) and Majid Al Futtaim Group today announced the signing of a joint venture agreement to invest in a mixed-use development which will include a unique shopping mall destination with a blend of quality retail outlets, including Carrefour, innovative leisure concepts, hotels, and office space.

This new exciting mixed-used project will be developed as one of the key elements of the wider Arzanah project, the high-profile residential development taking shape at the Grand Mosque District of Abu Dhabi.

Arzanah was recently launched by Capitala, the Abu Dhabi-based real estate developer and master planner formed through a joint venture between Mubadala and the Singapore-based CapitaLand.

This 1.4 million square metre development features a pristine waterfront and a lively canal weaving throughout luxurious high-rise apartment towers and family villas, communal gardens, and extensive walking and cycling trails. Arzanah will offer an unequalled blend of retail, leisure and sports, allowing residents and visitors to discover the perfect setting for work, recreation and relaxation.

Working in consultation with the project’s master developer Capitala, this partnership between Mubadala and Majid Al Futtaim Group will bring to Arzanah and the wider community of Abu Dhabi innovative retail and hospitality concepts such as a shopping mall, hotel and office project, scheduled for completion by 2012.

John Thomas, Executive Director, Mubadala Real Estate and Hospitality said,

“The signing of this joint venture agreement with Majid Al Futtaim Group will introduce a unique blend of innovative retail and hospitality concepts to the wider Abu Dhabi community that promote an active community lifestyle that is the hallmark of Arzanah.”

Anders Moberg, Chief Executive Officer, Majid Al Futtaim Group, said “This first mixed-use development undertaken by our joint venture with Mubadala will further enrich the retail and leisure experience for the community of Abu Dhabi. Together with Mubadala, Majid Al Futtaim Group is committed to delivering inspired, exciting developments in Abu Dhabi.”

BI-ME/AME Info