Further details have been released of a massive property investment scheme designed to transform a UAE state and provide new homes for thousands of people.
Mohammed Bin Zayed City Towers is a master plan scheme for Abu Dhabi and will be developed with “sustainability and quality standards”, planners have said. Sustainability is a hot topic in the UAE property investment market after some developers began to fall behind with ambitious projects as the global credit crunch hit, while others have seen a greater buyer demand for enivronment-friendly schemes.
KEO International Consultants, the design and management firm behind the project, revealed the finished scheme would cater for “the middle-income tenant market” and would involve 30,000 new apartment homes.
KEO said: “The development’s residential towers will be surrounded by pleasant shaded pedestrian walkways and parks.
“District cooling and double glazing will be employed to maximize energy efficiency and underground parking will ensure that the development remains free of parking congestion.”
Mohammed Bin Zayed City will involve a total of 349 residential towers also featuring commercial and retail property investment opportunities.
First confirmed in 2007 and listed for completion in 2010, the homes scheme will cost $7.1 billion in total and property investment plots are now selling off plan to for up to around AED 15 million ($4 million) .
Abu Dhabi’s still-growing property investment market was recently showcased at the Abu Dhabi Real Estate and Investment Show 2009, featuring a range of off plan homes.
Photo Credit: Rüdiger Meier CC