Mubadala Real Estate & Infrastructure (MREI) and internationally-renowned Taiwanese property developer Farglory Group have broken ground on the USD 1 billion Maryah Plaza, a four-tower luxury waterfront complex on Al Maryah Island.
Mubadala Real Estate & Infrastructure (MREI) and internationally-renowned Taiwanese property developer Farglory Group have broken ground on the USD 1 billion Maryah Plaza, a four-tower luxury waterfront complex on Al Maryah Island. The four towers will be developed in phases and, when complete in 2020, will have a combined GFA (gross floor area) of 153,000 sqm.
This marks the first development which has commenced on the Island by a foreign direct investor. H.E. Khaldoon Khalifa Al Mubarak, Waleed Al Mokarrab Al Muhairi, Carlos Obeid and Ali Eid AlMheiri from Mubadala Development Company PJSC and Farglory Chairman Teng-Hsiung Chao and Managing Director Jack Hu were in attendance at the milestone ground-breaking ceremony.
Set to welcome its first tenants in 2016, Maryah Plaza will provide approximately 500 premium residences in the hub of Abu Dhabi’s new Central Business District (CBD) further extending the offering of Al Maryah Island to local residents and tourists. Situated in close proximity to Sowwah Square, Maryah Plaza will offer convenient access to the districts four Grade ‘A’ commercial towers, luxury retail and dining destination, with The Galleria opening on August 6th of this year, and the five-star hotels Rosewood Abu Dhabi, which is fully operational, and Four Seasons Hotel Abu Dhabi.
Built in accordance with Estidama Pearl 1 rating, the project will also be connected by climate controlled pedestrian passageways to Sowwah Central, a world class regional retail destination due for completion in 2016 and Cleveland Clinic Abu Dhabi.
With residences ranging from one-bedroom apartments to penthouses, the development will offer beautifully landscaped parks and open spaces, art galleries, community centers, and a wide arrange of street cafés and world class restaurants.
Designed by the renowned Rogers Stirk Harbour + Partners, who have attained awards for projects across Europe, North America and Asia, including 2 RIBA Stirling Prizes, Maryah Plaza has been conceived to complement the waterfront view and the natural environmental characteristics of Abu Dhabi, using building design to represent and symbolize sailing, cruises and decks.
“We are delighted to collaborate with the Farglory Group on the creation of a vibrant new neighbourhood that will be a further catalyst to the development of Al Maryah Island and the vision of Abu Dhabi's Central Business District,” commented Ali Eid AlMheiri, Director, Mubadala Real Estate & Infrastructure. “The ground-breaking of Maryah Plaza firmly establishes the local and international character that helps define Al Maryah Island’s unique identity and supports its recognition as one of the world’s leading CBDs – truly in the heart of Abu Dhabi.”
Teng-Hsiung Chao, Chairman of Farglory Group said, “Al Maryah Island is a truly visionary mixed-use district and we are proud to have the opportunity to contribute to Mubadala's vision for this development. Coupled with Farglory's 44 years of real estate development experience Maryah Plaza, will raise the bar for luxury residential developments by combining the renowned design expertise of Rogers Stirk harbour + Partners, resort-style amenities and carefully designed community spaces to create an outstanding living experience.”
With over 600 successfully completed projects, Farglory has established a reputation as global leader in construction and property development. Established in 1969, Farglory is a land development and construction company that operates in Taiwan, China, the United States, and France. One of the largest companies in Taiwan, Farglory is active in a host of industries including real estate development and construction, finance and insurance, air cargo logistics, recreation and leisure, commercial development, charitable activities and medical care.
Farglory’s investment on Al Maryah Island is the company’s first expansion into the MENA region and is a strong testament to the growing prominence of Abu Dhabi in the region’s economic landscape. This growth both in Sowwah Square and Al Maryah Island is bringing to life the Abu Dhabi Government’s 2030 Vision and catalyzing the new and exciting urban fabric of Abu Dhabi.