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FINANCIAL NEWS
Abu Dhabi- 10 land plots sold on Al Maryah Island
17 Apr 2013
(MENAFN) Mubadala Real Estate and Infrastructure stated that it sold 10 land plots at Al Maryah Island, which is designed to become the new commercial and central business hub for Abu Dhabi, reported Gulf News.
The plots were sold to Farglory Group from Taiwan, in addition to two commercial banks in the UAE.
The island, which is expected to provide accommodation to over 10,000 people, will represent a retail destination with a residential and hotel development.
The company noted that the first phase of the island, which was previously knows as Sowwah Island, was developed to meet the future commercial and business needs of Abu Dhabi.
It added that occupancy rate at Al Sila, the first tower of Sowwah Square, is at 92 percent, while occupancy at Al Maqam, stands at 82 percent.
It is worth noting that over 67 percent of the island’s tenants are foreigners, 21 percent are from the region and 12 percent are UAE nationals.
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