Abu Dhabi National Exhibitions Company (ADNEC) has revealed that the final contract for the AED8 bln. (approx. 1 bln.) Capital Centre development was signed on Tuesday 16th October at the Cityscape exhibition in Dubai. The signing of this deal means that the Capital Centre project is now 100% sold out.
Artist impression of Capital Centre.
The final developer to officially sign with ADNEC is SinoGulf Investments, a multi-faceted Islamic Asset Management and Investment Company and Capital Centre's second largest developer. SinoGulf Investments has already committed to developing one other plot at Capital Centre, a 631,000 ft² (approx. 59,000 m²) commercial tower. The new plot signed, yesterday, will see SinoGulf Investments develop an additional 423,000 ft² plot.
Commenting on the completion of sales at Capital Centre, Simon Horgan, ADNEC CEO said: "I am delighted that Capital Centre is now officially sold out. This development is not just one of the UAE's most prestigious destinations it is also one of the Middle East's most significant economic development projects. We launched this project in September 2006 and were 500% over-subscribed with enquiries for the 23 plots of land. Over the last 12 months, ADNEC has created a mix of quality developers which, with their projects, will add real value to Abu Dhabi."
Andrew Clout, SinoGulf Managing Director said: "Capital Centre is key in SinoGulf's strategy of developments in the UAE Capital City. The development is one of the most prominent anywhere in the Gulf Region and we are delighted that SinoGulf has been chosen as an investment partner for a second plot."
Sanjay Tanna, ADNEC Commercial Director added: "I am extremely pleased that SinoGulf has committed to two major developments which, in total, amount to well over 1 mln. ft² of prime real estate in the UAE capital city. This deal signals the end of one stage of the project and the beginning of the most exciting stage where we will see the micro-city of Capital Centre begin to take shape with the completion of the first phase in September 2009."
Construction began on Capital Centre in June 2007. On completion of the entire project in early 2011, Capital Centre will house a new micro-city of 23 towers, including 6 branded hotels, 4 commercial buildings, 8 residential and serviced apartment complexes and 5 mixed use developments. Also featured in Capital Centre will be a 2.3km waterfront Marina Zone; a proposed monorail and the 'Galleria' - a shopping mall with restaurants, retail outlets, and cinemas. The most distinctive feature of the development will be the iconic 35-storey Capital Gate which will include a 200+ room five hotel and 20,000 m² of office and retail space; the Feature Tower will rise from the ground in a gravity defying form; its design has already been widely praised for is architectural ingenuity.
Capital Centre is being developed under the patronage of His Excellency Sheikh Sultan Bin Tahnoon Al Nahyan, Chairman of Abu Dhabi National Exhibitions Company and the Abu Dhabi Tourism Authority (ADTA).