Abu Dhabi's real estate projects to cross Dh1.71tr |
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Friday, May 16, 2008
Gulf News
Dubai: Real estate projects announced in Abu Dhabi so far, including those under planning and development, are estimated to cross $466 billion (Dh1.71 trillion) when completed, according to the latest update.
These, developers say, collectively represent a 'tip of the iceberg' - compared to what is expected in the coming years. The figure is significantly higher than the $327 billion project value estimated at the Cityscape last year.
"It is worth remembering that it is only the projects that are officially planned or have broken ground, that have made it onto the list. After last year's event, we estimated that $327 billion worth of projects had been announced, this year's total is sure to be significantly higher," Mark Goodchild, project manager of Cityscape Abu Dhabi, said yesterday.
Since then, developers unveiled a $40 billion Yas Island project, a $40 billion Khalifa City, $24 billion mixed use real estate community project by Burooj PropertiesBurooj Properties
, a $10 billion mixed-use Ghantoot Green City, among many others, raising the project value significantly.
However, some of the biggest surprises include a new capital district that will become the administrative headquarters of the government - something like Malaysia's Putrajaya - is yet to be unveiled.
The Abu Dhabi Government will gradually unveil a vast Wetlands National Park that is to be triple the size of the existing Abu Dhabi island, as well as Hudariyat Island - another mega project - together will raise the project value to a much higher level.
These exclude the government's investment in hydrocarbon, utilities, ports and airports, communication and infrastructure. "Abu Dhabi has entered a new era of leadership and the city epitomises a fresh spirit of city-building which is almost unmatched anywhere in the world," said the latest report by Jones Lang LaSalle.
"The city offers shining possibilities for long-term growth through substantial wealth-creating opportunities, massive infrastructure investment, a clear vision, strong governance and the availability of capital."
However, risk management, quality and imbalance in projects remain a challenge. "There are significant risks coming for developers. Consumers need to trust the development, the developer and the market," Abu Baker Al Khouri, managing director of Sorouh Real EstateSorouh Real Estate, said.
© Gulf News 2008. All rights reserved.
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