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Abu Dhabi Project Development Other projects in the capital of the UAE



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Old June 25th, 2006, 11:35 PM   #1
Krazy
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#PROJECT: MATERIAL CITY

Dh3b Material City unveiled in Abu Dhabi

Abu Dhabi: Two Abu Dhabi-based companies have joined hands to embark on a Dh3 billion mixed-use project to cater to the growing demand for residential and commercial space in the capital, developers announced yesterday.

Manazel and United Group Holdings, both relatively new private joint stock companies launched the 'Material City' project, some 10 km away from Abu Dhabi city and next to the Shaikh Mohammad Bin Zayed City.

First project

"This is our first project which is away from downtown Abu Dhabi and just five minutes away from the airport. Our aim is to create residences, offices, and related facilities for people living and working here," said Mohammad M. Al Qubaisi, Chairman, Manazel, the developer of the project.

"Construction will start in first quarter 2007 and completion is set for 30 months later," he told reporters.

Material City would comprise 12 residential towers and 17 office towers, a big shopping centre, an exhibition centre, a hotel and associated facilities. Manazel was set up in early 2006 by some 80 shareholders and is capitalised at Dh2.5 billion.

United Group Holdings (UGH), established in 2004 is an investment company with interests in real estate and construction.

"We are the owners of the land and the project will be developed by Manazel," said Saeed Almeqbali, Chairman, UGH. The company's current net worth is about Dh1.2 billion, he said.

Finance

The Material City project will be financed through debt, mainly bank loans, he added.

Manazel is drawing up plans to expand its business within the UAE as well as outside. "Our second project in the UAE will be announced in October this year and the third in November. We are also in negotiations with landlords in Lebanon, Kuwait and Qatar," said Al Qubaisi.

"Our strategy is to bridge the gap in the real estate sector by providing residential, commercial and other projects to the middle-income category," he said.
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Old July 22nd, 2006, 05:30 PM   #2
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Old July 22nd, 2006, 05:35 PM   #3
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is this a kinda low cost project?

looks a bit weird from that rendering, with all those different shapes..
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Old July 24th, 2006, 02:57 PM   #4
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manazel is full of weird projects... let's see if this one will "materialize"
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Old August 23rd, 2006, 08:29 AM   #5
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No this is not a low cost project, however it is geared towards providing homes for the middle income people, their aim is to provide to affordable homes. They have some fantastic plans for this city and the reason i know is because i work in real estate and they are our client, therefore i work very closely with them, specifically on the matgerial city project!!
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Old October 30th, 2006, 08:35 PM   #6
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Old October 30th, 2006, 09:34 PM   #7
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I must say these new projects in AD might lack in number when compared to Dubai but they certainly are a lot more daring in design... these might look a little weird in the renders but it may turn out to be real nice in real.. we'll have to wait n see
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Old October 30th, 2006, 10:33 PM   #8
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c'mon these renders look like shit. like International city..
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Old October 30th, 2006, 11:00 PM   #9
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u need to open ur eyes and see the creativity.. they are like anything but the boring and bland international city... creative yes.. good or bad thats up to one's taste.. but give credit where it's due
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Old October 31st, 2006, 08:14 AM   #10
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this project is a Emirates Flag wannabe
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Old October 31st, 2006, 01:07 PM   #11
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To be honest, I'm not a huge fan of this design, especially that red building.
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Old October 31st, 2006, 01:36 PM   #12
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samir it looks crappy, maybe, only maybe, the glass buildings might be creative, but the rest looks like shit, Dubai Laggoon, IC whatever.
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Old October 31st, 2006, 01:42 PM   #13
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for the second time.. that's your taste. I posted earlier that the design is creative and daring... some will find it interesting and others like you will find it "crappy". It's a matter of taste.
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Old October 31st, 2006, 11:00 PM   #14
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is the best proyect i have seen from abhu dabhi and that hotel and those rare shape towers looks really different in apossitive way because they are really cool and they have a new style, amazing
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Old November 1st, 2006, 10:06 AM   #15
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stupid name for a project!
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Old November 3rd, 2006, 03:06 PM   #16
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yup, name is quite stupid but i dig the design.
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Old November 7th, 2006, 12:07 PM   #17
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I like the design. Weird enough for me.

Emirates Flag wannabe? This is way better, IMO and more original.

And no way this is even close to International City.

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Old May 3rd, 2007, 03:12 PM   #18
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Manazel Real Estate launches sales of Al Reef Downtown apartments and Prestige Tower at Building Materials City

Cityscape Abu Dhabi is selected as the ideal platform to demonstrate Abu Dhabi's progressive vision on real estate for future generations.



One month after closing the sale of 2,500 villas of its Al Reef project near Al Raha Beach, Manazel Real Estate officially announced the launch of the sales phase of two new projects - Al Reef Downtown and Prestige Tower at Building Materials City (BMC). Sales in two landmark projects will start at Cityscape Abu Dhabi from May 8 to 10 2007.

'In line with Manazel Real Estate's strategy of providing affordable housing for the low to middle-income segment of the population in the UAE and throughout the MENA region, the first phase of sales of Al Reef Downtown will involve 582 apartments out of the development's total of 1,500', confirmed Mohammed Al Qubaisi, Chairman of Manazel Real Estate. 'We have also chosen to launch the sale of units in Prestige Tower, two 20-storey office buildings at the heart of Building Materials City (BMC) with more than 2,000 square meters of office space per floor'.

Al Reef Downtown (part of Al Reef Villas Project) offers three apartment types, ranging from 70 to 125 square meters in size.

'The Al Reef development will be a master development encompassing a whole new community, with all the necessary facilities and services for its citizens. Residents will enjoy the nearby shopping malls, supermarkets, outdoor markets, dedicated community services and many recreation areas', added Al Qubaisi.

Prestige Tower is a commercial tower in the unique, 230,000 square-meter Building Materials City development, which is being developed by Manazel Real Estate in partnership with United Group Holdings. BMC will be the hub for all of the UAE's commercial services and trading activities related to construction and building materials. 'With the most advanced features not available in office towers of similar stature and being sold at very competitive prices, Prestige Tower is an ideal venue for both local and multi-national companies to explore their business potential and opportunities in true UAE fashion,' said Al Qubaisi.

Manazel Real Estate will be participating at Abu Dhabi Cityscape. 'It is a great opportunity for the real estate business in the emirate of Abu Dhabi to showcase their serious commitment to Abu Dhabi's progressive vision on real estate for future generations', confirms Mohammed Al Qubaisi.
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Old May 5th, 2007, 09:42 PM   #19
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Quote:
Originally Posted by flares View Post
stupid name for a project!
totally agree. What a ridiculous name!
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Old May 5th, 2007, 09:43 PM   #20
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and ppl give dubai flak for their names!

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