#PROJECT: ARZANAH

[bizzybonita]

New project - Arzanah Development - Rihan Heights




Client: Capitala

Actual Value: 500m USD

Contractors: Main Contractor: Sunway Construction SDN BHD

Project Type: Residential Building

Project Duration:

From: Q4 2008 Actual
To: Q1 2011 Actual

Status: Construction

Scope: Rihan Heights is the first residential phase of Arzanah development. The residential development includes construction of five luxurious residential towers located on 38,000 square metres of land and 14 villas positioned carefully along the site of the development. It also includes construction gardens, pools and a private courtyard.

Schedule: Sunway Construction SDN BHD was awarded the main construction contract in 3rd quarter of 2008. Project duration is 25 months. Project is in progress as per the schedule and expected to be completed in 1st quarter of 2011.

Remark: Sunway Construction SDN BHD is Malaysian company and follows Sunway Group.

[Bu Maitha]

Today

[bizzybonita]

Capitala highlights Rihan Heights progress at Cityscape Abu Dhabi 2010



Rihan Heights construction progress.


Capitala announced today on the back of Cityscape Abu Dhabi 2010, significant progress for Rihan Heights, the first residential phase of its maiden project - Arzanah.

Arzanah, Capitala's flagship project, is a 1.4 million square metre development encompassing residential, retail, commercial, sports and leisure components. Strategically located in the Sheikh Zayed Grand Mosque District on Abu Dhabi Island, Arzanah will offer a unique active urban lifestyle for both residents and the community at large.

Situated on the north eastern corner of Arzanah on 38,000 square metres of prime land, Rihan Heights includes five luxurious residential towers with a total of 854 apartments and 14 stunning villas on the site's perimeter. The buildings are surrounded by luxuriant gardens and offer a range of recreational features including swimming pool, children's playground, gym and fitness suite, clubhouse and state of the art security and management systems.

Construction on Rihan Heights, which began in late 2008, is well underway. The 20th storey of the tallest tower, which when complete will consist of 32 storeys, is expected to be completed by end of April and the facades for all five towers to be in place by late Q4 this year.

Carlos Obeid, Chairman of Capitala, said:

"Today there are 2000 construction workers on Rihan Heights site and this number will increase to 2500 in the next quarter, a fivefold increase within a single year. We are pleased with the construction progress so far and we are now focussing all our efforts to complete and deliver these premium finished residences."


He added, "We have also recently completed Rihan Heights show homes on the 1st floor of tower B and invite all our existing investors and potential customers to visit them. The show homes, which include the two and three-bedroom apartments, showcase the layout, finishes and expected quality for this premium residential development. They also highlight the unobstructed views onto the pristine beachfront and the spectacular Sheikh Zayed Grand Mosque."

http://www.ameinfo.com/229859.html

[bizzybonita]

[Parisian Girl]

Capitala moves to swing the high-end housing undersupply in its favour

Investors in Rihan Heights expect good rental yields as units come onstream next year.

*By Deepthi Nair, Sub-editor | Published: 00:00 July 26, 2010


Rihan Heights comprises five residential towers and villas and forms the first phase of Capitala’s pilot mixed-use project, Arzanah

*Image Credit: Supplied

Hoping to tap into the supply-demand imbalance in Abu Dhabi's premium housing segment, Capitala is going ahead with plans to bring 854 high-end apartments and 14 villas onstream by the first quarter of 2011. The upbeat mood about the incoming demand is evident from Capitala's conviction that investors in the project, Rihan Heights, can generate robust rental returns in the coming years.

"We anticipate high-end housing to remain positively undersupplied for the next two to three years at least. When Rihan Heights is completed next year, we will be just in time to [capitalise on] the undersupply," says Wong Heang Fine, CEO of Capitala. Launched at Dh2,500 per square foot during the cusp of the property boom, Rihan Heights is effectively 85 per cent sold out or booked, claims the CEO. Capitala is a joint venture company between Abu Dhabi's Mubadala and Singapore-based CapitaLand. Rihan Heights forms the first phase of Capitala's pilot mixed-use project, Arzanah.

Attracting investors

Locational advantage in the Shaikh Zayed Grand Mosque district and the community lifestyle have attracted Emirati investors to Rihan Heights, who have bought units in the hope of good rental returns. A few owner-occupiers and buyers of second homes also figure in the investor list. This buyer profile has, in turn, helped Capitala keep mortgage defaults to a minimum.

"There have been a few requests and we have been trying to accommodate them," says Fine, adding that Abu Dhabi Finance and the First Gulf Bank are on board, offering a loan-to-value (LTV) ratio of up to 85 per cent.

With Arzanah being its maiden project in Abu Dhabi, the developer points out how proceeds from off-plan sales will be strictly linked to construction of Rihan Heights. Not looking to tap external debt, Capitala is funding construction from its own equity.

"We will launch sales of the remaining units once construction is complete. We make sure that construction progress is independent of sales," the CEO adds.

Facilities offered

Rihan Heights, which comprises five residential towers and villas, will feature facilities such as swimming pools, a children's playground, gym and a clubhouse. Positioned on landscaped podiums, the towers will offer covered car parking, one-, two- and three-bedroom apartments, including duplex penthouses with private sky gardens. While the service charges are yet to be fixed for this development, each apartment owner will only pay the chilled water charges for his or her unit and not the general service fees levied on all.

"We will be pricing the service charges competitively, on par with other developers in the region and will also commensurate with the facilities," Fine says, adding that Capitala would seek third-party facilities management operators after one year of project completion.

While the Arzanah masterplan involves two land parcels, the developer is yet to decide on the product mix at the site in Khaleej Al Arabi Road. "At the moment, the masterplan of Arzanah calls for low-rise residential development in the second plot." The main precinct surrounding the Zayed sports stadium will be linked to the waterfront plot by two footbridges. The second plot is likely to feature waterfront villas, boardwalks and canal promenades.

In tune with the developer's emphasis on an active lifestyle, Arzanah will incorporate jogging and cycling trails, an aquatic centre and an indoor sports arena. Existing facilities include an ATP-standard International Tennis Complex, the Khalifa International Bowling Centre and the Abu Dhabi Ice Rink. While the sports infrastructure will be managed by Mubadala, the international school included in the Arzanah masterplan is likely to leverage these facilities. The non-involvement of sub-contractors will let Capitala focus solely on ascertaining the right product mix for subsequent phases in the $6 billion Arzanah. "We will wait for the market to stabilise before looking at what product to plan for the subsequent phases," the CEO says. He refers to how the Arzanah masterplan has remained unchanged, but the product mix has been adapted to conform to market demand. "We may add more two-bedroom units than one-bedroom apartments, depending on the market requirements. We strive not to be ahead of the market because then you can't sell," he adds.

While UAE developers typically retain units to add to their recurring income base, Capitala eschews, claiming it would lead to a conflict of interest with its buyers who are looking to earn rental returns. "Our objective as a developer is only to build and sell units." Given the prowess of Ascott Group, a wholly owned subsidiary of CapitaLand, in the operation and management of serviced residences, would Capitala take on leasing on behalf of its investors? "We may want to do that at a later stage. But, it's too premature to consider it now," says Fine.

Remaining true to its mixed-use credentials, Rihan Heights will also have a smattering of retail in the form of a supermarket and a hair styling saloon. Provisions for a hotel have also been incorporated.

Construction of Rihan Heights is now 30 per cent complete. The developer claims to be constantly negotiating with suppliers and contractors to achieve cost savings.

"Where we have achieved savings, we pass it back to the buyers, either through a reduction in sales prices or by providing them with better products, say white goods," says Fine.

Arzanah: fact file

The medical facilities in Arzanah will eventually include a Mubadala-owned medical complex, the Wooridul Spine Centre and the Abu Dhabi Knee and Sports Medicine Centre.

Capitala's land bank in Abu Dhabi is limited to the Arzanah plot, spanning 140 hectares. The facades of all the residential towers will be complete by Q4, 2010. >> Gulf News

[Mase]

I have taken a look at the show apartment and it is very impressive and probably the best I have seen in Abu Dhabi.

However, based on a purchase price of AED 2,500psf if I was a local and was allowed to buy I wouldnt be too confident of buying with a veiw to securing an attractive yield!

[Parisian Girl]

Archial bought by Igenium Group http://www.constructionweekonline.co...igenium-group/

[bizzybonita]

Very good update BuMitha , keep it coming

[Parisian Girl]

bizzy, that pic is a year old.

[bizzybonita]

okie thanks to your'e freshly article too

PS: Don't miss paris motorshow 2010 !

[Parisian Girl]

Not to mention Paris Fashion Week!

[Parisian Girl]

Woodfloors ME wins AED12m Rihan Heights contract http://www.constructionweekonline.co...ghts-contract/

[Shukran]

Originally Posted by Parisian Girl

Not to mention Paris Fashion Week!

Don't forget the riots and the cars burning in the streets

[Parisian Girl]

Originally Posted by Shukran

Don't forget the riots and the cars burning in the streets

Really?? OMG!!

Guess what, the very same thing just happened on the streets of London. Not to mention quite a few other places around the globe, also.

What some people will do just to let off some steam huh.. But no worries, civilization will survive it.

[Parisian Girl]

The five towers which form the first phase of flagship development, Arzanah, have been topped out

# Staff Report | Published: 00:00 November 14, 2010


Khaldoon Khalifa Al Mubarak, CEO of Mubadala; Carlos Obeid, Chairman of Capitala, and Liew Mun Leong, President and CEO of Capitala, at the topping-out ceremony of Rihan Heights yesterday.

# Image Credit: ABDUL RAHMAN/Gulf News

Abu Dhabi: Capitala, the Abu Dhabi-based strategic master planner and developer, yesterday announced that the five towers of Rihan Heights, which form the first phase of its flagship development, Arzanah, have reached their final heights.

The topping out of Rihan Heights is a major milestone in the completion of Abu Dhabi's newest community, on schedule to be delivered in 2011.

Rihan Heights is situated on the north-eastern corner of Arzanah on 38,000 square metres of prime land and includes five luxurious residential towers with 854 apartments and 14 stunning villas on the site's perimeter.

The buildings, which are surrounded by lush gardens, offer a range of recreational features, including a children's playground, gym and fitness suite, clubhouse and state of the art security and management systems.

Speaking at Capitala's topping out ceremony yesterday, Carlos Obeid, Chairman of Capitala, said: "We are very proud of this achievement at Rihan Heights. Arzanah forms an important part of the Capital 2030 urban plan to create quality residential and working environments to sustain the long-term growth of Abu Dhabi. We look forward to welcoming our residents next year. Capitala will also continue to focus on safety at our site and remains a committed member of Buildsafeuae."

He added: "Arzanah will offer the people of Abu Dhabi an active urban lifestyle and we are looking forward to this new residential environment becoming an integral part of the community next year." Arzanah is a 1.4 million square metre fully integrated, mixed use development designed by some of the finest architects, planners and engineers.

Offering quality residential, leisure and retail environments and located in the Grand Mosque district of Abu Dhabi, Arzanah will feature walking and biking paths alongside waterways and the beachfront. An internationally recognised school will provide high quality accredited education.

Major facilities

Sports facilities include the landmark Zayed Sports City stadium, Abu Dhabi International Tennis Complex, Khalifa International Bowling Centre and Abu Dhabi Ice Rink.

Arzanah will also have prime medical facilities at the Arzanah Medical Complex housing the Wooridul Spine Centre, the Abu Dhabi Knee and Sports Medicine Centre and a state-of-the-art wellness and diagnostic centre developed by Mubadala in partnership with AsiaMedic Group.

Gulf News

[bizzybonita]

Phase one 90% Completed ...

T/O

http://www.arzanah.ae/

[flares]

These towers are so much better than anything found on Reem. Maybe it's the Singapore influence.

Empty though!!