Capitala plans to complete $6b project by end of 2015.
Peter Wilding told reporters that there will be 9,000 apartments in the 1.4 million square metre Arzanah complex which will house 27,000 residents and all units would be owned exclusively by Emiratis. He said the project started in September last year and phase one, "Rihan Heights" comprising 865 units, including 14 villas is on schedule to be completed late next year and delivered by early 2011.
Wilding said the Rihan Heights project has been 86 per cent sold to date and was sold at prices exceeding Dh25,000 per square metre, though he admitted that the company is not immune to the global economic crisis.
"Arzanah is the largest development site on Abu Dhabi island. We have contracted to pay the joint venture of Abu Dhabi-based Silver Coasts and Malaysia's Sunway Dh1.9 billion for Rihan Heights," he said.
Wilding said Arzanah would have a tennis academy, aquatic centre, indoor sports arena, world-class mall, international school, beach club and hotels and serviced apartments.
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