Abu Dhabi's Mubadala Signs Up Taiwan's Farglory Group for Development of Sowwah Island

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(ABU DHABI, UAE) -- Mubadala Real Estate & Hospitality (MREH), a business unit of Mubadala Development Company, has signed an agreement with the Farglory Group, Taiwan's leading real estate development and construction company, to develop approximately 17,000 square meters on Sowwah Island. This is the first foreign investment in Sowwah Island, which is intended to become the central business district of the capital and home to 30,000 residents.

The agreement is Farglory's first investment in the Middle East. Four adjacent plots will be developed in phases to provide approximately 153,000 square meters of gross floor area of residential, commercial and mixed use towers connected by climate controlled pedestrian passageways. The first plots is to be developed as a luxury waterfront residential building and completed in 2014.

The plots occupy a prime location along the eastern waterfront within the first phase of Sowwah Island's development, which includes the Island's key infrastructure, road network, several bridges and the flagship commercial development, Sowwah Square, home to the new headquarters of the Abu Dhabi Securities Exchange. Also included in this phase are the Cleveland Clinic Abu Dhabi, the Four Seasons Hotel Abu Dhabi at Sowwah Island, and Rosewood Abu Dhabi.  This first phase of the Island is at an advanced stage of development with the commercial towers and the Abu Dhabi Securities Exchange scheduled to be open and operational by mid 2011.

"Farglory is an internationally-renowned development and investment company and we are delighted to have them as a key partner in the development of Sowwah Island," said Peter Wilding, Executive Director of MREH.

"Sowwah Island is a key destination for international real estate investors and developers who share a long term vision and commitment to this development and to Abu Dhabi."

Farglory Group chairman Teng-Hsiung Chao said, "Abu Dhabi in the Middle East is the top priority market in Farglory's globalization plan. Farglory will bring the world's best construction design teams together for the Sowwah Island Development Project," and added, "the Sowwah Island Development Project is just a beginning of Farglory's cooperation with Mubadala Development Company. Both sides will establish an even closer partnership."

Established in 1969, Farglory is an international land development and construction company that operates in Taiwan, China, the United States, and France.  MREH is responsible for the development of the 114-hectare Sowwah Island, which is strategically located at the junction of Reem Island, Mina Zayed, and the existing downtown of Abu Dhabi Island.

 

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