|ACI, Al Odaid to build $354m towers
ACI Real Estate, an affiliate of Alternative Capital Invest GMBH of Germany, has signed a partnership deal with Abu Dhabi-based Al Odaid Real Estate to develop five residential towers.
The Dh1.3 billion ($354 million) project will be built at Capital Bay, on Al Reem Island.
Al Reem Island, located near the northern shores of Abu Dhabi, is an exquisite slice of natural paradise anchored on the pristine blue waters of the Arabian Sea.
"This partnership with Al Odaid marks a new chapter in our expansion across the UAE. Moving to Abu Dhabi will not only add value to our portfolio, but it also demonstrates our commitment to align ourselves with industry leaders who share our passion for innovative real estate projects", said Robin Lohmann, managing director of ACI.
All five towers are being built on one podium and will comprise 17 to 22 storey by offering studios, one and two bedroom apartments to its customers on a total built up area of 1.2 million sq ft. In addition, the residents will also have the opportunity to explore a plethora of state-of-the-art facilities, such as underground and podium parking, roof top pools, gymnasiums and jacuzzi.
"This deal creates a powerful platform for us to join hands and to accentuate our shared mission of developing awe-inspiring designs. This validates our dedication to excellence and we trust that our alliance will personify high standards in every way by working with ACI, the name behind the 'Sports Trilogy Towers'", said Mahmoud Al-Shaibani, CEO of Al Odaid Real Estate.
The company will break ground on the project in June 2008 and it is set to be completed by June 2011.
ACI Real Estate is one of Germany's most outstanding real estate developers with an investment portfolio valued at a staggering Dh10 billion scheduled for both Dubai and Abu Dhabi.
Trade Arabia News