Value: US $7.8 billion
Client: Sorouh Real Estate
Sorouh Real Estate is the master developer of the site.
Al Reem Island is a mixed-use community next to the bridge connecting Al Reem Island to Abu Dhabi city. Several 40- and 50-storey towers will form the central business district. The development will include two 80-storey buildings.
Number of residents upon completion: 280,000
Number of household units: 40,000 to 50,000 (E)
Number of commercial and retail space: at least 5,000 (E)
Delivery dates: 2009 to 2012
Type of Project: Mixed Use Property Ownership: Leasehold
Al Reem Island, located on the northeastern coast of Abu Dhabi, will be home to an estimated 280,000 residents upon completion (in 2012) and will be connected to the main island by two to three bridges. Besides residential, commercial and retail or mall spaces, the 633-heactare development will also feature hotels, spas, schools, clinics and a golf course.
Approximately 40,000 to 50,000 residential units and over 5,000 retail and office spaces, as well as several hundred hotel rooms and suites will be available at Al Reem upon its completion in 2012 (although early phases of the various sub-projects are forecasted to be available sometime in 2009).
The Al Reem development is divided into four sub-projects including Al Shams, Najmat (20 million sq ft), Marina Square (13.2 million sq. feet) and Addax Port. Al Shams, the biggest component of the project, will occupy roughly 25 percent of the island’s land mass, where an expected 22,000 residential units will become available between 2009 and 2011. The Gate, a prestigious landmark comprising of eight towers, is part of the 100-tower development envisioned for Al Shams.
Najmat, on the other hand, is expected to accommodate some 80,000 residents, which translates to a conservative 16,000 residential units (based on Abu Dhabi’s average household size of 4.9) and over 3,000 commercial units. Marina Square will feature a collection of 14 high-rise towers, where 70 percent is allocated for residents and 30 percent to businesses or retail outlets.
The much smaller Addax Port is a collection of five towers (four residential and one commercial).Tamouh Investments owns 60 percent, Sorouh owns 20 percent, and Al Reem Investments owns the remaining 20 percent of the Al Reem development.
A $100 million bridge project to connect Al Reem with the main island is also underway. The Al Shams and Najmat projects alone cost almost $15 billion.
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