Park Town Capital PLC to Develop Luxury Saraya Abu Dhabi Site
Park Town Capital PLC (PTC) has acquired a prime high-rise residential site at the USD$953 million Saraya Abu Dhabi development on which they will build “Blue”, a 45 storey luxury residential development boasting incredible views of the Corniche and Abu Dhabi coastline.
The freehold development will be targeted primarily at UAE nationals, although interest has been received from institutional and high-net-worth investors from across the GCC region. The Tower is expected to contain 500 apartments including a 1,500 square metre two storey penthouse, some high-end retail space, a gymnasium, and public access.
As properties become available, Park Town Capital PLC hopes to be an active participant in the Abu Dhabi high-end luxury market.
Saraya – the Arabic word meaning “palace” – will consist of up to 30 towers ranging from 10 to 40 storeys with a mix of commercial and residential properties, serviced apartments, and a hotel on the eastern side of the Abu Dhabi Corniche. Construction of the complex started at the end of December 2006, with two phases to be completed in 2010 and 2013.
The “Blue” site is minutes from the Abu Dhabi central business district and enjoys 270 degree views of the Arabian Gulf and the many exciting developments under construction in Abu Dhabi.
Daniel McGowan, Chairman, Park Town Capital PLC says: “Saraya is one of the most exclusive and ambitious luxury developments to come to market and we are very excited to be awarded the opportunity to build and market Blue. This marks the beginning of many property development prospects for Park Town Capital in the MENA region.”
Tor Boswick, Managing Director, MENA Region, Park Town Capital PLC says: “The UAE is enjoying tremendous current and expected growth as is the MENA region as a whole. We are aggressively pursuing premier development opportunities throughout, with the quality and positioning of Plot 1 being indicative of our strategy of securing the optimal sites in the most attractive growth markets. We encourage inquiry and proposals from qualified prospective joint venture partners who share our vision for regional investment and development.”
