Abu Dhabi unveils massive new Central Park

Also typically Sorouh simultaneously announced the sales release of the surrounding plots to local and international investors. For Abu Dhabi's real estate is being promulgated on commercial lines similar to the pattern established in neighboring Dubai, with strong interest from buyers already evident.

'The Central Park Project will include 12 mixed-use towers, restaurants, water canals, lakes, recreational and sports complexes and parking lots designed to respond to the needs of residents,' said Saeed Eid Al Ghafli, Chairman of Sorouh Real Estate.

Work on the infrastructure of the project will start in June, 2007. The first phase is scheduled for completion in 2009 and the full project is expected to be completed by the end of 2010.

Ideal investment

Al Ghafli noted that the project provides local and international investors with an ideal investment opportunity through its location in the heart of the new Shams Abu Dhabi development. He said this area will be very attractive to visitors and tourists who will be drawn to the new amenities of Abu Dhabi, one of the world's fastest growing cities.

CEO of Sorouh Real Estate, Mounir Haidar added: 'Since it was established, Sorouh has demonstrated its commitment of adopting a comprehensive approach based on creativity in designing and developing properties. We are also committed to supporting and enhancing the growth of real estate sector in Abu Dhabi and the UAE, which will be reflected in the development of related sectors,'

The Central Park is distinguished by its central setting in the midst of other local and international developments. Its location in the special economic investment zone of Al Reem Island also confers tax free benefits on buyers as well as the ability to acquire 100 per cent ownership.

Sorouh's portfolio grows

Sorouh has previously launched a number of major development projects that embody its slogan of building communities in perfect balance; such as its flagship project Shams Abu Dhabi, the Sky Tower slated to be the highest skyscraper in Abu Dhabi and the Golf Gardens residential development adjoining Abu Dhabi Golf Club.

Shams Abu Dhabi was launched as Sorouh's first prestige development. It is located on Al Reem Island, approximately 300 meters across from the northeastern shore of Abu Dhabi city.

It will occupy over 1.560 million square meters, accounting for about 25 per cent of Reem Island. Residential projects will occupy 80 per cent of the overall space of the project while the remaining 20 per cent will be dedicated for commercial use and recreational facilities. Shams Abu Dhabi will be home for about 70,000 people.