The project is a joint venture with National Corporation for Tourism and Hotels (NCT&H) and is expected to complete in 2010.
The master plan of Coconut Island and the appointment of Denniston International Architects and Planners Ltd have both been approved. In addition, the island's new lagoon, which will form its centre-piece, has started taking shape. The next phase of the project will involve soil investigation, soil improvement and shoreline protection works prior to commencing the infrastructure and buildings.
Coconut Island is set to become a 5 star luxury resort which will comprise of approximately 160 guest rooms ranging from standard to presidential, a spa, restaurants and marina. The island has a natural sand bar surrounded by clear turquoise waters providing an idyllic setting for relaxation. In addition to the resort, the island will feature four and three-bedrooms apartment buildings as well as six, five and four-bedroom villas, each with spectacular views of the Arabian Gulf, for sale exclusively to UAE nationals.
Rami Hreiki, Senior Project Leader at Aldar Properties said: "Both Aldar and NCT&H have a vested interest in the future of Abu Dhabi and in developing quality projects that generate greater choice for residents and tourists. Both partners have accomplished a great deal at this early stage in the development and we will continue to strive to bring this exciting project to fruition."
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Coconut Island takes shape
- United Arab Emirates: Sunday, December 30 - 2007 at 16:11
- PRESS RELEASE
Aldar Properties PJSC, Abu Dhabi's leading integrated property developer, today announced the substantial completion of land reclamation and dredging for Coconut Island, its premium island resort and gated residential development located off the Abu Dhabi west coast.
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About Aldar PropertiesAldar Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. Aldar was created to spearhead the development of Abu Dhabi's strategic sites to fast track real estate investment opportunities within Abu Dhabi and the Emirates.
Aldar's initial public offering (IPO) in 2004 offered shares worth AED 1.5 billion (USD 408 million) on the Abu Dhabi Securities Market. The IPO, which at the time was the UAE's largest ever IPO, was 448 times oversubscribed and raised an unprecedented AED 373 billion (USD 102 billion).
Aldar is owned by leading Abu Dhabi institutions, founder shareholders and individual investors. It.has already announced more than USD 60 billion worth of developments and as of 30 May 2007, the company's market capitalization is USD 3.5 billion. The total retail area of all developments is currently over 1.5 million square metres.
The current property portfolio includes major developments and re-developments within the Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park.
Aldar's first international project was announced in August 2007 through a joint venture with South Johor Investment Corp, a deal that represents the largest foreign real estate development in Malaysia. It was followed in October 2007 with plans to build a mixed-use development in Kazakhstan.
For more information, please contact:
Rosanne Blake
Buchanan Middle East
Mob: +971 50 2262 771
Posted by Medilyn Manibo, Assistant News EditorSunday, December 30 - 2007 at 16:11 UAE local time (GMT+4)
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