LEAD Development and Project Management Consultants (LEAD) and The National Investor (TNI) will build the first residential community of private green villas and townhouses at Masdar City, Abu Dhabis flagship sustainable urban development, it was announced today.
The project, which will also include apartments, is to be delivered over 250,000 m2 of gross floor area (GFA). The freehold real estate development will accommodate around 5,000 residents when completed in 2022, and will be open to both UAE and foreign national investors.
Located in the southern district of Masdar Citys Free Zone, the project will meet a minimum 3 Pearl rating according to Abu Dhabi Urban Planning Councils Estidama sustainability framework for built environments and urban communities.
It is a great opportunity to be working closely with Masdar to deliver this unique sustainable development, said Abdullah M. Mazrui, Chairman of TNI. LEAD and TNI will work with the Masdar team to deliver a project in line with Abu Dhabis regulations for sustainable, water and energy efficient real estate developments.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, Abu Dhabis renewable energy company, added: Our ongoing successful development of Masdar City is demonstrating how cities can be economically, socially and environmentally sustainable, reducing energy and water demand and the production of waste efficiently and cost effectively, while also building thriving communities.
The private sector has a vital role to play in promoting the wider adoption of commercially viable solutions to urban sustainability challenges, and in sharing knowledge and experience across the industry. LEAD and TNI share our vision for low-carbon urban development, and we are delighted to be working with them in realising the future expansion of Masdar City.
Residential property will make up more than 90 percent of the mixed-use development. Roughly 7,800 m2 has been set aside for community amenities, and there is additional space for commercial units. Abu Dhabis planned light rail system will also serve residents.