Manazel to launch US$680 mn Medical City project at Mohammed Bin Zayed City, Abu Dhabi
Posted on 8th December 2014
Manazel Real Estate has announced the launch of a new, US$ 680 million (AED 2.5 billion) medical city project to be built in Mohammed Bin Zayed City in Abu Dhabi.
Following publication of an interview with Al Ittihad newspaper, the company released a briefing to Abu Dhabi's stock exchange in which chairman Mohammed Al Qubaisi said that the Capital Healthcare project would consist of a new, 400-bed hospital as well as housing for doctors and hospital workers.
The company is currently finalising designs for the 100,000 square meters city, which it expects to complete by next March. He added that feasibility studies had already been completed.
The hospital represents the third phase of construction of its master planned Capital development in Mohammed Bin Zayed city, following on from the development of the Capital Mall and an office towers project.
He said that infrastructure works for the master development valued at around US$ 82 million (AED 300 million) were already complete and that around 80% of the office towers built have now been let.
He also said that 50% of the 300 or so stores in the 100,000 square meters mall had been leased, which he expects will increase to 80-90% next year. The firm is also planning to sign a deal bringing a hospitality project forwards in Abu Dhabi.
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