$1bn development is revamped
01 October 2016
Farglory Land, part of Taiwanese conglomerate Farglory Group, has resumed work on a delayed $1-billion real estate project at Al Maryah island in Abu Dhabi and now expects to complete the development’s first phase in 2018, two years later than originally planned.
The developer first announced the luxury residential project in Abu Dhabi’s financial free zone in 2013, saying the first phase would be ready by 2016.
“The delay was because of global volatility,” Jack Hu, managing director of Farglory Middle East, said. “We have now repositioned the product mix.”
The project will now comprise four towers with a mix of residential and commercial space.
The first project will be a 29-storey residential complex. The UAE-based Al Fara’a Group is the main contractor for the project.
The remaining phases are scheduled for completion in 2022, depending on market conditions.
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