Business | Property
Quality office space gets another niche spot
The Saadiyat and Yas islands might have garnered the spotlight to date, but Sowwah Island is now set on claiming its rightful spot among Abu Dhabi's pantheon of signature developments. And it has the credentials to aspire to do so.
- By Deepthi Nair, Sub Editor, Property
- Published: 14:21 November 16, 2009
- Image Credit: Christopher List
"We looked at global central business districts — Hong Kong, London, Dubai, New York, and so on," says John Thomas, executive director for business development, Mubadala Real Estate and Hospitality (MREH).
"Sowwah Island (encompassing 105 hectares) is not supposed to be a financial centre — it will be a living, breathing city. We wanted to emulate
the concept of midtown Manhattan in Abu Dhabi."
On seeing the scale of the masterplan, one gets the sneaking impression that the reality will more than match up with the vision. Such is the intricacy with which each detail is being fleshed out.
A wider audience can make their own impressions as early as 2011 when the Sowwah Square is unveiled. Featuring four bespoke high-rises, no doubt in keeping with the ‘square’ theme, it will open up 180,000 square metres of prime office space into the marketplace.
Such a massive office capacity would be coming online at an opportune time. The scarcity of Grade A office space in Abu Dhabi has been well-documented over the years.
"Sowwah Square has attracted the interest of many AAA companies from a wide range of business sectors that operate locally and internationally," Thomas adds. "Price reflects quality; we are creating quality office space that is second to none in the region and also in line with the highest international Grade A standards."
In line with the demands of international blue-chip tenants, all office units at Sowwah Square will come with raised floors and suspended ceilings.
The column-free towers offer long-term leases extending up to ten years, which will surely find favour with corporate tenants, who in large numbers currently operate out of apartments and villas in Abu Dhabi.
Of the total built-up area of 3.2 million square metres on Sowwah, around 30 per cent will be for office space. John Buck International, the development manager for Sowwah Square, has commenced the pre-leasing at the four towers.
Sowwah Square will also host the eight-storey headquarters of the Abu Dhabi Securities Exchange, a two-storey retail podium and the Cleveland Clinic, the first for the UAE capital.
The retail podium, expected to add 22,000 square metres of retail, dining and entertainment facilities, is already 75 per cent complete. Sowwah Square will also feature a waterfront retail promenade, reminiscent of Clarke Quay in Singapore.
The developer is still in talks with prospective operators for a third hotel on Sowwah Island to add to those signed with Rosewood Hotel and Los Angeles-based Viceroy Hotels & Resorts.
A health care cluster that operates out of the synergies created from Cleveland Clinic could form part of Phase Two. While the third phase is yet to be masterplanned, MREH expects a workforce of 80,000 white-collar professionals to eventually operate from Sowwah Island.
Given that it is to be the capital’s next central business district, the physical connectivity to the rest of the city assumes a significance that cannot be overstated. Mubadala is well aware of what is required.
Access to the main island, Mina Zayed, Reem and Saadiyat via 13 bridges as well as a mass transit system will facilitate future transportation.
While two bridges are due to open this year, a Metro line will be an integral part of Phase Three at Sowwah Island.
However, the most important infrastructure arrangement on Sowwah is the two-tier road network to ensure smooth traffic flow. Heavy vehicles will use underground roads, keeping the surface roads congestion-free.
Moreover, parking on the above mentioned roads will not be permitted. Air conditioned passageways linking various parts of the development will be built throughout the island to give residents and visitors easy access.
Limited Plots, Excess Demand
When it comes to sub-developer participation in Sowwah Island, it becomes a question of inward interest running far in excess of what is needed.
There are 21 plots in Phase One of which only six are for sale. "We are not in a hurry to select investors, but will carefully study the plots first to determine who qualifies. Our strategy is not only selling the plots, but getting them developed too," says
John Thomas of Mubadala Real Estate
and Hospitality.
Locals and GCC nationals can own the freehold plots, while foreigners will be allowed to have long-term leases and development rights on the island.
The National Bank of Abu Dhabi and Al Hilal Bank have already procured plots for development. "We’ve more interest than we have plots," the official adds. "There are investment opportunities available for a small number of remaining plots located close to the Sowwah Square development."
Portfolio
Key projects being executed by Mubadala Real Estate and Hospitality include:
- Sowwah Island and Rosewood Abu Dhabi, in partnership with John
Buck International. - Arzanah, a residential development in Abu Dhabi in alliance with CapitaLand from Singapore.
- Mina Zayed Waterfront, a retail offering on the Abu Dhabi corniche for which MGM Grand is the development manager and hotel operator.
- Medini Iskandar City, Malaysia, this is in association with a consortium of developers called Global Capital.
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