Abu Dhabi: 1,000 new residential apartments will be built in Masdar City by 2021 after the group reached an agreement with a UAE-based multinational company for the mega project.
Located on the outskirts of Abu Dhabi, Masdar City is already home to 1.500 residents and 700 companies, with Masdar’s executive director of sustainable real estate telling Gulf News how the sustainable city will see its residential numbers going up to more than 5,000 within the next few years.
“Since the beginning of the year we have finished around 850 apartments and 10,000 square metres of office plots, we are also currently designing an office complex of 40,000 square metres along with upgrading the existing infrastructure at Masdar City,” said Yousef Ahmad Baselaib.
“At the same time, we have also concluded a deal with a third party investor who bought land here in Masdar City, which will see them building 1,000 apartments that will be completed by 2021,” he added.
Baselaib said that deals with other companies for Masdar City’s land plots were also in the pipeline. “We do have a few [land] plots signed off this year and [they] are under design and approval; this will add another 500-600 apartments plus an office.”
Baselaib said the total area currently occupied at Masdar City was at 30 per cent, with that number to go above 40 per cent once current development projects are completed.
“Today, more than 30 per cent of [Masdar City] is committed, mixed between residential, commercial and institutional.
“We can say around 1,500 [residents currently live in Masdar City], by the beginning of 2020 this number will be at 3,000 [and] by 2021 we will add 2,000 more, he added.
“As we grow we have to do it organically … as per demand,” he said, explaining how timelines weren’t so important for Masdar City.
Baselaib was also keen to point out how Masdar City proved that going green and sustainable could be both environmentally and commercially beneficial.
“We have proven the concept of sustainability because the private sector will never invest in something that doesn’t bring a good return.
“We are spreading the knowledge of sustainability, 10 years ago this was something new … That was the journey of Masdar to achieve that sustainable development and to be commercially viable,” he added.
“We are not competing with the private sector … [We want] to engage with the private sector to tap into sustainability ... [making] energy efficiency and water conservation a priority,” Baselaib said.