{"id":42927,"date":"2017-02-05T01:54:52","date_gmt":"2017-02-04T18:54:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=42927"},"modified":"2017-02-04T23:07:59","modified_gmt":"2017-02-04T16:07:59","slug":"al-maryah-central-mall-developer-seeks-tower-funds","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-maryah-central-mall-developer-seeks-tower-funds\/","title":{"rendered":"Al Maryah Central mall developer seeks tower funds"},"content":{"rendered":"


\nThe developer behind the planned US$1 billion Al Maryah Central mall in Abu Dhabi is searching for investors to help finance the construction of two towers next to the shopping and entertainment complex. Gulf Related, a joint venture between Gulf Capital and the US developer Related Companies, has said that it is on the lookout for two institutions or high-net-worth individuals to help fund the high rises, to be built at either end of the 2.3-million-square foot mall. Speaking at a press tour of the mall, which is expected to open in Autumn 2018, Kevin Ryan, Gulf Related’s chief operating officer and managing director, said it expected in the coming weeks to launch marketing for the two towers, one of 35 storeys and the other of 42.According to Mr Ryan, the residences at Al Maryah Central will be made up of 234 high-end one, two and three-bedroom apartments in a tower that will include direct walkway access to the new shopping mall and is expected to be completed in 2019. The second tower, which is expected to be operated by W Hotels, is to include about 360 rooms as well as 3,900 square feet of meeting rooms and a 3,200 square feet ballroom. Mr Ryan said that he expected to be able to find investors to fund the two projects as well as buyers for the apartments, despite the slowing Abu Dhabi market, because there was a lack of high-quality investment product in the capital. Last week, the property broker Core Savills said apartment values in Abu Dhabi are set to fall by 7 per cent this year while prime and mid prime villa values could fall by at least 15 per cent as the city continues to feel the effects of the global slump in oil prices. “Despite a softening in the Abu Dhabi market we are confident that we can find investors to fund the development of these two towers,” Mr Ryan told The National.”We succeeded in finding a collection of more than 10 high-net-worth and institutional investors to fund the development of Al Maryah Central in this way, which was a lot more complicated, and we think we can fund the towers with the backing of just two investors.” Mr Ryan declined to say how much he was hoping to raise or how much the new apartments would eventually cost. In September, Taiwan’s largest listed property developer, Farglory, said it would resume work on its 153,000-square-metre Richard Rogers-designed Maryah Plaza, which it said would be the first major housing development on Al Maryah Island. Farglory had hoped to achieve off-plan prices of Dh3,000 per square foot but had to mothball the project for 18 months while it went through a redesign to make it more affordable to buyers.lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Al Maryah Central mall developer seeks tower funds<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The developer behind the planned US$1 billion Al Maryah Central mall in Abu Dhabi is...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-42927","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ban","jetpack-related-posts":[{"id":9524,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-maryah-central-super-mall-will-thrive-without-a-ski-slope\/","url_meta":{"origin":42927,"position":0},"title":"Al Maryah Central super mall 'will thrive without a ski slope'","date":"March 31, 2016","format":false,"excerpt":"\r \r Kevin Ryan, chief operating officer and managing director of Gulf Related, the company building Abu Dhabi's Al Maryah Central shopping centre, is adamant he does not need a ski slope in what will be the emirates' newest super-regional mall.\"We spent a lot of time thinking about whether we\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-maryah-central-mall-in-abu-dhabi-now-50-per-cent-leased-by-retailers\/","url_meta":{"origin":42927,"position":1},"title":"Al Maryah Central mall in Abu Dhabi now 50 per cent leased by retailers","date":"September 19, 2016","format":false,"excerpt":"\r The developer behind the US$1 billion Al Maryah Central retail project in Abu Dhabi has said that it has already leased 50 per cent of the retail space at the development, with 785,000 square feet of commitment secured from major UAE retail groups.However, Gulf Central also stated that the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26598,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gulf-related-chief-bullish-on-prospects-for-al-maryah-central-despite-market-slowdown\/","url_meta":{"origin":42927,"position":2},"title":"Gulf Related chief bullish on prospects for Al Maryah Central despite market slowdown","date":"September 19, 2016","format":false,"excerpt":"\r Michael FahyDeveloper Gulf Related is bullish about the prospects for its US$1 billion Al Maryah Central development after announcing that 50 per cent of the retail space within the 2.8 million square feet project has already been let.Ken Himmel, the company's co-managing partner, yesterday acknowledged that as a result\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8344,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/reem-mall-progresses-in-abu-dhabi-as-800m-loan-moves-nearer\/","url_meta":{"origin":42927,"position":3},"title":"Reem Mall progresses in Abu Dhabi as $800m loan moves nearer","date":"March 18, 2016","format":false,"excerpt":"\r \r Agility, the Gulf's largest logistics company, has said that it is in the final stages of securing US$800 million in bank loans to invest in building Abu Dhabi's latest mega mall.Kuwait-traded Agility last year revived dormant plans to build Reem Mall, a planned 2.8 million square feet shopping\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11438,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mall-magnate-ventures-beyond-us-for-chance-to-tap-abu-dhabi-growth\/","url_meta":{"origin":42927,"position":4},"title":"Mall magnate ventures beyond US for chance to tap Abu Dhabi growth","date":"April 27, 2016","format":false,"excerpt":"\r Ken Himmel knows a thing or two about malls: he knows how to build them, and he knows how the new breed of \"super malls\" can re-energise the urban landscape around them.He knows because he has built upmarket developments in American cities from San Francisco to New York and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21474,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-1bn-reem-mall-project-set-to-be-built-by-al-futtaim-carillion\/","url_meta":{"origin":42927,"position":5},"title":"Abu Dhabi's $1bn Reem Mall project set to be built by Al Futtaim Carillion","date":"July 31, 2016","format":false,"excerpt":"\r Abu Dhabi's US$1bn (Dh3.67bn) Reem Mall looks likely to be built by Al Futtaim Carillion after it was named as preferred bidder for the project.The developer behind Reem Mall said that it will now enter into detailed contract negotiations with Al Futtaim Carillion \"with the objective of finalising an\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42927"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=42927"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42927\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=42927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=42927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=42927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}