With a purpose to develop Masdar City, Lead Development and The National Investor (TNI) jointly bought a 830,000 sq. mtr. plot in the southern district to build the first private villa and townhouse.
Currently, the Abu Dhabi based developer is in thinking mode to finalise the master plan for the Masdar residential community. The project will require an area of 250,000 sq. mtr. providing accommodation of around 5,000 residents expectedly. It is likely to be completed by 2022.
Reportedly, Abu Dhabi’s Urban Planning Council gave an approval of detailed master plans for a 637,000 sq. mtr. phase 2 of Masdar City. The plan consisted a research and development cluster, 2,000 apartments and a Gems school. Apart from this, another 341,000 sq. mtr. of area will be utilised for developing 1,000 homes.
Most of the new developments’ construction contract will be given to third-party developers with the master developer Mubadala-owned Masdar. Till now, only 5 per cent of Masdar City – designed by Norman Foster – is completed that includes the prestigious Masdar Institute specialising in renewable technology research.
“It is a great opportunity to be working closely with Masdar to deliver this unique sustainable development,” says Abdullah Mazrui, the chairman of TNI. “Lead and TNI will work with the Masdar team to deliver a project in line with Abu Dhabi’s regulations for sustainable, water and energy efficient real estate developments.”