"Abu Dhabi Ports" Signed a land sale agreement worth 840 million dirhams with Danube Properties
Abu Dhabi, January 16 / WAM / Abu Dhabi Ports Group signed an agreement with Danube Properties to sell land with the aim of developing a residential and mixed-use project within “Kizad Town Centre”, one of the strategic locations within the Kizad land portfolio in Abu Dhabi.
The deal includes the sale of about one million square meters of freehold land, valued at approximately 840 million dirhams.
This agreement represents the second land sale deal to be completed within the master plan of the “Kizad Town Center” project, after the first deal concluded with Mira Development Company last October.
This agreement supports Abu Dhabi Ports Group’s strategy to achieve financial returns from its lands and accelerate the development of the Town Center project, which extends over a total area of approximately 16 square kilometers.
The project aims to create an integrated and highly connected residential and living destination, near the industrial and commercial clusters in Kizad, which will contribute to advancing sustainable development and meeting the needs of the workforce in the long term.
It is expected that the proceeds from the land sale deal will be collected over a period of four years, with a 10% down payment. These proceeds will be used to reduce the financial burdens on the budget and enhance liquidity and financial flexibility.
The agreement also highlights the steady rise in land values within the Kizad Town Center project, driven by strong market demand.
Captain Mohammed Juma Al Shamsi, Managing Director and CEO of Abu Dhabi Ports Group, said on this occasion that the agreement with Danube Properties represents an important new milestone in the development process of the “Kizad Town Center” area, and embodies the strength of the long-term and comprehensive planning approach that we are pursuing in the group.
He explained that achieving a higher value for the lands in this second deal of its kind reflects the growing confidence of the market in the “Town Center” area and its role in developing integrated and vibrant communities that support the economic growth of the Emirate of Abu Dhabi, in line with the vision of our wise leadership.
He added that by advancing the strategy of achieving financial returns from land and attracting developers with a proven record in completing major projects, we will continue to achieve the maximum possible value from our land portfolio in Abu Dhabi, and ensure that the development stages are consistent with the readiness of infrastructure and planning standards, and in a way that meets the growing needs of the community.
For his part, Ridwan Sajan, Founder and Chairman of the Board of Directors of Danube Group, expressed pride in partnering with Abu Dhabi Ports Group in this important project within the “Kizad Town Center” area, as the location, size of the project and its long-term vision are closely aligned with our commitment to developing high-quality residential and mixed-use communities, pointing out that this agreement provides a solid foundation for a project that meets market requirements and effectively contributes to the growth of this promising destination.
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