Abu Dhabi, UAE, April 10, 2016 – Residential apartments now under construction at Masdar City in Abu Dhabi will add to the thriving community taking shape at one of the world’s most sustainable urban developments.
The senior management of Masdar, Abu Dhabi’s renewable energy company, and of the Abu Dhabi-based property developer Reportage Real Estate marked the official ground-breaking of the 170-unit Leonardo Residences at the City today.
The one-, two- and three-bedroom private apartments will go up within the existing footprint of Masdar City, walking distance from the Masdar Institute of Science and Technology, the headquarters of the International Renewable Energy Agency (IRENA) and the multinational companies anchoring the development.
The development will achieve a minimum ‘3 Pearl’ Estidama rating, and each home buyer will receive a certificate when the apartments are handed over. To date, nearly all (93%) of the apartments have already been reserved.
“The official start of construction of Leonardo Residences is another milestone in the realisation of the world’s most sustainable urban development, and further evidence of the construction progress happening all around the City,” said Mohamed Al Ramahi, Chief Executive Officer of Masdar.
Reportage Real Estate was established in 2014 with a focus on the UAE real estate market. Leonardo Residences is the company’s first project, to be followed by other developments in Al Raha Beach and other parts of Abu Dhabi.
Aref Ismaeil Al Khoori, Chairman of Sama Emirates Holding Group and Reportage Real Estate, said: “Reportage’s aim is to be the market leader in its segment, developing and delivering property in Abu Dhabi that offers an outstanding value proposition, not only in terms of its quality and on-time delivery but also with regards to quality of living, community building and the promotion of environmental sustainability.
“With that in mind, the decision to develop Leonardo Residences in Masdar City becomes a natural choice and goes hand in hand with the vision and essence of the City’s community. Reportage also plans to offer more projects within Masdar City in the future.”
“More than a third of Masdar City’s planned built-up area will be completed within the next five years, and third-party developers are playing an important role,” said Anthony Mallows, Executive Director of Masdar City.
“New projects are contributing to the City’s evolving ecosystem, where people can live, work, learn, play and thrive.”
Masdar City will host a dedicated exhibition stand at Cityscape Abu Dhabi, the real estate exhibition and conference taking place from April 12-14.
Masdar is Abu Dhabi’s renewable energy company working to advance the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between today’s hydrocarbon economy and the energy economy of the future. Wholly owned by the Mubadala Development Company PJSC, the strategic investment company of the Government of Abu Dhabi, Masdar is dedicated to realising the UAE’s long-term vision for energy and water security.
About Masdar City
One of the world’s most sustainable urban developments, Masdar City in Abu Dhabi is enabling innovation in sustainability and clean technologies by integrating education, research & development, investment and business opportunity. It is an innovation ecosystem: a thriving community, a business and investment free zone, and a hub for knowledge creation and R&D realising pilot projects in the commercialisation of clean technologies.
- The nucleus of Masdar City is the Masdar Institute of Science & Technology (MI), the region’s first graduate-level university researching real-world technologies and solutions at the energy and water nexus.
- Through initiatives such as Masdar City, Masdar is helping to realise a template – or ‘green-print’ – for sustainable urban development in the UAE and potentially other countries.
About Reportage Real Estate
Reportage Real Estate was founded on the strong vision of its shareholders to foster a new way of catering to the UAE real estate market.Its shareholders and the senior management of the company combine considerable experience in the consultancy, construction and investment fields in one address with the aim to promote successful projects in the UAE. Leonardo Residences is the company’s first project, to be followed by other developments in Al Raha Beach and other parts of Abu Dhabi.
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