Abu Dhabi's largest real estate developer Aldar Properties announced at a news conference here yesterday that Trust Tower, the latest of its commercial office developments, is now available for pre-lease.
"Revenue from the tower will start reflecting on Aldar's balance sheet from the second quarter of 2012," said Rami Nasser, Director of sales and commercial leasing.
The tower is about 80 per cent complete.
The Trust Tower building will be available for tenants to start their fit-out on a phased basis from next November prior to officially opening in mid-2012, said Aldar.
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Aldar's shares on the Abu Dhabi Securities Exchange closed at Dh1.30 yesterday on a rising market.
Trust Tower is part of Aldar's Central Market project in downtown Abu Dhabi. Aldar, at the start of the Central Market project, had estimated its total cost at Dh5 billion. However, Patrick Bell, senior development manager, said that over the last two years Aldar has had cost reductions.
"We have optimised costs where we can, on materials being used," said Bell, declining to give estimates on how much the costs have come down for the project.
Giving an update on the Central Market project, Aldar's senior executives told reporters the entire project would be completed by 2014 in phases.
"The Souq has been completed. Trust Tower will be completed in the second quarter of 2012, emporium between second and third quarters of next year, Domain — a residential tower by the end of 2012.
"Following that, the hotels — a four star and a five star hotel within 2014," said a senior Aldar executive.
Another Aldar executive said of 165 boutiques at Emporium, close to 50 per cent have been leased while at the Souq where there is provision for 250 outlets, 70 per cent have been leased.
Trust Tower offers 59 levels and 72,000 square metres of Grade A office space.
"Trust Tower has been designed with efficiency and flexibility in mind to meet the needs of today's enterprise and demonstrates once again Aldar's track record of developing the highest quality commercial buildings in Abu Dhabi," said Nasser.
He said that he believes the commercial rental market in Abu Dhabi will be two-tier, given the fact that there is a limited number of Grade A office buildings.
Aldar has 230,000 square metres of premium office space across its four developments — Al Mamoura, HQ, Baniyas Tower and Trust Tower in Abu Dhabi.
The value of real estate projects being developed by Aldar in the emirate of Abu Dhabi is estimated at more than $75 billion in terms of value with the entire portfolio slated to be delivered over seven to ten years.
These include residential projects, hotel projects, shopping centres, a Ferrari theme park and Formula 1 race track on the Yas Island as well as a Warner Bros theme park in collaboration with Warner Bros Entertainment.