CapitaLand, Abu Dhabi’s Mubadala join hands to develop properties

Property developer CapitaLand is joining hands with Mubadala Development to invest in the property sector in Abu Dhabi.

The two partners have launched a joint venture company called Capitala. They are pumping in US$300 million into the joint venture.

Mubadala Development will hold a 51 percent stake, with CapitaLand holding the remaining 49 percent.

Capitala will develop mainly residential properties in Abu Dhabi.

Its flagship project, with a total project cost of US$4 billion to US$5 billion, is a mixed-use integrated development surrounding the Zayed Sports City Stadium.

Mubadala Development is a wholly-owned investment firm of the Abu Dhabi government. – CNA/ms

Source : Channel NewsAsia – 21 Apr 2008

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