Wasl Asset Management will start work on four major projects with a combined value of Dh40 billion within the next 12 months, says its chief executive, Hesham Al Qassim.
The company has completed most of the infrastructure at Nad Al Hammar Gardens – a 6 million square feet site of 115 vacant plots facing Mohammed bin Zayed Road – and will begin work on Wasl Tower, Wasl Park 1 and Wasl Gate in the first half of next year.
Wasl Tower will house offices, a hotel, apartments, vertical gardens and a light museum.
“This will start in early 2016. It’s a very complicated building. We could have done a normal tower like everyone, but we wanted the vertical city,” said Mr Al Qassim.
At Wasl Park 1, which will have 12 towers on a 1.3 million sq ft site next to Al Jafiliya metro station, work on the first phase for four residential towers will begin in the first half of next year. Two of the towers will be 27 storeys high and two will be 21 storeys high.
At Wasl Gate near Jebel Ali, the first phase of development of a 15 million sq ft site with its own dedicated metro station will also get under way.
The project will house a park the size of the remodelled Al Safa Park, an innovation centre aimed at helping start-up businesses, offices, hotels, apartments, villas and retail units.
Work on the first phase, comprising infrastructure works and more than 200 villas, will start at the end of the second quarter of next year.
mfahy@thenational.ae
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