Sheikh Suroor Projects Department, Ghantoot Group sign agreement
Sheikh Suroor Projects Department (SSPD) recently signed an agreement with Ghantoot Group to develop a luxury beach resort, the Saadiyat Island Resort Development Project in Abu Dhabi by 2017.
The contract was signed by HH Sheikh Mohammed bin Suroor Al Nahyan, owner of SSPD and Ali Mohamed Sadeq Al Baloushi, chairman of the Ghantoot Group. The contract is valued at $234 million.
The resort has been designed by DBI Design, and will consist of a low-rise 295-room hotel; a standalone spa; a wellness centre; a gymnasium; and meeting rooms. 11 luxury two-storey villas and one exclusive private villa will also be constructed under the project.
Residential and hotel projects are returning to the fore in Abu Dhabi. In April 2014, Aldar Properties announced three residential projects, with a combined worth of $1.4 billion, at Yas Island, Al Raha Beach and Al Bateen in the emirate.
“We (Aldar) extensively studied the Abu Dhabi property market and its trends before deciding to launch these projects,” Gurjeet Singh, chief development officer of Aldar Properties said at the time.
“All three spots – Yas, Al Raha and Al Bateen – are well-enabled in terms of infrastructure, and we believe each of them is ripe to be launched in the market.”