Urban Planning Council says 19 firms to provide more information for database of residential, commercial and retail schemes
Abu Dhabi’s Urban Planning Council (UPC) says it has signed a charter with 19 developers to share more data about residential, commercial and retail projects, in a move aimed at improving future land management.
The UPC said the new charter will build on existing data-sharing agreements with developers, to provide details on their completed and ongoing projects.
Data provided by residential property developers will include the number of units they have already built, have under construction or are planning for the future. They will provide a breakdown of the unit size, number of bedrooms, value per square metre and percentage of units sold.
Hotel developers will be required to disclose the star grading and construction status of their current and future stock, as well as the number of hotel apartments in their portfolio.
Commercial property developers will provide data such as the class of office being built, whether it is planned or under construction, sales value, rent per square metre, and the type of occupant.
Retail developers will break down their portfolio in terms of type, from a mega mall to a local convenience store, and occupant.
Using these details, UPC will be able to build a Real Estate Data Management database on Abu Dhabi’s supply and demand for the residential, commercial, retail and hospitality sectors. This will be done through land use reports and projections, and frequent data updates.
“This is a key milestone for the Abu Dhabi real estate sector. The new database builds on the strong foundations for data collection already in place by deepening the level of data shared and the frequency of collection. Seeing 19 of the emirate’s key developers work together is indicative that the real estate community understands the mutual benefit of collaboration,” said H.E. Falah Al Ahbabi, Director General at UPC.
Some of the 19 participants include Rosewood Hotel Abu Dhabi, Aldar Properties, Mubadala Real Estate and Infrastructure, Al Qudra Holding, Masdar and National Investment Corporation.