Developer Developing Ferrari Branded Luxury Homes
An Abu Dhabi developer, Aldar Properties, is reportedly is in talks with the Italian car maker Ferrari to make Ferrari-branded luxury homes, according to a report in Maktoob.
There are no details as it is all preliminary. The Ferrari houses would be part of a Ferrari theme-park that Aldar Properties is currently building on on Abu Dhabi’s Yas Island, which is the site of this weekend’s Formula 1 race.
The theme part is called Ferrari World. It is slated to have 216-foot prancing horse on the roof. The 200,000 square metre complex will feature 20-plus amusement rides.
Aldar’s venture with Ferrari is just the latest partnership between Abu Dhabi and the car maker. Mubadala, an Abu Dhabi-owned investment company, has a 5 percent stake in Ferrari and sponsors the Ferrari F1 team along with Abu Dhabi-owned airline Etihad Airways.
The car maker has been boosting its ties with the oil-rich emirate over the last couple of years in the face of declining sales amid the global recession as consumers, even the super-rich, cut back spending.
Ferrari has witnessed a 7-8 percent drop in worldwide sales in 2009. Ferrari said the Middle East has bucked the global downturn, with sales jumping 30 percent this year.
