SINGAPORE : 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