KUALA LUMPUR, Dec 23 (Bernama) -- Modon Holding PSC (Modon) has announced a new joint venture to develop Harborside 4, a 54-storey residential tower on one of the last prime waterfront sites in downtown Jersey City, New Jersey, United States (US), marking a further step in the group’s global expansion strategy.
Under the partnership, Modon will hold a majority equity stake alongside US developer Related Companies and Jersey City–based Panepinto Properties. The development, designed by Handel Architects, will deliver approximately 800 luxury rental apartments and condominiums with unobstructed views of the Manhattan skyline.
“Harborside 4 aligns strongly with our international growth strategy and our goal to enhance long-term recurring income,” said Modon Holding Group Chief Executive Officer, Bill O’Regan in a statement.
Meanwhile, its Chairman, Jassem Mohamed Bu Ataba Al Zaabi said this venture strengthens its international portfolio and underscores Modon’s vision to develop high-quality urban destinations in key global markets.
Harborside 4 will feature premium lifestyle and hospitality amenities, including a flagship fitness club and concierge services, and will be located minutes from Manhattan via PATH cross-Hudson rail and ferry connections.
About 75 per cent of the residential units will be retained as rental apartments to generate recurring income, with the remaining 25 per cent offered as condominiums for sale.
Construction is scheduled to begin in the first quarter of 2026, with completion targeted for the first quarter of 2029. A consortium of banks led by J.P. Morgan will provide construction financing for the project.
The joint venture will jointly oversee development, with Related leading development and construction management, leasing and operations, while Panepinto Properties contributes deep local expertise.
Headquartered in Abu Dhabi and listed on the Abu Dhabi Securities Exchange, Modon operates across real estate, hospitality, asset management, investments, events and tourism, with an international portfolio spanning Europe, North America and the Middle East.
-- BERNAMA
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