Abu Dhabi’s Modon enters US residential market

• Modon Holding in joint venture
• Partnership with American developers
• 54-storey tower in Jersey City

Developer Modon Holding has entered the US residential market through a joint venture.

The Abu Dhabi company will hold a majority equity stake alongside Related Companies and Panepinto Properties in a venture to develop waterfront properties in downtown Jersey City, Modon said in a statement to the Abu Dhabi Securities Exchange.

The partners will deliver a 54-storey residential tower consisting of 800 rental apartments and condos by the first quarter of 2029. Construction will begin in the first quarter of 2026, the company said.

The site is connected to Manhattan via the PATH rail system and is close to retail, dining and other community amenities, it said.

The joint venture will oversee the property development along with leasing and operations. The project will be financed by a consortium of banks led by JP Morgan.

Related Companies has more than $70 billion in assets under management and delivered $20 billion of construction in the past decade. Panepinto Properties has delivered more than 17 million square feet of development in Jersey City since 1977.

Further reading:

• Cash-rich Emirati developers plot their hotel empires
• Abu Dhabi’s Modon plans to buy UK events company
• London tower project announced by Abu Dhabi’s Modon

In 2024, Modon announced plans to enter European markets by acquiring a 100 percent stake in La Zagaleta, owner of the La Zagaleta residential estate in Costa del Sol, Spain.

Modon, which has largely been focused on projects in Abu Dhabi, has been appointed by sovereign wealth fund ADQ as the developer of the planned multibillion-dollar resort in Ras El Hekma in Egypt.

Shares of Modon traded at AED3.41 on the ADX on Monday, after gaining 1.79 percent since January 1.  

ADQ is one of Modon’s largest shareholders.