Al Fara’a Properties launches AED 1 billion ‘Burj Al Fara’a’
July 19, 2008 by UAERush · 2 Comments
Al Fara’a Properties, the flagship subsidiary of the Al Fara’a Construction, Industrial and Property Group, has announced the launch of the Dh1 billion ‘Burj Al Fara’a', a state-of-the-art commercial tower located in the commercial business district of Jumeirah Village, which is spread across 811 hectares.
The unveiling of the developer’s latest project is aimed at addressing the strong demand for commercial space within Dubai, which is expected to witness the construction of over 86 million square feet of built space for office use by 2010.
Scheduled for completion by December 2011, Al Fara’a Properties has revealed plans to break ground on the 38-storey state-of-the-art commercial tower by December 2008. Set to offer a selection of office spaces, Burj Al Fara’a will provide a highly impressive business address to both local and multinational businesses seeking to establish a strong presence within the commercial business district at Jumeirah Village, which has recently witnessed the completion of 60 per cent of its infrastructure works.
“The launch of ‘Burj Al Fara’a', which is a testament to our growth and diversifying business, is aimed at leveraging the enormous demand for high-technology commercial spaces in Dubai,” said Natasha Gangaramani, Director, Al Fara’a Properties. “We will be working towards the timely delivery of this project, which will be constructed using the highest industry standards to supply the booming demand and fittingly represent the philosophy of our organisation. Our main focus lies in achieving success in all our endeavours, and we have developed a result-driven strategy based on the rapidly-maturing real estate climate which clearly states the excessive need for commercial spaces to be built in Dubai within the coming years.”
Recent studies have shown that Dubai ranks second to Moscow in terms of the amount of commercial floor space being constructed, and with the limited stock of quality office space in Dubai, it is not surprising why massive commercial developments are being undertaken in the emirate at present. The lack in supply and relatively cheaper rates compared to other real estate destinations such as London continue to drive the growth of Dubai as the world’s premier business hub. Al Fara’a Properties has recognized the underlying niche within the commercial segment and has plans to further leverage the booming demand for office space in Dubai.
“The construction of the ‘Burj Al Fara’a’ will be undertaken in accordance to a rigid timetable, which will ensure that the project will be delivered within our stipulated delivery schedule. This is part of our continuous commitment to customer satisfaction not only in terms of quality benchmarks but also in our proven credibility. We are also preparing to undertake several project launches under our expansion plan for 2008, which is aimed at bolstering our portfolio and further establishing our position as one of the top developers in the UAE,” concluded Nitesh Gangaramani, Director, Al Fara’a Properties.
Nakheel and Dubai Islamic Bank break ground on first joint venture
July 15, 2008 by UAERush · Leave a Comment
Tashyed, the property development joint venture set up by Nakheel and Dubai Islamic Bank (DIB), has today broken ground on its first landmark development at Jumeirah Heights.
Located on land sourced from Nakheel, and comprising of a built-up area of approximately 625,000 sq ft, this lake-front development will offer residential accommodation situated within close proximity of Sheikh Zayed Road and Jumeirah Lake Towers, in the heart of New Dubai.
The project will consist of approximately 250 to 300 apartments, townhouses and villas accommodating a population of more than 1,000 people. Commencement of the project is expected in the first quarter of 2009 and selection of consultants is already underway.
The ground-breaking was attended by Yousuf Kazim, Managing Director, Nakheel Joint Ventures, Jumeirah Village and Jumeirah Islands and Ayman Adel Kamal, Chief Investments and Real Estate, Dubai Islamic Bank, both of whom are to be appointed to the Board of Directors of Tashyed.
Yousuf Kazim, said: “Following the announcement of our joint venture with Dubai Islamic Bank last month we have been quick to progress with our plans and it is an exciting step forward to have celebrated the official ground breaking for Tashyed’s first development today. Together we look forward to combining our expertise in the property development and financial services industries under one umbrella to bring these new and innovative real estate projects to the market.” Ayman Adel Kamal, said: “Today we are pleased to announce the inauguration project for our joint venture with Nakheel. This marks the first of several projects we are developing under Tashyed which will result in the creation of a prominent real estate development company in the region. We anticipate that the prime location of Jumeirah Heights and its lake-front setting will play a key role in the commercial and financial success of the project.
The parties intend to commit initial equity capital of AED 2 billion to Tashyed and will undertake real estate developments in the UAE. The design for the project is well progressed on base works and contractors have been selected for amplification of services. Nakheel will provide development management, as well as sales and marketing services, with Dubai Islamic Bank supplying banking, mortgage and financial services expertise.
