Solanki plans to invest Dh12bn in real estate

Solanki Real Estate, a newly announced branch of Solanki Holdings, has planned to invest Dh12bn in real estate development. Their flagship development is located on Al Marjan-islands in Ras Al Khaimah and is expected to cost nearly Dh9bn ($2.4bn).

The project will comprise more than 1500 apartments, 100 residential villas, commercial property and hotels. It will also include a shopping mall, with various entertainment options and retail offerings similar to those found in Dubai.

Despite the global financial crisis and its impact on the real estate market, Solanki has confidence in its time of launch. According to Solanki, business activity has increased in RAK with the RAK Free Trade Zone being one of the fastest growing free trade zones in the UAE. The Ras Al Khaimah government has predicted that its population will go from just under 200,000 to 750,000 by the year 2020.

Following the launch of the Dh9bn project on the Al Marjan island, Solanki plans to extend its portfolio offering real estate projects in the other emirates, starting with Dubai. These offerings will include projects in the International City, Dubai Silicon Oasis, Dubailand and Jumeirah Village.

UNEC wins $109m Schon Business Park contract

Schon Properties has awarded a Dh400 million ($109 million) contract to United Engineering Construction (UNEC) for construction of its Schon Business Park.

The project will provide much needed flexible commercial spaces for start-up businesses or multinational companies relocating to Dubai, said a company official.

The Business Park has been designed to provide a unique and self-contained environment for its occupants, both owners and tenants.

“Ideal both as an investment, whereby space can be bought and then leased out of for businesses who want to own their own premises, the Park offers complete flexibility, competitive prices and state-of-art facilities and amenities,” said Asher H. Schon, vice president at Schon Properties.

“Businesses and investors can choose from a variety of spaces, in differing stages of preparation, up to and including turnkey spaces,” he noted.

According to Schon, the decision to partner with Unec was based on the construction firm’s impressive track record and portfolio of projects, including Tameer Palace, Dunes Village and Phase II of the Dubai Silicon Oasis.

Unec will start the construction work this month and will complete it in the next 18 months, said a top Unec official.

“Schön Properties has managed to position itself as one of the leading property developers in such a short period of time. We are excited to be working with Schon and are determined to provide the same superior services we have extended to all our clients,” said Abdul Haleem Muwahid, Unec managing director.

Unec will be responsible for the construction of a massive commercial-office complex consisting of shell and core retail and office spaces covering a total of 500,000 sq ft.

Total build area is a little more than 1,146,888 sq ft. The deal includes construction work on the basements, superstructure, MEP, as well as hard and soft landscaping.

TradeArabia

Mada’in launches Dh400m project in Dubai

Developer Mada’in Properties on Thursday launched its first commercial project, a 14-storey tower with a value of Dh400 million.

The Domain is located in Dubai Silicon Oasis and has a land area of 7.2 million square metres and a built-up area of 303,159 square feet.

The fifth floor of the tower will feature an 18,348 square feet garden. Other features include a gym, swimming pools, restaurants and retail space.

Prices will start at Dh1,650 per square foot. Figures released by Mada’in Properties show there will be 647 parking spaces in the tower.

“The Domain is in an integral part of a series of landmark developments to be launched by Mada’in Properties during the course of the year,” said Abdul Aziz Al Awar, chief executive officer. Read more