Liberty House set for occupancy
November 15, 2008 by UAERush · Leave a Comment
UAE-based ETA Star has said its Liberty House office and residential tower in Dubai International Financial Centre is in its final stages, set for residents to occupy the property by the end of December. The 41-storey property is situated on the DIFC’s main thoroughfare, Gate Drive.
ETA Star to launch Dh2bn Starliving
September 28, 2008 by UAERush · Leave a Comment
ETA Star will showcase two of its latest projects at Cityscape 2008. According to a Press statement, the UAE property developer will launch STARLIVING, its first-ever residential club living development project at Cityscape 2008.
It will also showcase Oman project, a mixed use premium development in the luxurious township located in Qurum in partnership with Oman Holdings International Group (OHI), at the event.
The Dh2 billion project, STARLIVING, is located in the heart of Waterfront, Dubai, with a serene view of the ocean.
The project will be recognised for its tranquil and luxurious resort environment and ultimate in club living experience with approximately 60,000 square feet for common amenities area, the property developer claimed.
Abid Junaid, Executive Director, ETA Star, said, “STARLIVING will truly reflect the ultimate in club living and offer a unique experience that will truly elicit a state of overall well-being to its residents. We are sure that the residents will be spoilt for choice.
“The STARLIVING project will set a standard in the luxury apartment space and we are sure that Star Living will be a sort out residential address to have.”
ETA Star recently announced its partnership with OHI to launch this first-class venture in Oman.
The Dh4.5 billion worth project will be a multi-purpose development with residential apartments, offices and retail spaces, blending luxurious living with high levels of convenience. The proposed launch of the project is end October.
“The property market in the GCC is growing at breakneck speed and Oman is fast catching up with this upswing. We believe it is an opportune time for us to enter Oman and this joint venture with the OHI Group is part of our vision of building confidence, trust and credibility in all our projects in the real estate market place,” Abid Junaid said.
“We are confident that this project will not only be a landmark in Oman but will also reinforce Oman’s potential of becoming a significant international destination,” he said.
ETA Star plans Dh8b luxury hotel projects
August 15, 2008 by UAERush · Leave a Comment
Property developer ETA Star, part of the ETA Ascon Group, will add Dh8 billion worth of projects to the group’s luxury hotel portfolio in the second half of this year, a senior company official said.
The group, which is developing over 30 million square feet of premium property in countries in the Middle East and South East Asia, including UAE, India, Sri Lanka, Pakistan and Turkey, recently announced it will be bringing the exclusive St Regis Hotel to Dubai. The hotel project is valued at around Dh600 million.
“I think St Regis is our premium brand. It is the most premium brand of the Starwood Group and its exclusive… the services will be world renowned. We believe it will add value to our existing portfolio of luxury hotel properties,” Abid Junaid, executive director of ETA Star, said in an exclusive interview.
ETA has spent months in talks with the Starwood Hotels & Resorts Worldwide to finalise the agreement to develop St Regis, to be owned by ETA and operated by Starwood. The 220-room hotel, together with 80 residences, will open its doors in 2012. St Regis will be located in the Business Bay - the new downtown in Dubai.
The luxurious St Regis is not the only high end property on the cards for ETA. Their hotel portfolio includes the Taj Hotel at the Palm Jumeirah and the Marriott in Dubai Lifestyle City.
Junaid said ETA’s “report card” for the first half of the year includes the “hugely successful” Verde Residences and Offices twin towers, which brought in around Dh4 billion, a figure similar to the first half of last year. Junaid also said the second half would bring in considerably more with two projects to be launched in Dubai Maritime City, one residential and the other commercial.
Plans for a five-star hotel property in Muscat and four more hotels in India, in Chennai and Bangalore, were also in the pipeline.
Junaid said ETA Star mitigated the risks in the construction sector, notably the high cost of building materials and labour, by appointing contractors immediately after launching its projects.
Junaid estimates that construction costs have doubled in the last three years.
“As far as current construction costs are concerned, these are reflected in the current selling prices as well,” he said.
