Memon Investments to launch 10 projects valued at AED 2.5 billion in the second half of 2008
Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, has announced its plans to launch ten projects collectively valued at AED 2.5 billion in the second half of 2008. The developer further announced that it has identified major master developments in Dubai, including Jumeirah Village South, Dubai Sports City and MIZIN as locations for its new projects, which will include luxury residential, commercial and mixed-use developments. The announcement is in line with the developer’s expansion plans to launch projects in the other emirates as well as in Qatar, Oman and Saudi Arabia.
The developer’s portfolio is currently valued at AED 410 million and includes high profile residential and commercial projects including the Champions Towers I, II and III in Dubai Sports City and Cambridge Business Centre in Dubai Silicon Oasis. These projects have witnessed tremendous success in terms of sales performance, which the developer attributes to the high quality standards that it follows in its construction processes. Furthermore, Memon Investments has also attracted more customers by reinforcing its commitment to the security of their investments, having registered for the Escrow Accounts with the Commercial Bank of Dubai for all of its previously launched towers as well as forthcoming projects.
“The emergence of high profile community developments in Dubai, which are continuously gathering global acclaim signify the emirate’s progress in full swing, and as a leading developer who is fully backed with the right vision, resources, and alliances, we are in the optimum position to leverage this opportunity,” said Ahmed Shaikhani, Managing Director, Memon Investments. “We are confident that our planned AED 2.5 billion investment in Dubai will result in the rise of developments, which will be major attractions for both regional and global investors, and we are hoping to do the same as we enter the potential-laden markets of Ajman and Abu Dhabi at a later stage.”
The thriving Dubai economy is being mirrored by Abu Dhabi, whose booming real estate market is apparent in the rapid increase in its land value, which has grown by more than 100 percent to reach USD 1,100 per square metre in 2007 from USD 540 in 2005, according to a study by Colliers International. More than 213,000 housing units are also expected to rise in the capital by 2010, with the Abu Dhabi Commercial Properties exerting all-out efforts to address the growing demand. Outstanding real estate prospects are also being seen in Ajman, where the growth in Foreign Direct Investment (FDI) has reportedly exceeded that of the rest of the other emirates by 300 per cent.
“As we work towards achieving our goals to emerge as one of the frontrunners in the market, our strategy is to seek markets that are of particular interest to investors due to either favourable business climate for commercial developments or natural landscape for residential projects. We have identified Abu Dhabi and Ajman as ideal locations for some of our projects in the UAE as demand for low to middle income properties continues to rise at an unprecedented rate. The outstanding economic growth in both emirates also presents us with an encouraging outlook towards investing therein, and we are definitely looking forward to venturing into these two new markets,” concluded Shaikhani.