Al Fara’a Properties, the flagship subsidiary of the Al Fara'a Construction Group, held today (Thursday, October 25, 2007) a ground breaking ceremony to commemorate the start of construction work on the AED 353 million Manhattan Luxury Apartments project in Jumeirah Village. The project is the company’s second development following the massive success and sale of its first project ‘Le Grand Chateau’. Senior company officials including J.R Gangaramani, Chairman & Managing Director, Al Fara’a Construction Group; Adel Saleh Mohammad, Chairman, Al Fara’a Construction Group; Navaid Chaudhri, CEO, Al Fara’a Properties; Natasha and Nitesh Gangaramani, Directors, Al Fara’a Properties along with representatives from Nakheel, Emirates Islamic Bank (EIB) and Abu Dhabi Commercial Bank (ADCB) were present at the ceremony.
The ground breaking follows the successful launch of Manhattan Luxury Apartments at Cityscape Dubai 2007, where the project gathered considerable interest from buyers, with 72 per cent of the project having been sold out as a result. Al Fara’a Properties have subsequently awarded the full construction contract to Al Fara’a General Contracting Company (AFGCO), to officially commence the construction of the project. The company has committed a deadline of 24 months to complete the construction whilst expressing their commitment towards timely delivery by end 2009.
Led by a team of experienced engineers, managers and technical experts, AFGCO has a history of more than 26 years in executing prestigious projects around the UAE with a well-built reputation for delivering outstanding client value and completing projects on time and within budget. The company has built or contributed to some of the UAE's most prestigious structures including the Rotana Hotel, Al Attar Tower, H.E. Sheikh Mansoor Bin Zayed Tower, and many others.
“As a major player in the exceptionally dynamic property development market in the region, Al Fara’a Properties has once again realised another milestone with the ground breaking of Manhattan Luxury Apartments. In partnering with AFGCO, who has an outstanding reputation for delivering quality projects on time, we aim to further reinforce our dedication towards not only providing unique projects to our highly discerning customers, but also ensuring the timely delivery of all our projects,” said J.R Gangaramani.
Al Fara’a Properties also announced at the sidelines of the ground breaking ceremony that it has registered with the Emirates Islamic Bank for an Escrow account, in compliance with the regulations stipulated by the Dubai Land Department. Investors looking to buy into Manhattan Luxury Apartments now have the added confidence of dealing with a developer that has all the necessary approvals from the Dubai Land Department, Emirates Islamic Bank, and Nakheel, the master developer of Jumeirah Village.
“As a part of our commitment towards ensuring that we exceed the high expectations of our investors, we have duly registered with the authorities for an Escrow account, which will further protect investor interests. The account will ensure that the Manhattan Luxury Apartments project will be fully funded throughout the construction process and no misappropriation of funds by the developers will take place. Our move to register for an account of this nature coincides with our promise to our customers that the project will be completed in accordance with contractual specifications and deadlines,” said Natasha Gangaramani.
The Manhattan Luxury Apartments project is inspired by the urban residences of 1930’s New York, and offers a total of 355 elegant units, which comprise a highly-stylish selection of studio, one, two and three-bedroom apartments. Located within the stunning landscapes of Jumeirah Village, the developers have designed every unit to include well-planned master bedrooms, generous walk-in closets and beautifully appointed bathrooms, while ensuring that the spacious and comfortable interiors are complemented by distinctive accent lighting. The residential complex aims to promote a healthy lifestyle by offering a state-of-the-art gymnasium boasting of a swimming pool with sauna and steam facilities, and children’s play area.
Commenting on the contract awarded, Ahmad Maarouf, General Manager, AFGCO said, “Our extensive experience within the construction business has provided us with utmost confidence in handling a high-profile project such as the Manhattan Luxury Apartments. The strength of our integrated offerings in the construction domain, and our expertise gained through the years, will ensure that we live up to our reputation of delivering high quality work within the prescribed time frame.”
About Al Fara’a Properties
Al Fara'a Properties was established by the Al Fara'a Construction Group and leverages the Group’s 27 years of experience to build a world-class, professional and client-oriented property development arm. The services offered by Al Fara'a Properties include property development, sales, management, investment portfolio, facilities management, leasing and corporate client consultancy. Born out of the Al Fara'a Group's core values of integrity, customer satisfaction, building partnerships, ethical and professional service delivery, and commitment to enhance customer value, Al Fara’a Properties will keep on track to become one of the premier developers in the region.
About Al Fara’a Construction Group
Al Fara'a Construction Group has a solid track record of more than 27 years, executing prestigious projects in the UAE, building a reputation for delivering outstanding client value and completing projects on time and within budget. It is a conglomerate of leading business entities including Al Fara’a General Contracting, Unibeton, Belgium Aluminium and Glass and Al Sabbah Electro Mechanical.
Unibeton, is the market leader in ready mix concrete, and recently created history by pouring a record 22,000 m³. of concrete in less than 35 hours at Al Attar Sky Spiral, Dubai. Belgium Aluminium and Glass is UAE's largest service provider for the fabrication and installation of aluminium and glazed structures and decorative metal work. Other business entities of Al Fara’a Group deal in contracting, precast, joinery, and steel structure, covering the entire domain of the Construction Industry. Led by a team of experienced engineers, managers and technical experts, Al Fara'a Construction Group utilises the most advanced technology and offers multidisciplinary services through one client interface, which reduces costs, simplifies the most complex projects, and enables the company to deliver premium value to the client.
