Memon Group, a $5 billion business conglomerate, announced that Dubai Sports City authorities have handed over the plot for its first project in the UAE, Champions Tower I, an AED 75 million freehold residential tower in the Dubai Sports City development on Emirates Road. The Group has also revealed that it will shortly appoint the contractor for the first phase of construction of its debut project, as the contract has been already put to tender.
Dubai Sports City authorities have allocated a 31,484 square feet plot for the construction of Champions Tower I. The fully sold tower, due to be ready for delivery by early 2008, will be strategically situated within the prestigious enclaves of Dubai Sports City.
“The UAE has established a unique development model that integrates cultural heritage and economic development in different fields. Dubai Sports City development stands testimony to the country's endeavour to achieve success and strengthen decentralization and corporatization,” said Ahmed Shaikhani, Managing Director, Memon Group. “We were among the first to buy into the Dubai Sports City concept, and are now among the first to start construction of projects. The main contract for the project will be awarded in the next few weeks.”
“We strongly believe in delivering a quality offering on time to investors in Champions Tower I and are therefore reviewing tenders received from leading players in the industry. The tower has already been sold out and our investors are now looking forward to moving into it by early 2008 when it is completed,” he added.
Champions Tower I will offer an unparalleled range of activities for the family by benefiting from the secure and gated community of Dubai Sports City that will feature schools, parks, mosques, sports, entertainment and recreation facilities. Centrally located, the project is just 15 minutes away from the Dubai International Airport, 10 minutes away from Mall of the Emirates, 5 minutes drive from the proposed Formula 1 circuit, and less than 5 minutes from Sheikh Zayed Road. Within close distance will be an 18-hole golf course, a cricket stadium and academy, rugby, football and track & field stadium, hockey stadium, indoor stadium, jogging/bicycle tracks, boulevards, restaurants, cafes, malls, cinemas, retail outlets, medical centers and other services.
“Today the real estate sector in the country is growing at a blistering pace, more than 50 per cent annually. We at Memon like to cover all aspects of real estate development and this has prompted us to offer various high quality services to add value to our relationship with our clients and enhance our market reputation. We look forward to consolidating our presence in the regional property market through a number of unique plans,” concluded Shaikhani.
The Memon Group has earlier announced its ambitious plans to invest AED 1 billion in various property projects in the UAE by the end of 2008. The Group has an aggressive line-up of projects planned in the UAE, including two new projects that are to be launched by the first quarter of 2007. The Group’s UAE portfolio also includes Champions Tower II located at Dubai Sports City. Champions Tower II, an AED 110 million tower, was released mid 2006 and is also completely sold out. Memon Group’s portfolio of luxurious properties expands beyond the Middle East region, with 30,000 delivered units worldwide and upcoming residential and retail investments in Pakistan worth US$ 393 million.
About Memon Group:
The US$5 billion worth Memon Group of Companies is one of the largest groups in Pakistan with diversified interests in real estate development, trading, manufacturing and IT. Memon Group is strengthening its position as a leading property developer by focusing on its core business of property development for sale regionally and internationally to achieve high returns. Its real estate division has completed over 30,000 units over the world. The Group, spread across 35 countries worldwide, prides itself with an experience of over 28 years in real estate development across the world. Memon Group of Companies is primed for further expansion in regional markets, and is expected to announce further projects in the near future. The Group’s UAE portfolio includes prestigious residential properties such as Champions Tower I & II located at Dubai Sports City.
