Indian firm to invest Dh1.5bn in the UAE

BSEL Infrastructure Realty FZE, the fully owned subsidiary of the India's BSEL Infrastructure Realty Limited, will invest Dh1.5 billion in the UAE property market by 2010, with plans to launch a mixed-use project on the Waterfront in the next three months, according to the company's chairman.

"We are on verge on finalising a Waterfront project, which we will be launching in the next three months," BSEL Infrastructure Realty Chairman Kirit Kanakiya told Emirates Business after announcing the launch of its Dh252 million Emerald Tower in Ajman's Emirates City. The Emerald Tower, which has been designed by Adnan Saffarini Engineering Consultant, is a 50-storey residential building equipped with amenities such as health club, swimming pool, advanced CCTV and safety systems, prayer room, eight high-speed elevators along with covered car parking for each unit.

"We have already signed contracts and construction is likely to begin in the next two weeks," said BSEL Infrastructure Realty FZE President Christina Cabading.

The developer has already opened up a joint account with R Holding, the master developer of Emirate City, and has agreed to withdraw funds only for the purpose of construction. BSEL has appointed JCA Real Estate, an associate company of Jitendra Group of Companies, as the sales and marketing agents for the project.

Investors and buyers can opt between one bed and one bed plus study room apartments, ranging from 730 square feet to 1,070 sq ft.

The prices range from Dh346,750 to Dh508,250.

According to Jitendra Gianchandani, Chairman, JCA Real Estate, the developer will be guaranteeing returns of 11 per cent on single units and 12 per cent to those who buy full floors.

"Although we guarantee a return on investment, we expect our units to appreciate by 25 per cent to 30 per cent within next six months. So for the investor it is a win-win situation," he added. Asked about end-user financing, Cabading said that BSEL was in talks with banks and was expecting to provide financing soon.

Besides Emerald Tower, BSEL is developing six other towers in Emirates City.