Manazel Real Estate today announced the signing of a co-development agreement with Tasameem Real Estate to develop three new projects in Yas Island, Dubai Silicon Oasis and Jumeirah Village Triangle, JVT.
With a cumulative investment exceeding AED500 million, the projects are expected to positively contribute to the firm’s existing portfolio, currently comprised of residential, commercial, retail and district cooling assets, while also driving its strategy of growing the core development business line. This move is part of a series of discussions being held with other investors for co-development projects in the UAE, South Africa and the region.
For its 'Manazel Yas Tower' project, the company will carry out the sale of residential units located in Yas Island. The company will also be co-developing the 'Manazel Silicon Oasis Residences', a residential building, with a build and lease model, located in Dubai Silicon Oasis. Lastly, considered as Manazel Real Estate’s second largest development in Dubai after Dunes Village. This development will be strategically located in JVT between Emirates Road and Al Khail Road.
Manazel’s Chairman Mohamed M. Al Qubaisi said, "Manazel is pleased to be able to co-develop these three projects alongside Tasameem Real Estate, as we continue to explore opportunities within the UAE’s real estate industry and identify strategies that offer value to investors whilst growing our real estate portfolio. These developments and the partnership with Tasameem is part of the company’s strategy to expand our presence in the market and deliver positive returns to shareholders."