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Mada’in Properties is planning to invest Dh3 billion in the UAE real estate market by year-end, as it unveiled Marina Arcade in Dubai Marina on Monday.
“We will be investing Dh3bn in at least four projects by the end of the year. We want and are focusing on building iconic developments,” Abdulaziz Al Awar, Chief Executive Officer, Mada’in Properties, told Emirates Business.
Marina Arcade (pictured above) will cover an area of more than 950,000 square feet, encompassing freehold residential units and a podium building that will include retail space and recreational facilities.
About 55 per cent of the 64-storey tower will consist of one-bedroom apartments, while the rest will be made up of two-, three-bedroom and duplex apartments, Al Awar said.
There will be seven exclusive townhouses on the rooftop, with each property with private gardens, roof gardens with Jacuzzis and sauna rooms.
Besides a gymnasium and spa spread over three floors, the Marina Arcade Mall will offer residents and shoppers a range of high-end brands and designer stores.
“The piling works were awarded in February and work has already commenced. The entire enabling works will be completed by end of the year and we expect to complete the project by June 2011,” said Ahmad Hammad, Senior Project Manager, Mada’in Properties.
The selling price will begin from Dh2,050 per square feet from the fifth floor and increase floor wise, Al Awar added.Mada’in Properties was incorporated in 2006 as a private joint stock company in Dubai with a paid-up share capital of Dh500 million.
Among the prominent shareholders is Ahmed Ramadan Juma Group, a UAE-based trading and engineering services conglomerate; Kuwait-based Gulf Investment House (GIH) and other key Gulf Co-operation Council investors.
“We have identified the UAE as a key growth area for us. However, we are looking for opportunities and we will expand to other GCC countries in 2009,” Al Awar said.
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