Memon Investments, a leading Dubai-based property developer and part of the Memon Group of Companies, has launched the Dh250 million ($68 million) ‘Champions Tower IV’ in Dubai Sports City (DSC).
This is in line with the developer’s recently announced plans to invest Dh2.5 billion in various property projects within the booming UAE market in the second half of 2008.
In addition, the company also revealed that it has registered an Escrow account for the project with the Commercial Bank of Dubai, in compliance with Rera and Dubai Land Department regulations in a bid to further drive investor confidence.
Building on the success of the first three developments in the Champions Towers series, the 20-storey Champions Tower IV, which has been designed by Adnan Saffarini Office, will house 228 units comprising 19 studios, 76 one-bedroom and 133 two-bedroom apartments.
“As the largest tower in the series, it has already attracted an exclusive clientele, including renowned cricket stars Mohammad Yousuf and Misbah-ul-Haq from the Pakistan National Cricket Team,” said Ahmed Shaikhani, managing director, Memon Investments.
Dubai Sport City, a 50 million sq ft sports-centric community development, will be home to a number of premier sports arenas, religious, educational and healthcare facilities, upscale restaurants and cafés, and retail outlets. It is projected to be completed by 2010.
“As one of the leading real estate companies in the UAE, Memon's expanding presence in Dubai Sports City is testimony to the high standard of investment we continue to attract,” said U Balasubramaniam, CEO, Dubai Sports City.
Memon Investments currently has a portfolio of projects valued at Dh660 million, which includes high profile residential and commercial projects including the Champions Towers I, II, III and IV in Dubai Sports City and Cambridge Business Centre in Dubai Silicon Oasis.
It had recently announced plans to launch over ten projects in the second half of 2008, which will include a mix of luxury residential, commercial and mixed-use developments located in major master developments in Dubai, including Jumeirah Village South, Dubai Sports City and Mizin.-TradeArabia News Service