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Plus Properties unveils $276m projects

Dubai, October 6, 2008

Plus Properties said the Dh1.15 billion ($276.3 million) three major beachfront projects in the UAE it has launched at Cityscape Dubai 2008 enhances its reputation as the most innovative and fastest-growing real estate developer in the region.

The three projects include 'Wave Residence-2’, an exclusive residential property located at the Madinat Al Arab-Waterfront, and residential and commercial towers located within Solidere’s upcoming Al Zorah water front development in Ajman.

"With the launch of these prestigious projects, Plus Properties further expands its portfolio and reaffirms its reputation as the fastest-growing property developer in the region," said Georges Chehwane, CEO of Plus Properties.

"Plus Properties' real estate projects are distinguished by their superior construction quality and unmatched facilities, and we are committed to ensure that all three properties maintain world-class standards across all aspects of project development."

Chehwane said: "As the flagship trade show for the Middle East real estate sector that attracts a vast number of high-potential investors, Cityscape Dubai provides us unmatched visibility and immense networking possibilities.

"We have earlier enjoyed tremendous success at the event when we launched Wave Residence 1 at Cityscape Dubai 2007, and we are very pleased to present Wave Residence 2 at this year's exhibition."

Plus Properties boasts a strong presence at Cityscape Dubai 2008, where it will occupy Stand RC20 at the Sheikh Rashed Hall of the exhibition centre. The Cityscape Dubai exhibition runs up until October 9.

Situated on the first row of developments directly on the beach, with a spectacular view of Palm Jebel Ali, the Dh500 million Wave Residence-2 will be an exclusive residential concept built on the lines of the immensely successful Wave Residence-1.

Taking their names from their unique shapes, these upscale properties are designed to offer tenants the elegance, comfort and ambience worthy of a 7-star beachfront residence.

Wave Residence-2 will comprise eight floors that feature studio, one, two and three bedroom apartments as well as exclusive garden apartments with private pools or outdoor jacuzzis. Due to its distinctive design, all units of Wave Residence-2 will enjoy breathtaking views of the Arabian Sea.

Plus Properties will be among the first developers to start construction at the Madinat Al Arab-Waterfront.

The Dh400 million freehold residential tower, located strategically within Solidere's Al Zorah development, will offer 21 floors of premium residential spaces complemented by world-class facilities including swimming pool and health club.

The project will comprise approximately 160 studios, 100 1-bedroom apartments and 40 2-bedroom apartments.

The freezone commercial center is designed to cater to the growing demand for quality commercial spaces in and around Ajman. Both towers will feature shopping arcades on the ground floor.

Plus Properties will be among the first private developers to start construction at Al Zorah, Ajman.

"The UAE property market is witnessing a phase of unprecedented growth, and industry analysts predict the upturn to continue well into the future. Likewise, Lebanon has been quickly reestablishing its reputation as a real estate hotspot, and the Government of Lebanon has done a remarkable job in improving the country’s investment climate and business viability.

"We look forward to stepping up our investment in both these high-potential markets, while simultaneously focusing on expanding our regional reach," Chehwane added.

The launch of the new beachfront projects comes close on the heels of the resounding success of Plus Properties' maiden venture in Lebanon, the $200 million Plus Towers located in Solidere's Downtown Beirut development.

As part of its efforts to target investors from R


Tags: Plus Properties | Solidere | Cityscape Dubai 2008 | Wave Residence-2 |

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