Current prices ‘basis for long-term growth’
Dubai, September 8, 2009
Current property prices are providing a strong basis for long-term growth, as the on-going correction phase drives the market towards more a realistic and stable condition, says a leading Dubai-based property developer.
Memon Investments, part of well-known business conglomerate, the Memon Group of Companies, said that its current portfolio of projects, which are located in several high profile master developments—including Dubai Sports City, Dubai Silicon Oasis and Jumeirah Village—is providing buyers a wide range of investment options that offers excellent return potential.
At present, the market is witnessing increasing transparency due to initiatives by regional governments to regulate the property development sector, which is being widely appreciated by investors, said the developer.
Furthermore, market forces are drastically reshaping the market landscape by rewarding developers who are recording actual progress in their projects during the crisis.
As the shifting market dispel speculators and attract serious investors, Memon Investments is focusing on the delivery of all its projects under its Dh1.34 billion (#365 million) portfolio.
The portfolio includes luxury residential projects 'Champions Towers' series, 'Gardenia I & II’, and ‘Frankfurt Sports Tower I’; as well as its inaugural commercial tower - 'Cambridge Business Centre' (CBC).
“As property prices drop to their lowest levels and the market evolves to be healthier and more stabilised, Dubai is gaining popularity among domestic and global investors in search of excellent investment options within a location that is poised for further long-term growth,” said Ahmed Shaikhani, managing director, Memon Investments.
“Most of these investors have identified today’s scenario as the perfect opportunity to rent or buy the most attractive properties. In turn, this also gives us a chance to highlight the investment opportunities we offer through our projects, which have already been identified by many as a wise investment option for them,” he added.
Construction on the four towers under the ‘Champions Tower’ (CT) banner are progressing at an impressive pace, with various important contracts having been awarded to a number of top contractors, including leading MEP companies as well as companies that specialise in elevator and air-conditioner installation.
In addition, construction of eight of the 10 floors within CBC has been completed, with initial steps already being made in preparation for the scheduled handover of the project to the investors by the fourth quarter of 2009.
The company also previously announced that it is fast-tracking the construction of ‘Gardenia I & II’ and ‘Frankfurt Sports Tower I’, in line with aims to hits their respective delivery deadlines.
“Our presence in the most distinguishable landmark communities in the UAE underlines our vision to provide property developments that suit the lifestyle of our target market, and cements our commitment to deliver investment options with high potential for significant returns,” continued Shaikhani.
“The progress in the construction of our project also speaks of our determination to uphold the commitment we made to our investors, and we are confident that delivery deadlines will be satisfied across all projects within our distinct portfolio,” he concluded. – TradeArabia News Service