Acacia Villas delivery next year
Kuwait, October 18, 2009
Abyaar Real Estate Development Company has announced plans to hand over the first phase of Acacia Villas, located within Acacia Avenues project, the first freehold project in Jumeirah, at the beginning of next year.
The company has already begun the internal decoration and finishing works in the villas, said a top company official.
Acacia Avenues is the first project in Jumeirah that offers investors a freehold opportunity.
Launched by Abyaar in 2007 with a total cost of up to Dh2 billion ($544 million), Acacia Avenues is intended to be a fully services compound comprising 52 villas and a number of residential towers.
Commenting on the ambitious delivery plans, Marzooq Al-Rashdan, Abyaar's vice chairman & managing director said Abyaar is back to execute and complete its real estate development projects.
'The company has initiated the Acacia Villas finishing works by signing the relevant contract in August last. This underlines and re-affirms Abyaqar's keenness and commitment to deliver its projects that were announced in the previous periods,' Al Rashdan stated.
The company has invited bids for construction of the Olgana Tower, within Acacia Avenues project, and expects to finalise the construction deal by the end of the year, he noted.
The main reason of retendering is due to the positive change in the real estate market, and the availability of several options for the contracting companies, which seek to operate within the prices currently prevailing in the market.
Al-Rashdan said the project would be delivered in phases, with the first phase to begin in the first quarter of next year.-TradeArabia News Service