Memon projects on target says firm
Dubai, September 28, 2010
Memon Investments, a leading Dubai based property developer, has reported that construction activities on all of its current line of projects are ongoing despite the global downturn which has affected the regional real estate sector.
The announcement follows the recent release of a Proleads report that states that 38 per cent of the UAE’s construction and development projects are currently inactive. The country’s residential sector, which comprises 682 projects valued at $306 billion, represents 62 per cent of construction projects in the UAE.
Memon’s current portfolio, which is valued at Dh1.34 billion, consists of high profile residential development projects like the ‘Frankfurt Sports Tower’ and the ‘Champions Tower’ series, the company said.
According to Proleads, a total of 1,296 projects valued at more than $418 billion are currently being built in the UAE, with an additional 303 projects worth $143 billion already in the design, planning and or bidding stage.
However, the report also stated that 38 percent of these projects have ceased construction and have become inactive as a result of the global financial crisis, the company said.
“As one of the very few developers to maintain continued construction activity, Memon Investments remains steadfast in its commitment to complete and deliver all of its projects through the support of satisfied customers,” it said.
The developer is also confident that its current portfolio of projects will provide buyers a wide range of investment options that offer excellent return potential.
“Many promising construction projects in the UAE have ceased development and construction activity as a result of the global financial crisis, “ said Ahmed Shaikhani, managing director, Memon Investments. “Memon Investments is glad to report that it is continuously moving forward with all of its projects. Despite the recession, we have managed to stay afloat by adopting strategic initiatives and practices. Rest assured, we stand firm on our promise to complete and deliver our projects in accordance with the expectations of our discerning clientele.”
Memon Investments has already crossed the halfway mark for ‘Champions Tower II’ (CT II) and ‘Champions Tower III’ (CT III), two of its prime residential projects located in Dubai Sports City. Construction has reached the 9th floor in CT II, with the developer preparing for the next slab and block work has also been done till 6th floor; while the 10th floor in CT III has already been cast.
Leading MEP contractor Anwar Al Aqsa has been awarded the contract to manage the electrical, plumbing, fire alarm and fire fighting installations, while ETA MELCO has been commissioned to install six high-speed, state-of-the-art Mitsubishi elevator units for both towers.
As construction progresses rapidly, the developer is currently looking to award contracts related to the finishing and facility management to credible partners in the UAE, it said. – TradeArabia News Service