Dubai residential property prices 'likely to recover'
Dubai, January 19, 2011
Residential property prices in Dubai are likely to recover by 2011 as the market sees continued signs of improved lending from 2009, which is expected to continue until 2011, said Memon Investments, a leading property developer in the emirate.
Strategically positioned to leverage the healthy market prices, the developer is expediting construction on its ongoing residential projects, which consist of luxury buildings collectively valued at Dh1.34 billion.
Encouraged by the relatively lower costs of construction, the developer further reiterated its commitment to ensure timely delivery of its residential developments, which include the ‘Frankfurt Sports Tower’ and the ‘Champions Tower’ series.
As more banks inject liquidity into the mortgage market, Memon Investments is confident that its projects, which are located in several high profile master developments, is providing buyers a wide range of investment options that offers excellent return potential. Furthermore, the developer also revealed that it has already awarded important contracts to some of the UAE’s top contractors and MEP companies.
“Amidst reports that a major percentage of 100 off-plan projects in Dubai that were put on hold are now picking up where they left off, we are focusing on gaining an advantageous position as consumer confidence continues to grow,” said Ahmed Shaikhani, managing director, Memon Investments.
“We continue to capitalise on our strategic partnerships and the uniqueness of our projects, as we work towards the prompt completion of our existing projects and the realisation of our vision of growth as one of the major developers in the region.”
Memon Investments announced that it has passed more than the halfway mark on the construction of two of its prime residential developments in ‘Dubai Sports City’ - ‘Champions Tower II’ (CT II) and ‘Champions Tower III’ (CT III).
The developer also revealed the completion of the superstructure of the Dh80 million ‘Cambridge Business Centre’ (CBC) in Dubai Silicon Oasis, keeping the construction on track to be completed by the second quarter of 2011.-TradeArabia News Service