Inspired by Apple’s iPod MP3 player, Omniyat Properties, a real estate developer has planned to launch projects worth greater than Dh.3billion during the year 2007. The company is likely to announce a minimum of two residential and one commercial development project, while also opening its account during the month of February with the novel iPod residential tower in Business Bay.

The twenty three storied building, designed by Hong-Kong based architects James Law Cybertecture International, will bring more than 200 units into the market in 2009. The tower will be located above the docking station and will be placed at an angle of six degrees for the perfect look.

Omniyat already has made a good impression at a short span in the market with a
portfolio worth Dh.2.7 billion during the first year of its operations which
includes four luxury commercial developments and a residential tower located at
Business Bay.

Mehdi Amjad, the President and CEO of Omniyat Properties, a branch of Almasa Holdings mentioned that though their aim was to launch only three projects this year, the strong demand in the market has compelled them to deliver more. With their entire range of projects, the company is said to have sealed sales worth close to Dh.2.4 billion.

More new companies are to be launched under the Parent Company Omniyat Holdings, in the coming year. The organization that is set up with $250 million authorized capital and $100 million paid-up capital, will manage Omiyat properties and other projects and upcoming companies.

According to Amjad, the first company will aim towards serving the real estate sector and will find a place in the major International Stock Exchange.

Labels: Business Bay