Wednesday, June 20, 2007

High Rise Properties enter into more property ventures

High Rise Properties, the Dubai based developer, is expected to offer atleast ten more towers in Dubai for sale, with 16 low-rise buildings in Ajman for investors as its record touches Dh.20 billion.

The Chief Executive of High Rise Properties, Faisal Ali Moosa, said "On the whole, our portfolio would be around Dh.20billion involving those already announced and the ones that are now under planning and designing."

"Among these, a minimum of eighteen towers is likely to be constructed at Jumeirah Village South, and a group of sixteen low rise buildings in Ajman, which is sold at a price of Dh.14 million per housing about 80 to 85 flats, most of which has already been sold to investors."

He added "we are overwhelmed to see the demand in the market. The market demand continues to outgrow supplies."

"We are planning to develop major mixed use developments, comprising commercial, residential, shopping and hospitality centers, that create communities," he said.

Al Moosa is of the opinion that the property prices will continue to appreciate in the coming years. "Now international buyers are cracking properties and the demand is more from international markets such as South Africa, Russia, Europe, Iran and India. Besides, high rents are prompting companies to develop their own properties or purchase it for employees residence, which creates new asset class for companies," he says.

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