Wednesday, July 11, 2007

Aspire plans new series of projects

The Dubai-based leasing, property and sales management company, Aspire, plans to launch projects worth Dh.8billion during the next one year after a major restructuring.

The company launched Jehaan residential project, worth Dh.530 million in Jumeirah Village South, during January. The company also plans to launch series of new projects worth Dh.7 billion in the Jumeirah Village South and The World.

The company will split into three units to cover sales and marketing for its sophisticated projects, realty development and brokerage services. Aspire also plans to enter into a joint-venture with a Korean construction company to launch a new-look brand image and also to combat the high rates charged by contractors. Aspire also plans to begin it's own architecture firm soon.

Aspire's first major announcement is expected to be the launch of the first phase of multi-billion residential and hospitality project on The World development by Nakheel. In the coming two months, Aspire officially plans to launch sales of 200 townhouses and villas and is expected to announce the operator of a luxury hotel.

Aspire's Managing Director, Harshit Kantaria, said "The concept and infrastructure plans are already approved, and we are waiting for the green signal on unit designs. We intend to start construction in a year."

Kantaria mentioned that the residential project which the company plans to launch in Jumeirah Village South will be a thirty storey tower comprising 600 units and will soon be joined by six other similar towers, in case the market response is favourable after the initial launch, scheduled for August.

Kantaria said that residential projects are in strong demand from public, particularly the one-bedroom units and studios.

In the meanwhile, the strong demand for luxury properties in India could encourage Aspire launch projects outside its base in Dubai. Aspire considers Saudi Arabia also to be a potential target.

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