Sunday, August 05, 2007

Plus Properties makes its entry into UAE Realty market

Plus Properties, a Dubai-based development company, has made its entry into the Middle East realty market, with three residential projects in the UAE, worth Dh.850million.

Plus Properties expects to set up offices in Kuwait, Saudi Arabia, Lebanon and UAE and will cater to realty services such as leasing, warehousing, and other services after its development unit gets operational.

The first projects of the company include development of two freehold towers in the master development of Dubai Waterfront near Palm Jebel Ali, and construction of a thirty storey tower on Reem Island in Abu Dhabi.

As revealed by the officials, the three buildings together comprise 750 luxury units, but more details of the project will not be revealed until its launch in September. The buildings will be designed by Hong Kong-based Company, James Law Cybertecture International, which is also the company that designed the iPod shaped tower in Business Bay. The designs are awaiting final approval of the master developer.

The General Manager of Plus Properties, Muath Jalil, mentioned that the company is aware of the competition in the UAE real estate market, and that the major challenge lies in winning the hearts of the people by proving that they are not just another developer in the market, which will take some time.

George Chehwane, a Lebanese businessman is the Founder and CEO of the Dubai-based company.

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