Wednesday, April 23, 2008

Maison forays into UAE realty market

Maison Limited, the Hong Kong developer, has put its first step forward towards entering the UAE property market, through the purchase of four plots at Downtown Jebel Ali, to develop signature boutique residence. This is also the first global commercial and residential real estate venture of the company.
Located in Phase four of Downtown Jebel Ali, adjacent to the Arabian Canal, the development covers 10,000 square meters of land space and a built-up area of 90,000 square meters. The four plots will be combined to make two large plots and the buildings will rise up to G+18 storeys.
The project will feature state-of-the-art amenities with all apartments being completely furnished and feng-shui operated. The Managing Director of Maison, Shaye'e Shamszadeh said "Progressive foreign ownership laws, a buoyant economy, and the UAE government's drive to create a forward-thinking, cosmopolitan center of finance, business and culture, will together ensure that Dubai maintains its continues success and high profile in the global market."
The construction and infrastructure development is likely to begin after handing-over of the plots in March 2009. The project is likely to see its official launch during the third quarter of this year.
Maison Limited is looking into developments in Abu Dhabi too, although Dubai will be the company's main focus.
"Dubai is a trendsetter and we believe that it is the best first step. Abu Dhabi too is in our agenda and will be an interesting stepping stone. Abu Dhabi is still lacking international exposure. But Dubai has the glamour and name," said Cor van der Meulen, the Managing Director, Maison Limited, Hong Kong.
Shamszadeh confirmed that the company will go global with Dubai as the launch-pad.

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