Saturday, May 31, 2008

Abyaar, Mada'in join hands to launch $817m worth projects

The Dubai-based Mada'in Properties, together with Kuwait-based Abyaar, have together ventured into launch of new development projects in Dubai. To begin with, two projects worth Dh.3 billion will be launched.

According to the Abyaar Vice-Chairman and Managing Director, Al-Rashdan, the projects mark the beginning of a long-term partnership between the two companies, specializing in state-of-the-art high-end development.

The first project will be located at the prestigious Dubai Marina, and comprises 107 exclusive units, along with townhouses. The construction of the tower is due to begin by second half of this year.

The next project would be the Meydan master development, which has been long-awaited. Meydan, located near Nad Al Sheba in Dubai, is an area renowned for hosting of Dubai World Cup.

Combined plots with total built-up area of 884,815 square feet, will be developed as mixed-use development and will comprise residential, commercial and retail segments. The design and conceptualization work has already commenced.

Al-Rashdan has confirmed that the high-end quality will be maintained throughout their project, which targets the discerning, niche investor.

The CEO of Mada'in properties Abdulaziz Al Alwar said that the company has already made its presence felt with their first launch Marina Arcade at Dubai Marina. The 64 storey development was one-of-its-kind offering smart home technology, landscaped roof top gardens, largest health and fitness centers, full scale jogging track, rooftop townhouses with Jacuzzis, penthouses, duplexes and Sky Palace.

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