Friday, July 25, 2008

ACW unveils Platinum Two -freehold residential project at Dubailand

Platinum Two Apartments
ACW Holdings, the leading developer, yesterday launched their latest development worth Dh.200mn at Dubailand, promising to offer investors with annual returns of 45 percent.

The freehold residential and serviced apartments project, 'Platinum Two', located in Arjan in Dubailand, spreads across a built-up area of 164,598 square feet of landspace. It comprises a total of 254 apartments, 220 studios, and 34 single bedroom apartments and 19 retail shops.

About 45 percent of these are investment based on tourist arrivals, which is anticipated to be 15mn annually by 2010. Reports state that growth of tourism in the Middle East is likely to grow on an average of 7.1 percent until 2020, with the rest of the world lagging behind on an average of 4.1 percent annually. Tourism accounts for 18 percent of direct GDP in Dubai, out of the Dh.198bn growth in 2007.

The Platinum Two development, although a purely freehold project, the units are rented on daily, weekly and monthly basis, and the income is collected. After removal of the costs, investors can get back 60 percent of the net income.

According to Ian Pask, the General Manager, ACW Holdings, the development is definitely not a timeshare. The apartments are never let out, while investors receive and income. The company has sold about 1000 units of this kind already, in other developments of the company, and only six of these have been returned.

ACW Holdings owns a portfolio worth Dh.5bn in the UAE, including the Knightsbridge Court and Kensington Manor residential apartments and Hanover Square serviced apartments. This is further likely to expand to Dh.20bn within three years.

ACW Holdings has also launched Dh.1.3bn project on Marjan Island in Ras Al Khaimah and two other projects in Ajman. The Company also plans to launch 1400-unit hotel resort development in Ajman during October.

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