Saturday, July 12, 2008

Amlak's Skygardens project nearing completion

Skygardens Dubai
The Dh1.65bn worth Skygardens project in DIFC (Dubai International Finance Center) is now nearing completion, revealed Amlak finance, the largest mortgage provider in the UAE.

Being the first residential tower in DIFC, the Skygardens comprises a total of 575 apartments across 39 storeys, and includes studios, single and double bedroom apartments, duplexes, and penthouses.

The prices of the apartments start from Dh.4500 per square foot, to an average of Dh.3900 per square foot for unfurnished ones. The land area is about 6000 square meters.
The Skygardens, although had suffered some setbacks due to misunderstandings between Amlak and the owner Mazaya Holdings, it is now on schedule for completion in August.

Amlak has bought the remaining 80 percent of the building for Dh.1.65bn from Mazaya Holding, which remains as the developer. The apartments are ideal for executives working in DIFC, although even people from other international finance centers such as Singapore and London, are being targeted.

The DIFC connects Skygardens through a footbridge from the concourse level of the tower. The constructing of the bridge is still in the planning process.

The seventh floor of the building includes an indoor garden area, with complete water features and sitting areas.

Amlak has already seen a growth of 155 percent in net profits between the first half of 2007 and first half of 2008. This year's net profit has already touched Dh.269mn. This latest venture of Amlak, in the form of Skygardens, is expected to strengthen its position further in real estate sector.

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