Tuesday, July 08, 2008

IRIS unveils Dh.2.5bn IRIS Mist in Maritime City

Iris, a leading property developer in the region, on Sunday, unveiled their new Dh.2.5bn residential development, Iris Mist at Dubai Maritime City.

Designed by the renowned architects, WS Atkins, this 200-meter tall structure is the first in the region to have taken the shape of patterned sea waves. The fa├žade of the tower is to be built in layers of white pre-cast, glass and aluminium with various texture and colors.

Ideally located on plot R6 in the 'Harbour Residence District of Maritime City, the Iris Mist will be in proximity to Jumeirah Beach Road, Sheikh Zayed Road, Dubai International Airport and Bur Dubai.

On completion, this freehold development spreading across a built-up area of 850,000 square feet, will include 54 residential storey comprising 355 luxurious single, double and triple bedroom apartments, six retail outlets, apart from 28 units allocated as office space.
The residents will get to enjoy a wide spectrum of state-of-the-art facilities including health and fitness centers with swimming pools and retail area.

The Chief Executive of IRIS and Managing Director of Sheth Estate, Ashwin Sheth, mentioned that with this launch, the company has reconfirmed its interest to meet and surpass the expectation of investors who seek unique properties at competitive prices in a mixed-use locality.

He added that IRIS Mist has been designed to surpass the highest and safest international construction standards, and is thereby an ideal place to live in.

The tower will be ready for hand-over to residents by July 2011. Being a 'green building', the design of the tower makes use of amenities that reduce use of non-renewable resources, while also shutting down on pollutants and maximizing opportunities for passive cooling and ventilation.

Till date, IRIS has successfully launched various residential projects at Culture Village and Dubai Marina, including the IRIS Blue, which has been recently handed over to residents and investors.

IRIS has developed several luxurious residential and good quality commercial developments in UAE and India. The portfolio of IRIS in Dubai is worth US$1250mn and includes about US$250mn worth projects in India. IRIS aims to reach a portfolio of US$2.3bn during the next three to five years.

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