Sunday, October 12, 2008

Abyaar Real Estate launches Dh.4bn worth projects in Dubai

Kuwait-based Abyaar Real Estate yesterday launched Dh.4billion worth projects in various parts of Dubai.

The first being Ice Tower, designed in the shape of a floating iceberg, likely to come up in Dubai Marina. It will have 30 levels of angular glass, and will include 103 unique apartments.

The project will go on sale in two weeks time. Construction will commence in two weeks, and will be complete by last quarter of 2010.

According to the Karl Finder, the Australian Architect, the building has many fissure and facets between the two sides of the structure, which will provide various degree of sunlight to the balconies on the inside of the building. The difference in lighting makes each apartment unique.

The next to be launched was the resort-lifestyle community planned around a manmade waterfront, called Pier 8, located at Dubai Marina, and is due for completion in 14 months.

The development, designed by Atkins, comprises 40 storeys of high-end luxury apartments. The tower offers 232 units of studios, single and double bedroom apartments and two penthouses on the top floors.

The sales of Pier 8, due for completion in 14 months, was also announced yesterday.

The Company also launched the Dubai Arts District (DAD), a Dh.1.4bn community, comprising residential, office and recreational buildings.

About eleven residential buildings will span across an area of 2.1mn square feet. The buildings draw inspiration from nature and depict the theme of sand and wind in terms of shape and colours. The buildings are said to have low maintenance costs and reduce the glare from the sun due to their design and will be sustainable.

The construction will commence within two months, and will be complete in the last quarter of 2011.

The Company has already started sales of the commercial space in the project.

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