Sunday, October 12, 2008

Aristocrat Star unveils Dh.5bn worth Royal Estates Community

Royal Estates Community at Dubai Investment Park
A UK-based real estate, retail and manufacturing conglomerate, Aristocrat Star Investments, launched Dh.5bn worth mixed-use developments in Dubai.

Targeted at the high-end market, the Royal Estates Community, spreads across 3.5mn square feet, and is located in the Dubai Investment Park.

The residential district has about 34 villas with five bedrooms each, 200 townhouses with four bedrooms each, and about 810 apartments.

The Gateway Apartments and Park View Apartments are a collection of six-storey low-rise residential buildings, located at the entrance of the Royal Estates residential community.

The Chief Executive of Aristocrat Star Investment, Osman Valli, revealed that about 90 percent of the apartments are either studios or single-bedroom apartments, priced at Dh.1400 per square foot.

The commercial buildings will offer about 852 offices, while the retail will include about 850,000 square foot boutique retail mall.

The hospitality aspect of the development will include Dh.180mn hotel and hotel apartments worth Dh.400mn. The company is under talks with Kempinski to have its Shaza Hotels brand manage the 380-room five-star restaurant.

Construction will commence next January, and will be complete within two years.

The group will launch another two properties during the coming months. A Dh.3bn project is planned at Al Marjan to be launched in four to six weeks, while a Dh.6bn project, spreading about 4million square feet is also in pipeline for UK-based investors.

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