Thursday, March 11, 2010

UAE property market to see demand-supply balance this year

The UAE real estate market is likely to attain demand-supply balance this year, revealed a top official of Shaikhani Group, a leading business conglomerate.

The UAE economy is hoped to grow by 3.2percent this year, and therefore the Company revealed that it plans to go ahead with construction of all launched projects worth Dh.1.34bn.
The Shaikhani Group reported that construction work on its Champions Tower I (CTI), Champions tower II (CTII) and Champions Tower III (CTIII) is witnessing continuous progress.
The Company revealed that it has already completed 14 levels of CTI, and 8 out of 13 floors and 7 out of 15 floors have been completed for CTII and CTIII respectively. Moreover, it has completed 9 out of 10 storeys in Cambridge Business Center (CBC) project, its commercial venture in Dubai Silicon Oasis.

The company had earlier announced that it is speeding up the works on Gardenia I & II and Frankfurt Sports Tower I, and has already handed over major contracts to several reputed contractors.

The Company in its statement said that the Dubai Government is taking all necessary measures to bring back the real estate sector to its previous levels.

All the projects undertaken by the Shaikhani Group will be completed on time within specified timeframe, inline with commitment to our investors, Shaikhani said.

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