March 22nd, 2006, 09:43 PM
Al Manal, $816m Crown City
Dubai-based Al Manal Development is investing $816m in a new residential project, called Crown City, which will consist of 52 buildings offering 8,000 distinct properties in Dubai Investment Park, reported Gulf News. Properties will be offered on 90-year lease terms.
March 22nd, 2006, 09:44 PM
Al Manal to invest Dh3b in Crown City at Dubai Investment Park
Juma Ahmad Majid Al Ghurair says the price is not very high. "Prices of land are going up. Besides, with the new property law, prices of real estate will soon go up."
Dubai: Dubai-based realtors Al Manal Development will invest Dh3 billion in a new residential community, Crown City, that will see 8,000 housing units comprising 52 buildings in the Dubai Investment Park, said a top official.
This is part of the new company's major foray into the UAE's real estate market that will see the development of Dh5 billion worth of projects being undertaken by the company during the next three to five years.
"Buyers will be allowed a 90-year lease in the development," Juma Ahmad Majid Al Ghurair, chairman of Al Manal Development, told Gulf News yesterday.
He said, his company will make an announcement on a new commercial project, to be located in the Dubai Silicon Oasis.
The company also launched Lakeside Residence, a Dh300 million project to be built at the Jumeirah Lake Towers. The 35-storey project boasts 358 elegantly designed freehold apartments incorporating advanced intelligent features.
Construction of the project will start within a few months and completion is set for the second half of 2008.
Al Manal Development commissioned renowned architects Cadiz International and local Architect Khatib & Alami to design the property. The company is currently negotiating with a leading contracting firm to construct the project.
"As this is our flagship project, we invested substantial resources in ensuring that we have a truly exceptional offer to property investors and end-users," he told the media yesterday.
"The Lakeside Residence offers a choice between one-bedroom and two-bedroom units with prices starting from just a little over Dh600,000 an exceptional value given its world-class features and amenities."
"Investment options have been arranged with Mashreqbank to help investors and end-users own a piece of this exciting freehold property."
Al Ghurair said the price is not very high. "Prices of land are going up. Besides, with the new property law, prices of real estate will soon go up."
Buyers can take advantage of a flexible financing programme that allows them to own a 1-bedroom apartment by paying 5 per cent of the value as a down payment and the rest in reasonable installments starting from Dh2,600 per month.
Asteco Real Estate has been appointed as sales agents for the LakeSide Residence.
March 22nd, 2006, 10:43 PM
dubai investments park is going to be hell of a community with green community and the whole DIP, the crown city and dubai lagoon.. :eek:
March 22nd, 2006, 11:41 PM
there is no render around
would like to know what this one looks like since it's gonna be a nice project in the end
THE DUBAI GUYS
March 23rd, 2006, 02:45 PM
August 20th, 2007, 09:51 AM
seems dead, even the massive render by THE DUBAI GUYS was removed :D