A new 60F tower on SZR, opposite Mazaya Centre, somewhere near Nuaimi Tower and Falcon Tower....

Escan and ACI plan Dh2b Dubai tower
By Suzanne Fenton, Staff Reporter
Published: June 19, 2008, 00:04

Dubai: German developer ACI Real Estate yesterday announced its partnership with Escan Real Estate, to develop the only freehold commercial tower on Shaikh Zayed Road at a cost of Dh2 billion.

The 60-storey Escan tower will offer more than 570,000 square feet of mixed-use space on Shaikh Zayed Road, opposite Mazaya Centre. Floors one to 20 will be reserved for office space and floors 21 to 60 will be for residential units. Escan tower is a first in many respects, as it has "rare freehold status on prime real estate", Saeed Mattar Bin Belaila, chairman of Escan, said at the launch of the tower yesterday.As the first freehold commercial building on the highway, Escan tower is set to significantly add to the landscape of Shaikh Zayed Road.

"It has risen from being a commuter highway to the capital, Abu Dhabi, to becoming an emblem of Dubai. Shaikh Zayed has led the evolution of our city in many, many ways," Sanjay Chimnani, joint managing director, said at the launch. The tower will also feature a five-storey business centre that will be company branded. ACI and Escan are currently involved in talks over which company will brand the centre.The chosen company will be announced in "the coming weeks", said Robin Lohmann, managing director of ACI.

Lohmann said ACI plans further collaboration with Escan and other developers in Dubai in the future as "it's better to run in one direction rather than in opposite directions". Since entering the Dubai market in 2004, ACI Real Estate has invested more than Dh10 billion just in Dubai. Escan has a portfolio worth more than Dh13 billion but this is set to jump higher.
"Our target in 2008, is to reach Dh20 billion," said Juma Al Falasi, chief executive of Escan. Robin Lohmann said ACI would be announcing "new and exciting" projects by the end of this year.


I'll put up the render a bit later :)

Cool, again a new 60 floor tower !! :okay:

well I think its approved...

well I think its approved...

Proposed till we know it's exact location ;)

its the middle one...and I think it will be nearer to al tayer tower than falcon and nuami...

http://i26.tinypic.com/1hxm0.jpg

R

^^ Cool, a render! :D

Thanks!!! :D

http://www.ameinfo.com/160829.html

better render

my pic is still good....but fine here:

http://i25.tinypic.com/2k3fl.jpg

R

Nah ... a miss

Nah ... a miss

What do you mean? :dunno:

I also find it a miss.

side reminds me of capricorn but the top ... i dunno :S it looks quite weird

So is this next to al tayer? It looks like al tayer tower on the left.

Location with the ad from todays papers:

http://i25.tinypic.com/oabt7d.jpg

R

now since it had a two page ad...I thinki its approved NOW...rite????

R

^^ So it is indeed somewhere near Al Hekma tower, the 4th plot on the left of Millenium.

HUGE ad in the GN....

http://i27.tinypic.com/293iyo4.jpg

R

^^ nice!

http://www.aci-dubai.net/images/buildings/gallery/536.jpg

http://www.aci-dubai.net/images/buildings/gallery/535.jpg

http://www.aci-dubai.net/images/buildings/19_b.jpg

More info check this out

http://www.aci-dubai.net/project.php?project_id=19#

wow, awesome renders, the pool on top looks fantastic!!

The pool makes it more than an average tower..

The big render on Property Weekly makes it look very nice actually. :cheers:

what ever happened to this tower?

what happened here?
is it deleted??
on hold???
:ohno:

no ,actually the pool area in top still under design !

what happened here?
is it deleted??
on hold???
:ohno:


noooooooo

just ACI :)

This tower still has a website...

http://www.escan.ae/index.php?page=Escan-Tower

and its company still exisits as they just announced this:
Escan to offer long leases to foreigners for Fujairah development

http://www.ameinfo.com/233954.html

R

an article about this in todays ( 4th june ) gulf news, it seems aci are yet again involved in some sort of payment problem, they sold the units but have not paid to the land owner and developer so he wont go ahead ! robin strikes again ...

Day of reckoning looms for Escan as projects reviewed

May scrap some developments but making good progress in fujairah

* By Nicole Walter, Senior Reporter
* Published: 00:00 June 4, 2010
* Gulf News

Dubai: This is the time of reckoning for Escan as it finalises which projects it should go ahead with and which ones it should shelve given the market reality.

The company holds Dh2 billion in assets and has a share capital of Dh1 billion, about half of which is in cash and the rest through land holdings according to its December 2009 financial statement.

It earlier purchased a multi-unit building from Tamouh Investments on Reem Island in Abu Dhabi. But since there has not been any development activity on it, Escan may seek repayment of its nearly Dh50 million advance, comprising a 10 per cent down payment and premium.

"We're still in the negotiation stage, either we get a special discount or they have to show us some construction there," Saeed Al Muhairi, board member and acting CEO of Escan Investment and Real Estate Development told Gulf News. "Because of the crisis they stopped some of their projects."

Sold out

A similar situation surrounds its Dh88 million investment into 80 villas in the Hydra Village development, also in Abu Dhabi. Escan assumes it will go ahead but isn't entirely sure and is still waiting for a progress report, Al Muhairi said.

Regarding its exposure in Dubai, Escan remains confident that Nakheel will delay further land payments for a plot it owns at one of the master-developer's islands. For this one, Escan has already paid 30 per cent, amounting to Dh14.1 million, the company's fin-ancial statement says.

Escan is involved in four projects in Dubai, two of which are in Business Bay. Of these, the Renaissance Tower is sold out, but the developer has since sold the land to another company, said Al Muhairi.

The second one, Escan Tower, was to be built in partnership with ACI Real Estate. Its construction value is estimated at Dh598 million, but work is yet to start.

ACI had advanced around Dh62 million to Escan for the sale of 43 floors on the high-rise development, which was launched in 2008. But ACI went on to resell the units at a higher price and Escan is awaiting payment, according to the financial statement.

Escan, in the meantime, is keeping the land as an asset and looking for a new investor to partner and build the project. "The end-users didn't buy from us directly, but ACI," Al Muhairi added. "So we don't have a contact and aren't sure what is happening to them,"

Construction of Escan's Dubai Marina Tower, valued at around Dh332 million, had started, but was halted last December after a few floors were completed.

According to Escan's 2009 financial statement the tower was sold to Al Tharwa Investment, a Saudi company, and was twice cancelled.

Al Muhairi, however, said Al Tharwa is the current owner again. "We sold the tower a month ago. We completed 90 per cent of construction and the new owner will take care of the rest."

Construction at its development in Dubai Silicon Oasis, the Aurora Tower, jointly owned with the company's former CEO, is progressing.

"The project is 90 per cent sold out and 30 per cent of the construction is ready," Al Muhairi said. "We expect it will take another year to complete."

But Escan is making better progress in the northern emirates. It has two projects in Fujairah, the Al Fanar Towers in Fujairah City which is in the piling and sales stage, and the Golden Sands Resort in Dibba where foundation work has started.

The developer is also working closely with the Fujairah government to complete the masterplan for Wurayah Valley.

This puts Escan's properties under development at a value of around Dh1.5 billion, with Hamptons International providing the valuation. Many were announced in 2007 or earlier, but not sold.

"Fujairah is growing, it is better for the end-user as well to start construction before starting to sell," said Al Muhairi. "We're planning to do the same for all other projects."

http://gulfnews.com/business/property/day-of-reckoning-looms-for-escan-as-projects-reviewed-1.636431

R

Move to on hold? :dunno:

^^ You mean 'never build' ;)

^^ or never built. LOL