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ACW unveils residential project worth Dh200m in Dubailand

Published: July 24, 2008, 00:03

Dubai: Leading developer ACW Holdings, yesterday launched their latest development in Dubai, a Dh200 million freehold residential and serviced apartments project, aimed to give investors annual returns of around 45 per cent.

Platinum Two has a built-up area of 164,598 square feet and is located in Arjan in Dubailand.

It will comprise of a total 254 apartments, 220 being studios and the remaining 34 are one bedroom apartments and 19 retail shops.

The hoped-for 45 per cent on investment is based, in part, on the number of tourist hitting the anticipated 15 million per year by 2010.

According to reports, tourism growth in the Middle East is expected to grow an average of 7.1 per cent up until 2020, while the rest of the world trails on an average of 4.1 per cent annually.

Tourism accounts for 18 per cent of the direct GDP for Dubai of Dh198 billion (real growth) in 2007.

The Platinum Two development is purely freehold and "definitely not a timeshare", according to Ian Pask, general manager of ACW Holdings.

Units are rented out on a daily, weekly and monthly basis and the income is collected. Once costs have been removed, investors get back around 60 per cent of the net income. Pask said that even of your apartment is never let out, investors receive an income.

Pask said that the company has already sold 1,000 units of this type in their other developments and only six of them have been returned as "our investors are not flippers".

ACW Holdings currently holds a portfolio in the UAE of around Dh5 billion, including Knightsbridge Court and Kensington Manor residential apartments and Hanover Square serviced apartments. Pask expects this to reach Dh20 billion within three years.

ACW Holdings is launching a Dh1.3 billion project on Marjan Island in Ras Al Khaimah and two projects in Ajman.

The company is also planning to launch a 1,400-unit hotel resort development in Ajman in October.

"We have to look very carefully at Ajman. Dubai is well established for business but Ajman is brand new and people are paying less per square foot there," Pask said.

"Lots of things are happening in Ajman, lots of cities coming up. But there are issues over electricity and water," said Pask.

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Discussion Starter · #3 ·
Location: Arjan Dubailand, Dubai
Plot number: MUM-13
Total built up area: Approx 164,598 sq ft
Number of serviced apartments 254
Number of retail units: 19
Usage: Residential / Retail
Number of floors: G + 8
Launch date: July 2008
Possession: Estimated October 2010
Comprising: Serviced apartments
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