| 29 Jun 2008 |
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First Dubai Real Estate sells 25 percent of Morina Residence
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Abu Dhabi, 29 June 2008: First Dubai Real Estate Development CompanyFirst Dubai Real Estate Development Company
reports that the first launch of its fist residential units at Morina Residential Tower, perfectly situated near the Gate of Shams Abu Dhabi on Al Reem Island, has made record sales figures. Vice President of Sales and Marketing, Mr. Abdul Rahman Al Kandari, said, "Twenty five percent of the project has been sold for revenues of AED 136 million, in accordance with the marketing plan, with the total value of the project set at AED 400 million. The company has decided to resume sales while construction continues, in order to study price trends in Abu Dhabi and to benefit from the current boom in this market. We do not anticipate that the project will be sold out before its completion.
"The project is progressing on schedule. Excavation, piling and construction works have already commenced. We are proud to announce this distinguished residential project, one of the most important projects in our Abu Dhabi portfolio. It comprises a 29 storey tower surrounded by mangrove trees and includes exclusive, executive homes. The project extends over an area of 63.572ft² and features stunning views of the canals. It also provides ample green space and leisure amenities."
Al Kandari praised the strategic location of the tower near such amenities as Shams Abu Dhabi's main roads, public transport network and the water taxi, which is being studied as a possible means of linking Morina Residences with the other main areas in Shams Abu Dhabi.
Al Kandari added that the tower offers a wide selection of options, ranging from executive houses of 1-2-3 bedrooms, one or two level duplex and exquisite homes of exclusive design and quality. The residential units are equipped with all essential home appliances, and each flat has at least one balcony. The tower is protected by 24 hour security services to ensure a safe and convenient living environment. Other amenities include a swimming pool, a fitness center, a club, a children's play area, a reception hall, an information counter, a terrace and parking spaces aplenty.
Al Kandari said that the company will diligently work towards offering the very best quality at Morina Residential Tower and introducing a state-of-the-art project with the same level of luxury as the recently completed Sky Gardens, the first residential project to be completed on DIFC.
-Ends-
About AL MAZAYA:
Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region. The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas. The company's record includes a number of outstanding projects. In Kuwait this consists of, (but not exclusively): Al Maha Villas, Al Mazaya Show Room (7 Zones), Al Roya, The View Point, Global Tower, and Kuwait Business Town. In Dubai their projects includes (but not exclusively): The Villa, Dubai Healthcare City, The Icon (1&2), Sky Gardens, Al Mazaya Business Avenue and Queue Point at Al Liwan, in addition to several other projects in Lebanon and Jordan. Al Mazaya Holding has conducted several feasibility studies for strategic investment in number of property markets and has investments in others such as KSA, Bahrain, Oman and Qatar, with the aim of achieving high returns.
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