ACI unveils new project in Dubai, eyes Qatar to develop properties |
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ACI Real Estate, an affiliate of German-based investment firm Alternative Capital Invest (ACI), is looking to develop properties in Qatar, a top company executive said yesterday.
"We have not yet acquired land there, but see it as the next potential real estate market," said Robin Lohmann, Managing Director of ACI Real Estate.
He was speaking after launching Ferretti Luxury Beach Residence, a twin-tower waterfront residential project and Pershing Luxury Beach Residence, a residential project in Dubai Waterfront.
The towers together will be part of Marine Legends, which will have six residential towers consisting of 3000 apartments.
ACI Real Estate has an exclusive partnership with the Ferretti Group, an international brand that will develop, design and construct luxury motor-yachts in the Marine Legends. The Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence will consist of 44 levels and Pershing Luxury Beach Residence will consist of 41 floors, adding 1500 residences in total. The towers are slated for completion by 2011.
"We expect prices in Marine Legends, to appreciate by five to seven per cent by October," said Lohmann. "Current prices in the development is estimated to be around Dh2,000 a square foot."
Ferretti Yachts and Pershing Yachts designers have proposed to design common areas of the towers, lending them their signature touch of elegance and sophistication.
Currently, the Ferretti Group brings two of its brands the Ferretti Brand and the Pershing brand into the Marine Legends. The boats will be custom-built for the project.
"We are in the process of selecting the right boats for the customer for this market," said Vincenzo Cannatelli, Chief Executive of Ferretti.
By Anjana Kumar
© Emirates Business 24/7 2008
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