Nov 28 2005 |
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Emaar to develop Dh4.5b golf residence in Morocco
Dubai Monday, November 28, 2005Emaar Properties and ONA Group, the leading Moroccan industrial and financial group, yesterday unveiled their second real estate project in Morocco Bahia Bay.
The joint venture will develop a Dh4.5 billion ($1.2 billion) residential golfing community on the Moroccan coast.
In close proximity to Casablanca, the 530 hectare development will offer the benefits of a golfing residence as well as the advantages of living in a coastal location.
The announcement follows the venture's first project launch last month in Morocco Amelkis II, the residential golfing complex in Marrakech that will allow buyers to purchase plots and design and build their homes.
Major developers including Emaar and Dubai Holding are investing heavily in overseas markets like Egypt, Jordan, Syria and Morocco. "We think it's a positive development for such a large corporation like Emaar which has a solid cash base," said Kareem Derbas, chief executive of Palma Real Estate.
The units in Bahia Bay will range from luxury villas and semi-detached houses to townhouses and apartments. The development is expected to be completed in five years.
Located in close proximity to the Casablanca/Rabat coastal freeway, Bahia Bay is within easy reach of both major cities and is an ideal getaway for those in search of a premier luxurious lifestyle.
The development will also feature a beach hotel, golf hotel, beach clubs, equestrian facilities, retail and entertainment and a community centre.
The extensively landscaped complex will have picturesque water features, expansive open parks and a world-class golf course.
©Gulf News
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