Jun 05 2007 |
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AMS opens up shopping centre at Building Materials City for lease
05 June 2007
Dubai: Aswaq Management & Services (AMS) , an Emirati-French joint venture, yesterday announced the start of official leasing of the 60,000 square metre GLA (gross leasable area) shopping centre at Building Materials City in Abu Dhabi.
Leading international and local retail operators have already applied for over 60 per cent of the entire GLA at the mega-shopping centre at the mixed-use Building Materials City. AMS and Manazel Real Estate , the developers of the project, have already agreed on the anchor stores and operators for the shopping centre, anticipated to open in the first quarter of 2009.
As per the terms of an exclusive contract awarded by Manazel, AMS will handle all property, consultancy and management services for the retail component of the Dh5 billion Building Material City which comprises 49 commercial and residential towers and will include, by decree of the UAE government, the first official building materials stock exchange in the region.
AMS is also under assignment to handle property development, consultancy, sales and leasing management for an iconic 520-metre tower on Reem Island in Abu Dhabi, and of the Emirates City in Ajman being developed by R Holdings .
AMS and its regional affiliates in the GCC-Levant region manage 17 projects, covering a combined Gross Leasable and/or Sellable Area (GLA/GSA) of over five million square metres. AMS affiliates in the region include AMS -Dubai, Gulf Management and Services in Bahrain, Beirut Real Estate Management and Services in Lebanon and Amman Real Estate & Management Services in Jordan.
Established in the late 1999, AMS 's first client was the Abu Dhabi Trade Centre which also hosts the Abu Dhabi Mall.
AMS
and its affiliates are targeting revenues of Dh30 million in 2008 generated by their consultancy, sales and leasing and management services.
By Staff Reporter
© Gulf News 2007. All rights reserved.
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