Apr 29 2007 |
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ARY to launch new real estate projects in Dubai
29 Apr 2007
Dubai: Leading UAE-based gold jeweller ARY said it plans to launch new real estate projects in Dubai this year.
The company estimates the value of its planned projects at more than Dh1 billion.
ARY Digital Tower in Dubai Media City, a high-rise hotel project on Emirates Road, and a furnished apartment block in Dubai Marina will be among the new developments, ARY group chairman Haji Abdul Razzak told Gulf News. The Dubai Media City tower will have a 200-room hotel and commercial office space.
Overseas acquisitions
The group is also looking at a residential property development in London.
The gold trader entered the property business about five years back to benefit from Dubai's real estate boom.
Property sales already exceed ARY's gold business turnover.
"There is still a good demand for all types of property in Dubai. I am not worried for the next 10 years. The market remains strong," Abdul Razzak said, adding that the property sector is seeing some stabilisation now compared to the initial boom days.
Abdul Razzak said 32 buildings developed by the company in International City are now in the handover phase.
ARY's latest project is a commercial centre project in Bur Dubai. Unveiled last week, it will offer commercial and retail space.
Jewellery plans
The company plans to create its biggest jewellery store the building.
Being built on an area of 16,000 square feet of land, ARY Business Avenue will offer space for retail and offices on three floors.
Construction is expected to be completed in about 18 months.
By Shakir Husain
© Gulf News 2007. All rights reserved.
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