MoU with Memon Investments signed on June 1
Thursday, June 27, 2013
Orion Holdings, a Dubai-based property developer, has acquried property worth Dh22.1 million from Memon Investments, the property arm of Memon Group of Companies.
A memorandum of understanding cementing the deal was signed between the two parties on June 1.
Frankfurt Tower 1 in Dubai Sports City is about 40 per cent complete and is scheduled for delivery by September 2014. The residential project will have 224 units, including 140 studios, 56 one-bedroom units, and 28 two-bedroom apartments.
Samir Munshi, Managing Director,Orion Holdings, said: "We expect to gain about 40 per cent return upon completion. Our portfolio in Dubai Sports City is focused on the residential sector, given the plans to deploy high quality infrastructure in the area. Orion specialises in identifying high potential investment opportunities that are well positioned to reap significant gains for our clients."
Orion Holdings is mainly involved in four major areas of the real estate business: buying and selling of residential, commercial and rental properties, acquiring unfinished developments, as well as providing liquidity to developers in the event of fund deficits for existing projects.
© Emirates 24|7 2013
