Dec 17 2006 |
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Business Bay Welcomes the Launch of Hazel Wong's West Wharf
Emirates Towers Architect adds a touch of class to Dubai's "New Manhattan"At an event held in Emirates Towers, which was designed by the same architect Hazel Wong in 1998, one of Business Bay's few purely residential buildings, West Wharf, was launched to almost 200 real estate agents.
Scheduled for completion in December 2008, 18-floor West Wharf, which has a prime location, will be one of the first luxury residential developments completed in Business Bay.
Announcing the new building, which is Corporate Finance House's (CFH) first foray into the Dubai market, executive director Karim Chamseddine, said:
"When we conceived West Wharf, we were keen on using an architect who has experience designing aspirational buildings and Hazel has certainly delivered with this modern and luxurious example."
"Our investors saw the sustainable investment potential in the 64 million square-foot Business Bay, which is fast developing a worldwide reputation as the next big business destination for the Middle East.
"The major advantage of Business Bay over anywhere else in the region is the state-of-the-art infrastructure along with a well-designed urban plan. Investors are banking on these factors when projecting demand on Business Bay properties, which offer a combination of luxury and convenience.
"West Wharf will set the bar high for future residential buildings in the Business Bay area."
Wong, who made a brief appearance at the event, said: "This is a perfect opportunity to buy luxurious and spacious residential property in Dubai.
"West Wharf is what I would best describe as unpretentious architecture with bold clean lines and simplicity of form. Upon completion, West Wharf will confidently stand apart as a distinctive development of a timeless design and quiet elegance."
The total value of projects now being developed by CFH exceeds US $500 million, with real estate activity now covering Amman, Beirut, and Dubai, while several potential investments are now being considered in Doha, Muscat, and other GCC cities.
CFH has been active in the regional private equity and real estate markets for nearly ten years. Having recently concluded the fundraising stage of its new US $30million fund, MEREO II, CFH will be launching its first real estate development project in Amman early December 2006.
With West Wharf property appreciation upon completion expected at around 20%, prices start from around Dhs800,000 for a studio. Interested investors can call the sales team on +971 4 321 2644.
-Ends-
Notes to Editors:
Corporate Finance House is actively engaged in private equity and real estate fund management. CFH continues to act as owner representative in major multi-contract projects throughout the Middle East.
CFH caters to mid-sized corporations, banks, high net-worth individuals, private equity firms and family owned businesses. CFH has completed financial advisory and investment banking transactions in the Middle East with focus on the GCC and the Levant.
Formerly known as Capital Trust Middle East (CTME), CFH was formed in 1997 and has a staff of 12 experienced professionals with offices in Beirut and Dubai. A Riyadh office is under formation and is expected to be operational in January 2007.
The Dubai based subsidiary CFH Gulf Ltd. has started developing two buildings in the Business Bay of Dubai (an office and a residential building). It also holds investments in several properties in Dubai. A third residential project in the Business Bay will be launched by end of 2007.
Two renderings of West Wharf and a recent picture of Karim Chamseddine and Hazel Wong have been emailed with this release.
For further media information or images, contact Hisham El Masri on: +971 4 3903020, hisham.elmasri@eurorscgfurness.com
© Press Release 2006
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