19 June 2008
Dubai: German developer ACI Real Estate yesterday announced its partnership with Escan Real Estate, to develop the only freehold commercial tower on Shaikh Zayed Road at a cost of Dh2 billion.
The 60-storey Escan tower will offer more than 570,000 square feet of mixed-use space on Shaikh Zayed Road, opposite Mazaya Centre. Floors one to 20 will be reserved for office space and floors 21 to 60 will be for residential units.
Escan tower is a first in many respects, as it has "rare freehold status on prime real estate", Saeed Mattar Bin Belaila, chairman of Escan, said at the launch of the tower yesterday.
As the first freehold commercial building on the highway, Escan tower is set to significantly add to the landscape of Shaikh Zayed Road.
"It has risen from being a commuter highway to the capital, Abu Dhabi, to becoming an emblem of Dubai.
"Shaikh Zayed has led the evolution of our city in many, many ways," Sanjay Chimnani, joint managing director, said at the launch.
The tower will also feature a five-storey business centre that will be company branded. ACI and Escan are currently involved in talks over which company will brand the centre.
The chosen company will be announced in "the coming weeks", said Robin Lohmann, managing director of ACI.
Lohmann said ACI plans further collaboration with Escan and other developers in Dubai in the future as "it's better to run in one direction rather than in opposite directions".
Since entering the Dubai market in 2004, ACI Real Estate has invested more than Dh10 billion just in Dubai.
Escan has a portfolio worth more than Dh13 billion but this is set to jump higher.
"Our target in 2008, is to reach Dh20 billion," said Juma Al Falasi, chief executive of Escan.
Robin Lohmann said ACI would be announcing "new and exciting" projects by the end of this year.
By Suzanne Fenton
Gulf News 2008. All rights reserved.
