Friday, Oct 15, 2010
Gulf News
More companies look to include water element as a luxury attraction while adding value to latest developments
Dubai The downturn may have put many realty projects in the region on the back burner, but it has in no way diminished developers’ interest in adding a water element to their properties.
Schon Properties — who have been plagued by delays for several reasons in their Dubai Lagoon development — insist that the project will be delivered on schedule.
“The project may be delayed, but the lagoon is under construction and we’re filling it with water next year,” Fernando Fischmann, chairman of Crystal Lagoons — the company in-charge of the creation and maintenance of the lagoon — told Gulf News.
Fischmann’s idea to create artificial lagoons stemmed from a need in his native Chile, where the Pacific Ocean can get freezing cold and rough, making it dangerous to swim at times.
Fischmann says he built the first lagoon, measuring one kilometre, near the Chilean city of Valparaiso 14 years ago. He has since patented the technology involved in the construction of a lagoon.
He added that despite most projects seeking to include a lagoon as part of their luxury trappings, the addition itself need not be too expensive.
“It can be equally used for lower income projects — lagoons on [an] average cost six times less than a golf course,” he said.
“They take less space, water can be recycled and we use 50 times less energy than other filtration systems and 100 times fewer chemicals than treated tap water.”
His concept allowed Fischmann to create Crystal Lagoons. “We’ve only been around as a company internationally for two-and-a-half years and been valued at $1.8 billion last year by the Boston Consulting Group,” he said. Around 150 projects have since been started or completed, of which 50 can be found in the Middle East.
“A lagoon can add so much value to the desert... take the Dead Sea [for example] one can’t really swim in it,” he added.
Unique concept
“A lagoon filled with fresh water can bring that aspect to it as well. We can bring an idyllic beach to anywhere in the world.”
Fischmann explains that brackish water from existing shallow wells works wells for his lagoons.
The company’s largest lagoon project to date — worth $5 billion and involving a main lagoon of 12 hectares and 10 other lagoons — is under construction at Sharm Al Shaikh.
“This project for City-stars will be delivered early next year,” Fischmann said.
“We have another six on-going projects in Egypt, including one in Soma Bay, Hurghada — a $1.2 billion investment [expected to be] ready in 2012 — and Alexandria.”
In Saudi Arabia the company is to provide a lagoon for Kingdom Holding’s tower, expected to top 1,000 metres and built by Emaar. “Construction is about to start,” Fischmann said. “We have a meeting with them within the next couple of weeks.”
Other projects include the 4.5-hectare Dead Sea lagoon, a Sama Jordan project set for completion in mid-2011. The company has also signed up a $500 million project near Muscat to be developed with a Kuwaiti firm.
Other projects include a residential development in Turkey and one in India’s Amby Valley. “We’re also in conversation with several developers in Dubai, including Falconcity and Abu Dhabi’s Aldar about their projects,” Fischmann added.
Supplied
In demand
Crystal Lagoons has around 150 projects, of which 50 can be found in the Middle East. The company’s largest lagoon project to date — worth $5 billion and involving a main lagoon of 12 hectares and 10 other lagoons — is under construction at Sharm Al Shaikh.
project
We have another six on-going projects in Egypt, including in Soma Bay, Hurghada — a $1.2 billion investment ready in 2012 — and Alexandria.”
Fernando Fischmann
Chairman, Crystal Lagoons
By Nicole Walter?Senior Reporter
Gulf News 2010. All rights reserved.
