Dubai Marina Pier 24, the premier luxury serviced apartment tower in Dubai being built by Kuwait-based Abyaar, a leading real estate developer, will help meet pent-up demand for short-term luxury accommodation when completed in October this year, commented a senior company official.
Marzooq Al Rashdan, Managing Director, Abyaar Real Estate Development said: "Dubai's business and tourism boom in recent years has triggered an immense demand for quality luxury serviced and furnished apartments due to Dubai's emergence as an important transit hub.
"With this in mind Pier 24 is the first of several projects to be rolled out by the company in Dubai this year in addition to several other residential and commercial developments in the pipeline; Pier 24 is now 70 percent near completion.
"Our projects are proof of our commitment to the UAE market and the potential it brings in terms of lasting investments, with the same expectation applying across the board regionally."
Inspired by Abyaar's literal Arabic meaning - 'the source", the company's vision is to develop stylish and contemporary destinations that enhance lifestyles.
"Pier 24 will be an exclusive market offering, targeting a niche market of investors with fine taste in architecture, design and quality of living," explained Al Rashdan.
"In order to offer a unique setting true to Abyaar's philosophy of design, Pier 24's interior has been conceptualised by Milan's Matteo Nunziati. Building on the inspirational design of large Egyptian monumental structures and traditional Arabic architecture, the design is modern with a distinctive reference to the past, offering living spaces unlike any other in the market today."
The project will feature five-star serviced apartments, furnished in unique contemporary Italian dcor and the latest technology, ensuring residents and clients enjoy the elegant styling of Pier 24 to its fullest.
"The 20-storey Pier 24 will be fully owned by our investors group and operated under Rezidor's Radisson SAS brand, and will remain so in order to provide customers with optimum quality in the serviced residence market," said Al Rashdan.
Pier 24 will house 153 luxury apartments ranging from studio, one bedroom and two bedrooms. The project will also include state-of-the-art facilities including separate gymnasiums and swimming pools for men and women, children's play area, retail outlets as well as restaurants and cafes besides secure underground parking.
Pier 24 will be followed by Pier 8, a 40-storey residential project featuring 234 apartments including studios, one bedroom and two-bedroom flats as well as three townhouses and two penthouses, for which the management contract is in the final stages of finalization, set to be ready by 2009.
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About Abyaar Real Estate Development
Abyaar Real Estate Development is a highly distinct property company committed to raising the benchmark of Middle East real estate and delivering solid investor insurance. Founded with a capital value of KD 35 million (US $115 million) - Abyaar is a joint venture between Kuwait's Aayan Leasing and Investment Company, a leading investment player and Al Rashdan Group, a major real estate developer, and other investors.
Abyaar's portfolio will be an impressive collection of exclusive, freehold initiatives, firstly in Dubai and then throughout the GCC. Investing in real estate in compliance with the rules and provisions of Islamic Shariah, Abyaar will build residential, commercial, retail and hospitality projects finished to the highest European standards, with innovative architecture and aspirational interiors.
'Building Excellence' is the company's guiding principle. Taking inspiration from the literal Arabic meaning of 'Abyaar'- a 'well', the source of water - the company's vision is to develop stylish and contemporary destinations that enhance lifestyles. Abyaar is a new breed of developer committed to creating business growth and prosperity.
For further information, please contact:
Fouad Kassem,
MCS/Action,
PO Box 20970,
Dubai,
United Arab Emirates.
Tel: +9714 390 2960;
Fax: +9714 390 8161,
email: fouad.k@actionprgroup.com
© Press Release 2007
