Damiri: "Projects are delivered to owners directly upon completion"
In keeping with the delivery and completion of all its projects in Dubai, and after the delivery of 104 villas of The Villa project during the second half of 2009, Al Mazaya Holding is continuing with the construction and development works of the second phase of the project. The company's strategy will also see the delivery of Al Mazaya Business Avenue in the third quarter of 2010.
The delivery of Al Mazaya's projects comes at a time of global recovery as witnessed by various economic sectors in the world, which has resulted in elevated oil prices and reduced wavering of stock exchanges. The GCC region has also seen a gradual recovery - this includes the Dubai property market, which witnessed relative stability in transactions concerning residential and commercial plots during the last quarter of 2009 with relatively high buy-sell activities becoming evident due to signs of economic rejuvenation and the recovery of mortgage rates offered by capital institutions.
Located at Dubai Land, The Villa project is comprised of 520 residential villas with modern designs catering to the needs of citizens, residents, businessmen, investors, etc. The first phase of project, which included 104 villas, has already been completed and delivered to owners, while construction and development of phase two, which includes 110 villas, has been completed. Delivery of these units to owners has already started, and the overall completion rate for the remaining 306 villas (phase three) currently amounts to 70%.
In addition, Al Mazaya has completed approximately 85% of the construction works for Mazaya Business Avenue, with the completion of the interior also going according to plan. Al Mazaya plans to deliver the project, which consists of three towers with 44 floors each at a total cost of AED 1.25 billion, during the third quarter of 2010.
Fathi Damiri, Senior Vice President at Mazaya Project Management Dubai, says of the progress made at The Villa: "Development works on Al Mazaya Dubai projects are progressing well, and all projects are delivered to owners upon completion. The Villa is one of those projects where the opinion of plot owners is important and has been taken into consideration. In accordance with the project's standards and spirit, inspired by the Santa Victoria architectural system, and the standards set by our main developer, Dubai Real Estate Co., the design features different villa sizes to cater to the needs of a wide range of individuals seeking a home or an investment. Today the project has become a classy residential environment surrounded by beautiful lush scenery and creative designs for every taste."
When asked about the Mazaya Business Avenue project, Damiri commented: "These towers are an integral system offering a different array of high quality services for investors, wholesale and retail traders and businessmen; from the project's strategic location on Jumeirah Lakes and Sheikh Zayed Road, its proximity to Dubai Media City and Knowledge Village, to high quality construction standards, state-of-the-art communication systems, surveillance and security services, business centers, conference halls, retail outlets, and more."
The Villa residential project is located in Dubai, on Ein Road at Exit 18. The AED 1 billion project is a fascinating residential development containing lush gardens, recreational areas, mosques, health clubs and other amenities and facilities. In keeping with the vision to maintain interior and exterior designs with the highest international standards, world renowned designer, Perla Litchi, designed the interiors for the project, with Al Mazaya decorating each villa with stunning furnishings.
Business Avenue is located at Jumeirah Lakes and consists of 3 commercial towers catering to the needs of the office sector. Two of Mazaya Business Avenue's towers were been sold in 2007, while the third tower will be kept by Al Mazaya as a long-term investment. It will be managed based on a lease system as one of the company's profitable assets in Dubai.
The economic feasibility of both projects were thoroughly studied according to cash flow schedules, with the projects being developed through collected sale earnings, leaving out the need to use the company's own resources.
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About AL MAZAYA:
Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region. The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas. The company's record includes a number of outstanding projects. In Kuwait this consists of, (but not exclusively): Al Maha Villas, 7 Zones, Al Roya, Clover Clinic, and Kuwait Business Town. In Dubai their projects includes (but not exclusively): The Villa, Dubai Healthcare City, The Icon (1&2), Sky Gardens, Al Mazaya Business Avenue and Queue Point at Al Liwan, in addition to several other projects in Lebanon and Jordan. Al Mazaya Holding has conducted several feasibility studies for strategic investment in number of property markets and has investments in others such as KSA, Bahrain, Oman and Qatar, with the aim of achieving high returns.
For more information, please contact:
Serine Srouji
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Mob: +961 3 581 208
Email: serin@saharagcc.com
www.saharagcc.com
© Press Release 2010
