Over 35% of project underway; handover scheduled for June 2007
Dubai, June 7, 2006: The Old Town Island, a 26-hectare Arabian inspired island located at the heart of the Burj Dubai Downtown development, is progressing rapidly with its handover scheduled for June 2007.
Capturing the traditional charm of ancient Arabia yet offering an exclusive and modern lifestyle, The Old Town Island is an exceptional way to experience downtown living at Burj Dubai. Its neighbourhoods contain a mixture of exquisite low-rise waterfront apartments, 35,000 square metres of retail in the style of a traditional souk, 8,000 square metres of boutique offices and a five star hotel.
"Ever since the launch of the first phase of the Al Tajer Residences at The Old Town Island, we have seen tremendous interest from buyers as it features some of the best views of the majestic Burj Dubai. The Old Town Island is where east meets west traditional architecture blended with modern amenities," said Bahiya Kayed, Assistant Director of Sales, Emaar Properties.
Kayed added: "With construction rapidly moving ahead, buyers can see their dream home taking shape and the realisation of what this project will offer is fast becoming a reality."
Divided into four sectors, Tajer (East), Al Bahar (North), Attareen (West) and The Palace (5-star hotel), The Old Town Island includes individually designed one, two and three bedroom apartments with living space ranging from 840 to 3,284 sq. ft.
With parking for tenants and guests underground, The Old Town Island is a car free zone allowing residents and visitors to make the most of the captivating alleyways and courtyards that epitomise the style of The Old Town Island. With shaded avenues, pedestrians can enjoy a host of amenities ranging from restaurants and cafes to boutiques and the traditional souk.
For further information, visit The Old Town Island Presentation Centre located within the Burj Dubai Downtown development or log on to www.theoldtownisland.com.
-Ends-
About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and No, 1 real estate company in the world, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the first quarter ended 31 March 2006 reached AED 1.517 billion (US$406.9 million) an impressive rise on the AED 1.325 billion (US$355.4 million) for the equivalent period.
Emaar's net profits for the year ended 31 December, 2005 climbed 180 per cent, to a record AED 4.731 billion (US$1.288 billion). The figures represent a substantial increase on the AED 1.691 billion (US$460 million) for the year 2004.
The company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base with more than 13,000 homes handed over to satisfied customers to date. Currently, it has several major real estate projects under various stages of development in Dubai including Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. The company also owns and manages the Gold and Diamond Park.
Emaar has started construction on its most ambitious project to date, the AED 73 billion (US$20 billion) Burj Dubai Downtown development, which comprises the Burj Dubai - the tallest tower in the world when completed in 2008, The Dubai Mall, Burj Dubai Boulevard, The Lofts, The Old Town, The Old Town Island, The Residences, Burj Views, man-made lakes, landscaped parks and gardens. The company has joint ventures and projects across the region covering Saudi Arabia, Egypt, Syria, Morocco, Turkey, Tunisia India and Pakistan.
Last year the award winning property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 100 malls in the mega emerging markets of the Middle East, North Africa and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Recently the company also announced plans to expand its investments into the education and healthcare business. The education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
While continuing to actively pursue expansion in its core business of innovative, high quality real estate development, Emaar has diversified into related business lines to further build value for its 59,000 shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For further information, please visit www.emaar.com.
For further information please contact:
Kelly Home
Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969
Fax: (+971 4) 335 6080
E-mail: k.home@asdaa.com
E-mail: n.william@asdaa.com
© Press Release 2006
