ETA Star launches Condo Offices with the AED 700 million The Summit in Dubai

Company partners with Colliers International to lease and manage office units

June 25, 2006

ETA Star, a leading freehold property developer in the UAE has launched its latest project, The Summit, a 38 storeyed commercial and office tower located between Dubai Media City and Dubai Marina on Sheikh Zayed Road.

The AED 700 million project was launched at a press conference held at Dubai's Emirates Towers Hotel on Sunday, June 25, 2006. The modern tower is offered with the first-of-its-kind condo office concept which guarantees occupancy and investment return through a special rental pool system. 

Abid A. Junaid, Executive Director, ETA Star said: "The Summit tower will cater to small and medium investors looking for a guaranteed tenancy occupation and steady return on their investment. We are glad to bring a reputed global organisation Colliers International as our strategic partner to deliver this promise."

Colliers International is a global real estate property consultancy firm with 241 offices in 54 countries, managing over 600 million sq ft of space worldwide.

John Davis, CEO, Colliers International Middle East said: "The Dubai property sector is becoming increasingly competitive, making it necessary for developers to adopt a structured, professional and research-led approach to their projects. We are delighted to partner with ETA Star for The Summit project and pass on the benefits of our global structure, resources, experience and in-depth regional real estate knowledge."

The Summit takes its name from the tower's imposing design and offers a total built-up area of approximately 1 million square feet and priced at AED 1300 per square foot onwards. Comprising four basement floors, a ground floor for commercial space, six parking podiums and 31 floors of office space, the tower will bring a total of 420 small office units ranging from 1100 to 1200 square feet.

In partnership with Colliers International Middle East, ETA Star will also offer outright buyers the option of leasing out office spaces by placing these in a rental pool. Investors in The Summit will thus be able to earn steady returns without the bother of handling leasing and rental tasks. Colliers will take over the management and leasing of offices and will pass on rental incomes to the respective owners.

"Our project's location between Dubai Media City and Dubai Marina is itself presents an excellent ROI proposition for investors. The professional standards and expertise of our partner Colliers International Dubai will further contribute to efficient management and bring sound financial gains for our investors," Junaid added.

The Summit will also be one of the first commercial properties in the region with upto 80% finance, being offered by First Gulf Bank.

ETA Star is one of the leading property development companies in the GCC. ETA Star's portfolio includes pioneering projects such as 23 Marina, Al Manara, Liberty House, Gold Crest Executive, The Belvedere and Gold Crest Views-2 and the recently announced Taj Exotica Resort & Spa and The Grandeur Residences at the Palm Jumeirah Crescent. The company had recently ventured into the Indian and Sri Lankan property market with the launch of "The Gardens", an environment-certified residential complex in Bangalore and the Golden Enclave Residences in Colombo, Sri Lanka.

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To learn more about the projects underway, please log on to www.etastar.com

Editor's Note:
ETA Star Property Developers LLC is the property development arm of the ETA-Ascon Group. The company's prime objective is to harness the growing commercial opportunity in Dubai's freehold market.

Developments over 5 million square feet of built-up area are already underway and many more are planned over the coming months. ETA Star's portfolio currently includes prestigious commercial and residential properties such as 23 Marina, Liberty House, Goldcrest Executive, Goldcrest Views - 2, The Belvedere and The Palladium. In addition, ETA Star has launched a new division-ETA Star Hospitality which is involved in developing commercial and hospitality projects at the DMC complex, Palm Jumeirah Crescent, Port Saeed, Salahuddin Road and other prime locations in the U.A.E. ETA star is also developing major residential & info-tech parks in India & Sri Lanka.

Colliers International:
Colliers International Originated in Australia as a global real estate Consultancy firm founded in 1974 when several successful property companies merged and adopted the name of their mentor, Mr. Ronald Collier. Colliers International has locations in over 54 countries on 6 continents, with 241 offices globally. Colliers International Middle East offices are located in Dubai, Abu Dhabi, Al Ain, Riyadh and Jeddah and currently undertaking assignments in Kuwait, Qatar, Lebanon, Egypt, and Oman. In 2005, its UAE property management assets under administration were valued at AED 8 billion, with total development value of feasibility studies estimated to be AED 17 billion. Colliers International Middle East manages over 2.5 million square feet of property in the Middle East.  

© Press Release 2006