Cityscape Abu Dhabi is selected as the ideal platform to demonstrate Abu Dhabi's progressive vision on real estate for future generations
Abu Dhabi - One month after closing the sale of 2,500 villas of its Al Reef project near Al Raha Beach, Manazel Real Estate officially announced the launch of the sales phase of two new projects - Al Reef Downtown and Prestige Tower at Building Materials City (BMC). Sales in two landmark projects will start at Cityscape Abu Dhabi from May 8 to 10 2007.
"In line with Manazel Real Estate's strategy of providing affordable housing for the low to middle-income segment of the population in the UAE and throughout the MENA region, the first phase of sales of Al Reef Downtown will involve 582 apartments out of the development's total of 1,500", confirmed Mohammed Al Qubaisi, Chairman of Manazel Real Estate. "We have also chosen to launch the sale of units in Prestige Tower, two 20-storey office buildings at the heart of Building Materials City (BMC) with more than 2,000 square meters of office space per floor".
Al Reef Downtown (part of Al Reef Villas Project) offers three apartment types, ranging from 70 to 125 square meters in size and from AED 255,000 up to AED 1,050,000 in prize.
"The Al Reef development will be a master development encompassing a whole new community, with all the necessary facilities and services for its citizens. Residents will enjoy the nearby shopping malls, supermarkets, outdoor markets, dedicated community services and many recreation areas", added Al Qubaisi.
Prestige Tower is a commercial tower in the unique, 230,000 square-meter Building Materials City development, which is being developed by Manazel Real Estate in partnership with United Group Holdings. BMC will be the hub for all of the UAE's commercial services and trading activities related to construction and building materials. "With the most advanced features not available in office towers of similar stature and being sold at very competitive prices, Prestige Tower is an ideal venue for both local and multi-national companies to explore their business potential and opportunities in true UAE fashion," said Al Qubaisi.
Manazel Real Estate will be participating at Abu Dhabi Cityscape. "It is a great opportunity for the real estate business in the emirate of Abu Dhabi to showcase their serious commitment to Abu Dhabi's progressive vision on real estate for future generations", confirms Mohammed Al Qubaisi.
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About Manazel Real Estate
Manazel was founded in May 2006 as a private stock company in Abu Dhabi, UAE. Today, the company has more than 2,600 shareholders with a paid capital of AED 2,5 billion (US$670 million). Manazels unique business strategy is to develop real estate projects for middle and low income classes in the UAE, the GCC and MENA region and internationally. It is a Sharia-compliant company and all of its projects are available for UAE Nationals and foreigners for purchase, lease or rental.
The company has already launched four projects at a total investment of AED 9.2 billion (US$2,5 billion). The largest one, Building Materials City in Abu Dhabi, is comprised of 49 commercial and residential towers and will include, by decree of the UAE government, the first official building materials stock exchange in the region. Al Reef Villas, a completely independent community to be developed in the desert near Al Raha Beach in Abu Dhabi,
features 1,500 apartments and 2,500 villas. Dunes Village, located at Dubai Investment Park, offers 19 residential buildings, and Desert Rose Resort consists of a Hotel with 200 luxurious individual Bedouin-style tents.
For further information, please contact:
Habib Bacha
Credo / Gavin Anderson
Tel.: +971 2 622 5775
Fax: +971 2 622 5770
E-mail: habib@credo-ga.com
© Press Release 2007
