Construction work has started on a new Dubai property project after developers tied up final deals with contractors.
Memon Investments said work had now begun on the AED 150 million ($40. 8 million) ‘Gardenia I & II’ project, featuring 170 homes in the mixed-use Jumeirah Village scheme.
The work begins as many other Dubai real estate developers put existing schemes on hold or postpone plans due to global financial tension.
Memon Investments said interest in real estate at Gardenia I and II had been high despite a slump in the Dubai property sector.
Joint managing director Rizwan Shaikhani said: “The property sector is undergoing a tentative period due to uncertainties in regional and global economies.
“We are thus pleased with the warm response this project has received, which provides us with the motivation to fast-track development.”
Gardenia I and II is a Mediterranean-styled scheme featuring residential apartment property including studios, one-bedroom and two-bedroom units and loft apartments. The completion date has previously been listed as 2010, and buyers have the option of putting down a 10 per cent payment with the rest as instalments.
Commercial real estate is also available, featuring retail space on the ground floors of the five-storey buildings. Jumeirah Village itself is a master plan community developed by UAE real estate giant Nakheel, featuring homes, businesses developments, leisure space and other facilities.
Developers of new property in Dubai could find the overall picture starts to look up later this year – Iseeb Rehman of real estate consultants Sherwoods said this week that company mergers and falling construction costs could help the market later in 2009.
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It is the positive development.Good luck