Dubai: Residential property prices in Dubai are likely to recover by 2011 as the market detects continued signs of improved lending from 2009, which is expected to continue until 2011, said Memon Investments, a Dubai-based property developer and part of the international business conglomerate Shaikhani Group.
Strategically positioned to leverage the healthy market prices, the developer is expediting construction of its residential projects, which consist of luxury buildings collectively valued at Dh1.34 billion.
Encouraged by the relatively lower costs of construction, the developer also reiterated its commitment to ensure timely delivery of its residential developments, which include the Frankfurt Sports Tower and the Champions Tower series.
As more banks inject liquidity into the mortgage market, Memon Investments is confident that its projects, which are located in several high profile master developments, is providing buyers with a wide range of investment options that offer excellent return potential.
Furthermore, the developer also revealed that it has already awarded important contracts to some of the UAE’s top contractors and MEP companies.
“Amidst reports that a major percentage of 100 off-plan projects in Dubai that were put on hold are now picking up where they left off, we are focusing on gaining an advantageous position as consumer confidence continues to grow,” said Ahmad Shaikhani, managing director of Memon Investments.
Vision of growth
“We continue to capitalise on our strategic partnerships and the uniqueness of our projects, as we work towards the prompt completion of our existing projects and the realisation of our vision of growth as one of the major developers in the region.”
Memon Investments announced that it has passed well beyond the halfway mark on the construction of two of its prime residential developments in Dubai Sports City — Champions Tower II and Champions Tower III.
The developer also revealed the completion of the superstructure of the Dh80 million Cambridge Business Centre in Dubai Silicon Oasis, keeping the construction on track to be completed by the second quarter of this year.
“Our strategy revolves around managing the construction progress in our projects and building-up the confidence of customers and investors.
“This, in addition to the improving situation in the UAE residential property market, is giving us the necessary leverage to maintain our robust operations in UAE, and we are confident that the entire market is poised for an upward trend in the near future,” said Shaikhani.
Source: Gulf News