Memon Investments acquires 5 plots worth over AED 228 million in Jumeirah Village South.

Summary: Developer to launch 5 residential and mix-use towers within high profile community development collectively valued at AED 1.3 billion

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, announced that it has acquired five plots of land worth over AED 228 million within the high profile community project - Jumeirah Village South (JVS). The developer's sizeable investment is part of its plans to launch five residential and mixed-use towers within JVS, which will be collectively valued at AED 1.3 billion. Prior to this, Memon Investments has revealed its plans to launch more than ten projects worth over AED 3 billion in the UAE in the second half of 2008, along with its aims to become one of the major developers with an extensive presence in JVS.

Set to occupy over 152,746 sq ft in total land area, the five projects reiterate the leading developer's steadfast commitment to addressing the booming demand for prime quality real estate projects within in-demand community developments. Strategically located within JVS, the residential and mixed-use developments combine sophisticated design and advantageous positioning, thereby underlining Memon Investments' unwavering focus on delivering high ROI projects to regional and global investors. In addition, each of the five towers will also incorporate the developer's signature unique concepts and world-class amenities that highlight its careful planning and design processes.

"As we roll out more projects in line with our growth plans for the remaining months of 2008, we are now focusing on reinforcing our presence within Dubai's most established master developments," said Ahmed Shaikhani, Managing Director, Memon Investments. "Our acquisition of these plots in Jumeirah Village South is a prelude to the extent of our plans within this outstanding commercial and residential hub. Apart from the continuous planning of our future projects, we are also looking into other master developments in Dubai, as well as in other emirates and the rest of the GCC."

An integrated master community spread across 811 hectares, JVS is a mixed-use development that comprises residential and business units, water canals, retail outlets, international schools, hospitals, shopping malls, connected parks and boulevards, sports fields, mosques, town centre with piazzas and shops, gardens, clubs, spas, cafes and restaurants, boutiques and promenades. Developed by Nakheel, one of the leading developers in Dubai, the project is 20 minutes from the Dubai International Airport, five minutes from JAFZA, and 50 minutes from the Abu Dhabi airport. The combination of strategic location and the conveniences of a luxury community project have attracted Memon Investments to choose JVS as the home for its latest projects.

In addition to JVS, the developer has also identified other master developments in Dubai as locations for its future projects, including MIZIN, Downtown Jebel Ali and Dubai Sports City (DSC), which is the home of Memon Investments' most recently launched project -- the AED 338 million 'Frankfurt Sports Tower I' (FST I). Prior to FST I, Memon Investments had launched the AED 250 million Champions Tower IV, the fourth and largest tower under the Champions Towers series located in Dubai Sports City. The developer also announced that is has registered an Escrow account for the two towers with the Commercial Bank of Dubai, in accordance with the requirements of the Dubai Land Department.

"Our strategic plan involves the allocation of our resources to acquire the best locations that match the superb quality and unique themes of our projects. As a developer with an aim to have several projects in Jumeirah Village South, we are seeking to further strengthen our portfolio by putting the Memon brand in the midst of globally renowned projects such as JVS," concluded Shaikhani.

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2008 Al Bawaba (Albawaba.com)

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