Bonyan Emirates to invest in mega realty projects in Dubai

DUBAI - Bonyan Emirates, a subsidiary of Ismail Akil Abbasi Group, yesterday announced its intention to make substantial investments in several mega realty projects in Dubai's Shaikh Zayed Road.

By A Staff Reporter

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Published: Mon 11 Aug 2003, 12:02 PM

Last updated: Wed 1 Apr 2015, 7:47 PM

The company's project line-up in this area include two residential apartment projects in the Dubai Marina community promoted by Emaar Properties; a fully furnished serviced apartment development in the precincts of the Dubai Technology, Electronic Commerce and Media Free Zone; and another luxurious residential project in The Chinatown development promoted by Nakheel.

A senior official of Bonyan Emirates said that construction on the company's first residential apartment project - Azure Dubai Marina - has already commenced, while construction on the other three projects is expected to commence by the end of 2003 and early 2004.

Ismail Akil Abbasi, chairman, Ismail Akil Abbasi Group, and CEO, Bonyan Emirates, said the company's added focus on this rapidly developing new business and residential area of Dubai was reflective of the changing dynamics of the real-estate sector in the emirate.

"As a local company, we are committed to being active partners in the growth of Dubai, while conceiving and developing projects that offer investors a compelling rationale to invest in this area," he said.

Abbasi further said that bookings for Bonyan Emirates' first project in this area - Azure@Dubai Marina - a premium residential apartment project in the Dubai Marina community have already commenced. "We are extremely upbeat about the freehold property market in Dubai, which is reflected in the solid investor response to the project within days of the opening of bookings."

Bonyan Emirates has been actively involved in real estate planning, development and marketing for the last 15 years in the UAE and Gulf region.

The company is a fully-owned subsidiary of the Ismail Akil Abbasi Group, a division of the Abbasi Group of Companies, which has interests in trading, retail, textiles and hospitality. The Group, which includes entities such as Worldtex and Dubtrade is also the master franchisee of the global coffee house chain, The Coffee Bean & Tea Leaf, in the Middle East.

"Our corporate culture is extremely customer-centric, and we have a team of highly skilled professionals with extensive experience in real estate development, property management, project management, marketing, architecture and finance."

"Over the years we have built strong linkages in the real estate and construction-related industry and this enables us to offer stable and low risk assets unmatched by any other player in the region's market," Abbasi added.

Azure Dubai Marina, the first project by Bonyan Emirates in Dubai Marina, offers 77 apartment units comprising one, two and three-bedroom condominium units and four-bedroom luxury duplexes on six floors. Being part of the Dubai Marina community, promoted by Emaar Properties, it offers freehold ownership to UAE and AGCC nationals, and expatriate investors.

"We have positioned Azure Dubai Marina as a landmark development, which will distinguish itself by not being another anonymous high-rise building. We have gone to great lengths to source quality materials and bring in best-of-the-breed architectural consultants and designers to execute the project," he said.

Construction on Azure Dubai Marina will be completed by September 2004. Price for apartments in Azure range between Dh395,000 for a one-bedroom apartment on the first floor, to Dh1,450,000 for a four-bedroom duplex apartment with a terrace facing the Marina. Situated along the Dubai Marina promenade, which will feature a huge shopping boulevard, Azure is also located right next to a huge park.

Investors in the project are also offered an easy payment plan in eight installments starting with a 10 per cent down payment at the signing of the preliminary agreement and the final 10 per cent at the time of taking over possession by September 2004.

Abbasi said Azure Dubai Marina's pricing is competitive, with the square foot rates 10 to 20 per cent lower than any other comparable residential projects in the area.

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