Ground-breaking for Azure Dubai Marina project

DUBAI - Local real-estate developer Bonyan Emirates, a subsidiary of Abbasi Group of Companies,

By A Staff Reporter

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Published: Wed 20 Aug 2003, 5:51 PM

Last updated: Mon 9 Jan 2023, 9:31 AM

yesterday announced the ground-breaking of its Azure Dubai Marina project, its latest venture in the new business and residential district of Dubai.

A senior official of the company announced that the six storey complex, which will comprise one, two and three-bedroom condominium units and four-bedroom luxury duplex suites, will be designed by reputed UK-based architectural firm RMJM, who will also be the overall consultants to the project. The contractors for the project will be Dubai Civil Engineering (DCE).

Ismail Akil Abbasi, chief executive officer, Bonyan Emirates said that full-scale construction on the project has already commenced and is expected to be completed on schedule within a year.

Bonyan Emirates has been actively involved in real estate planning, development and marketing for the last 15 years in the UAE and Gulf region, and has built an enviable reputation for itself as a visionary corporate entity committed to the growth and promotion of Dubai.

"We are extremely upbeat about the freehold property market in Dubai, and believe that our projects should provide astute investors with a compelling investment rationale. Our belief has been validated by the tremendous investor response to the project, within days of its opening for bookings," said Abbasi.

"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, designers and contractors - such as RMJM & DCE - to execute the project."

The main contractors for the project, DCE, is part of the Al Hamad Contracting Company, one of the leading companies engaged in the construction of residential and commercial buildings in Dubai and the Northern Emirates.

Prices for apartments in Azure Dubai Marina 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.

Azure Dubai Marina will be located next to a huge park and will face the Dubai Marina Promenade, which will feature a busy shopping boulevard.

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.

"We conceived Azure Dubai Marina with one compelling aspiration - to offer investors residential premises that will reflect their dreams and ambitions, and this message has gone very well in the booming real estate market of Dubai. The pricing is also extremely competitive, with the square foot rates 10 to 20 per cent lower than any other comparable residential projects in the area," Abbasi concluded.

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