Business | Opinion
Eco Towers development launched
Connection real estate announces environmentally friendly buildings in abu dhabi
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:31 October 28, 2008
- Eco Towers, a Dh1 billion development by Connection Real Estate, which claims to address environmental challenges and provide essential residential property in Abu Dhabi.
- Image Credit: Supplied picture
Abu Dhabi: Connection Real Estate, an Abu Dhabi-based property development company, yesterday launched a Dh1 billion mix-use environmentally-friendly project in the capital - Eco Towers - comprising luxury apartments and commercial property.
Chairman of the board of directors of Connection Real Estate, Abed Al Zeera said at a news conference in Abu Dhabi that the levelling work on their two plots where the project is to be built, will start within the next four weeks.
The gross floor area of the two plots is 787,000 square feet and it's located on the Airport Road.
Talks with banks
"The two towers are expected to be ready for use in the first quarter of 2011," said Al Zeera, adding that the project's debt-to-equity ratio is targeted at 70:30.
"We are currently in talks with a number of banks for financing the project.
"The project will be 70 per cent financed by regional banks from the Gulf states," Al Zeera added. He didn't elaborate further on the subject.
Al Zeera didn't disclose the price-per-square feet for buyers, saying it will be announced later.
Al Zeera said their project is being launched at a time when there's a real shortage of residential and commercial property in Abu Dhabi and there's a big demand from end users.
'The right time'
"We are doing it at the right time," he added.
"Eco Towers addresses environmental challenges while ensuring great and long-term rewards for stakeholders," claimed Al Zeera.
Another senior executive associated with the project, Khalifa Yousef Khouri, said in a statement that "Eco Towers advocate the rapidly emerging consensus that green buildings are fundamentally better - more healthy, less expensive to run, more appealing to occupiers and the public, and ultimately, more profitable."
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