Business | Property
AAA Appraisers to build Eclipse Tower
AAA Appraisers, the development arm of AAA International Group, on Sunday launched the $200 million commercial Eclipse Tower in Jumeirah Village.
- By Suzanne Fenton, Staff Reporter
- Published: 00:16 May 19, 2008
Dubai: AAA Appraisers, the development arm of AAA International Group, on Sunday launched the $200 million commercial Eclipse Tower in Jumeirah Village.
The project will have a gross built-up area of 350,000 square feet, with an additional 55,000 square feet of retail space.
The Eclipse tower will feature a sky golf course. Yousuf Yaqoub Ebrahim, general manager of AAA, said, "This is a record of sorts, as Dubai has never experienced a sky golf course. It will feature bunkers, water hazards, as well as a pioneering water management system which maintains the golf course with minimal wastage of water."
Another new concept in Dubai, as soon as investors buy an office in the Eclipse tower, they will be able to move into a fully furnished office. "Most businesses have to wait for more than two to three years for handover of the keys to their office. We aim to introduce a paradigm shift in the real estate industry, by offering our investors the chance to move into new, fully furnished offices immediately," Ebrahim said.
Construction on the project will start by the end of September 2008 and the completion date is slated for the end of 2010.
Ebrahim said the sales of the tower will be launched "within the next couple of months" at a rate of Dh1,600 per square foot.
He said that the company also has plans for regional expansion. "We are looking at other Arab regions for future developments, namely Syria, valued at over 2 billion Syrian pounds and we will take action in due course," Ebrahim added.
Eclipse Tower is approved by Dubai Real Estate Regulatory Authority (Rera) and has an escrow account with Emirates Islamic Bank.
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