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Chapal World unveils Dh10b project

Dubai-based developer Chapal World on Sunday launched a Dh10 billion mixed-use project, Emirates Lake Towers, in Ajman, boosting the company's portfolio to around Dh15 billion.

  • By Suzanne Fenton, Staff Reporter
  • Published: 23:35 June 1, 2008
  • Gulf News

Dubai: Dubai-based developer Chapal World on Sunday launched a Dh10 billion mixed-use project, Emirates Lake Towers, in Ajman, boosting the company's portfolio to around Dh15 billion.

Spread over 21 million square feet, the project will comprise 51 towers, a mosque, a school, retail space and a five-star hotel.

Ahmad Chapel, executive director of Chapal World, said: "This is just the beginning. We're planning to do much more. Our aim is to build cities internationally."

This latest project brings the company's total portfolio to around Dh15 billion. The company on Saturday reported sales of Dh250 million with the pre-launch offer. Also included in the development is Chapal Dunes, a residential block and the 50-storey commercial tower, Chapal Signature. The combined value of these two towers is Dh900 million.

The average price for apartments starts from Dh515 per square foot.

Chapal said that the total construction would take around four years and levelling work would begin in about three months.

Chapal World has many more projects in the pipeline, including Flora Residences, a development of 1,500 to 1,800 villas to be launched after summer. Another project planned for this year is a Dh500 million development in Jumeirah Village South.

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