Business | Property
ETA Star plans projects in Middle East and Far East
Property developer ETA Star Properties is set to expand its projects across the Middle East and Far East with around Dh12 billion worth of development currently underway in Dubai alone.
- By Suzanne Fenton, Staff Reporter
- Published: 00:47 March 3, 2008
- Abid Junaid: Executive director of ETA Star Properties
- Image Credit: Supplied Picture
Dubai: Property developer ETA Star Properties is set to expand its projects across the Middle East and Far East with around Dh12 billion worth of development currently underway in Dubai alone.
Abid Junaid, executive director of ETA Star Properties, said: "We will be launching projects in Dubai Maritime city in the next quarter.
"It will incorporate one residential building and one commercial building at a value of around Dh1 billion with an estimated gross floor area (GFA) of one million square feet."
They will also launch a cluster of residential buildings in Dubai Waterfront that will have a GFA of two million square feet worth Dh2 billion-Dh2.5 billion.
The development of hotel apartments as part of Starhill Towers and Gallery in Business Bay will be launched in the second to third quarter of this year.
Also launching this year, is the company's first project in Abu Dhabi, comprising of two commercial and two residential buildings. Ten towers are also being developed in Ajman with a GFA of four million square feet.
The company's development portfolio in the UAE covers 12 million square feet at a cost of around Dh12.8 billion ($3.5 billion). Across the region, the first development in Oman, Qaryat al Qurum, a 3.7 million square foot integrated complex is underway.
Located in Muscat, the development comprises residential, commercial, retail and hotel at a cost of around Dh5.7 million (600 million Omani riyals).
ETA Star Properties is also looking at other beach front projects in Muscat.
In Qatar, they are launching their first project as part of the Al Hussain development.
"Turkey and Egypt will come on stream towards the end of this year and we are continuing strongly in India and signing up for new locations in new cities like Bombay and Pune," said Junaid.
The company's portfolio in the sub-continent stands at Dh7.3 million spread over 20 million square feet.
They have also just acquired their first piece of land in Malaysia where they have plans to develop 100 high-end apartments in the centre of Kuala Lumpur at a cost of around Dh345 million (300 million ringgit).
ETA Star Properties is currently in the process of securing their first piece of land in Vietnam as, according to Abid Junaid, "it's one of the up and coming real estate markets."
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