Business | Property
Channel Sponsor
iPod will be model for Omniyat's new tower
Real estate developer Omniyat Properties is planning to launch projects worth more than Dh3 billion in 2007, starting with a tower inspired by Apple's iPod MP3 player.
- By Robert Ditcham, Staff Reporter
- Published: 00:00 December 22, 2006
Dubai: Real estate developer Omniyat Properties is planning to launch projects worth more than Dh3 billion in 2007, starting with a tower inspired by Apple's iPod MP3 player.
The company will announce at least two residential projects and one commercial development and will open its account in February with the innovative iPad residential tower in Business Bay.
The 23-storey building, which is scheduled to bring more than 200 units onto the market in 2009, was designed by Hong Kong-based architects James Law Cybertecture International.
The tower will sit atop a docking station angled at six degrees to give the exact look.
With a property portfolio worth Dh2.7 billion in its first year of operations - made up of four luxury commercial developments in Business Bay and one residential tower - the company has already made a swift impression on the market.
"Our aim was to launch three projects this year but strong market demand encouraged us to deliver more. Out of the entire portfolio, we have sealed sales worth approximately Dh2.4 billion," said Mehdi Amjad, president and CEO of Omniyat Properties, an arm of Almasa Holdings.
Amjad admitted the company has still to face its biggest challenge. "We are aware that today people are taking us at face value on what we promise, but by 2008 when we hand over our first project, they will judge us on the quality of the product we deliver."
Next year will see the launch of new companies under the recently-formed Omniyat Holdings parent company.
The organisation was set up with an authorised capital of $250 million and initial paid-up capital of $100 million and will manage Omniyat Properties and a host of upcoming companies and projects.
Amjad said the first new company will focus on serving the property industry and will be listed on a major international stock exchange.
Share this article
Gulf News classifieds
Popular in Business
Business Editor's choice
-
Media baron Murdoch cries foul
Murdoch's suggestion of content theft infuriates digital evangelists
-
Jobs vital to global recovery
Higher unemployment reduces purchasing power and revenues
-
Abulhoul Aviation to begin operations
New charter company will use Cessna 206 Station Air to transport tourists
-
Banking
Mortgages: there's light at the end of the tunnel
UAE buyers are securing home loans again
