Business | Property
Maison takes first step into UAE realty market
Hong Kong developer Maison Limited has purchased four plots in Downtown Jebel Ali to develop a signature boutique resid-ence as its first stepping stone into the UAE property market.
- By Suzanne Fenton, Staff Reporter
- Published: 23:50 April 20, 2008
Dubai: Hong Kong developer Maison Limited has purchased four plots in Downtown Jebel Ali to develop a signature boutique resid-ence as its first stepping stone into the UAE property market.
It is also the company's first global commercial and residential real estate venture.
"Progressive foreign ownership laws, a buoyant economy and the UAE government's drive to create a forward-thinking, cosmopolitan centre of finance, business and culture will ensure the continued success and high profile of Dubai on the world stage," said Shaye'e Shamszadeh, managing director of Maison Limited.
Located in phase four of Downtown Jebel Ali, near the Arabian Canal, the development has a land area of 10,000 square metres and a built-up area of 90,000 square metres.
The four plots will be combined to make two larger plots and the buildings will rise to G+18 storeys (ground plus 18 floors).
Construction and infrastructure development is expected to start once the plots have been handed over in March 2009.
The project will come with state-of-the-art facilities and all apartments will be provided fully-furnished and will be feng-shui oriented.
Maison Limited are also looking into developing in Abu Dhabi, but will mainly focus on Dubai.
"Dubai is a trendsetter and we believe it's the best first step. Abu Dhabi is on our agenda and will be an interesting stepping stone.
"Abu Dhabi is still missing international exposure. Dubai has the glamour and the name," said Cor van der Meulen, managing director, Maison Limited Hong Kong.
Shamszadeh said the company will go international with Dubai as the launchpad.
"Our strength lies in the conceptualisation and management of our initial project brand, which, once launched in Dubai, we aim to emulate with similar developments in other dynamic worldwide cities," said Shamszadeh.
The project will be officially launched in the third quarter of this year.
Share this article
Gulf News classifieds
Popular in Business
Business Editor's choice
-
Louvre, Golden Tulip hotel chains to expand in region
Dubai could host first establishment in 2010
-
Lending slows down in eurozone
Central Bank will this week announce revisions to liquidity-boosting measures
-
Global outcry over Dubai World restructuring is exaggerated
About 75 per cent of the $20b bond has already been subscribed
-
Banking
Mortgages: there's light at the end of the tunnel
UAE buyers are securing home loans again
