Pakistani property company Erum Developers has launched a Dh160-million residential project, Shami Tower in the Dubai Sports City, a development within the tourist and leisure destination Dubailand, a company representative said.

The Erum project will be located on a 233,000 square foot plot and contain 198 apartments.

It has recently set up a new development arm, Brouks Real Estate, registered in Dubai, to spearhead a number of projects, including two towers in the Dubai Sports City and one in property major Emaar's waterfront development Dubai Marina.

This is one of the many Pakistani developers entering Dubai's real estate market.

Brouks Real Estate is investing about Dh30 million upfront in the project, its representatives said, but it will not seek bank financing.

Naveed Lakhani, managing director of Brouks Real Estate, told Gulf News yesterday his company had purchased two plots of land in the Dubai Sports City.

"After having substantial experience in Pakistan, we are now bringing our expertise into Dubai where we see a strong growth in the market."

The company started its Dubai operations only a month ago.

"We have two plots now and we are negotiating for a third plot at Dubai Marina," he said.

Shami Tower is a 17-storey tower that features 52 studio apartments, 78 one-bedroom apartments, 60 two-bedroom apartments as well as eight three-bedroom flats.

Prices of the apartments range from Dh550 to Dh680 per square foot, depending on the size of the flats and their position. Maintenance charges will range from Dh3 to Dh5 per square foot.

Facilities include a swimming pool, gymnasium, sauna, steam room and spa, business centre and retail outlets.

Construction of Shami Tower is expected to begin in October and be completed by December 2008.

"We are negotiating with a number of contractors to build the tower. It should start in October when we get possession of the plot," Lakhani said.

The flats are being sold in Dubai's freehold market and will not be sold to speculators or middlemen, Lakhani said.

In order to help the retail buyers, the company has launched a payment scheme.

"We are taking 7.5 per cent as down payment, followed by a 2 per cent monthly payment until the handover," he said.

"This way, end-users are not going to be under pressure to obtain bank financing and other interest-driven schemes," he said.