Business | Property

Schumacher lends name to new tower

Seven-time Formula One champion Michael Schumacher has again lent his name to a UAE development, the Dh2 billion Michael Schumacher World Champion Tower in Abu Dhabi.

  • By Suzanne Fenton, Staff Reporter
  • Published: 23:26 October 7, 2008
  • Gulf News

  • Michael Schumacher unveils the Michael Schumacher World Champion Tower project during the second day of Cityscape Dubai 2008 on Tuesday.
  • Image Credit: Ahmed Ramzan/Gulf News
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Dubai: Seven-time Formula One champion Michael Schumacher has again lent his name to a UAE development, the Dh2 billion Michael Schumacher World Champion Tower in Abu Dhabi.

This will be the first of seven Michael Schumacher World Champion Towers to be developed across the world to match Schumacher's seven Formula One titles. Schumacher has already lent his name to one of German developer ACI Real Estate's projects in Business Bay.

The new project is set to be the world's first integrated residential wharf sky-scraper development and will be located on Reem island.

The World Champion Tower will be 240 metres tall, have 60 storeys and 40 apartments.

There will be three-storey sky villas from the 50th floor and up and there will be an observatory on the top floor.

Designed for yacht-owners, there is a 30-berth outdoor marina and an indoor yacht mooring area.

Markus Giebel, chief executive of Deyaar who is handling sales, said that apartments on the first floor would be the most expensive as they come with their own berths.

The project is set to attract only the "ultra high-end", according to Giebel.

Construction will start at the end of this year and is expected to take three years. The pricing structure will also be finalised at the end of the year.

The tower is being developed by Marasi Real Estate Fund, a Dh500 million closed-end fund focused on the development of premium residential wharf projects.

The fund is half owned by the Dubai government and the remaining 50 per cent is owned by National Bonds.

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