At
Aabar
's stand at Cityscape, executives told Crane Country to wait a few more weeks for its big debut as a property developer. The investment company had been loudly building up a land bank for the last year or so, focusing on
Reem Island
and
Al Raha Beach
.
Yesterday, the company sent out one of the grandest, multi-coloured, mis-translated press releases in the history of the UAE's recent property sector. It is full of jewels. I'll attach it here.
Here's a sample from the second paragraph:
Another favorite:
Some key facts:
The company has 10 projects worth Dh5 bn, which will be completed in 2012
Aabar will finance its projects in full (100 per cent).
A special financing company associated with Aabar Properties will be established "soon".
* After complaints and bewilderment, I changed the headline.
As described by Aabar:
"
Al-Raha Beach
On Al-Raha Beach, the work is being carried out on two projects out of nine, one of which is composed of a residential complex of four medium height towers and contains a total of 435 residential apartments, including 30 villas that are directly linked to the promenade. All villas and most of the apartments have sea views due to project's special planning. Work is being carried out with utmost care to ensure the quality becoming to this particular project, which is directly connected with a light train station and provides retail shops for the convenience of its residents, and to serve the larger parameters due to train connection, not to mention that the project provides the necessary parking lots and miscellaneous amenities for its residents such as the swimming pool, health club (spa) and the beautiful landscape.
Eskiocak added that "Aabar Properties" is in the process of developing a hotel on Al-Raha Beach where currently negotiations are underway to erect such hotel to be the most modern and most sophisticated hotel resort in the whole world.
Office Building
Eskiocak said that the second project on Al-Raha Beach shall be an office building which is directly linked to the main road and overlooks a canal. This building shall provide offices that meet the requirements of the modern business environment through arranging for receiving communications systems and information networks, in addition to the security and safety systems. The building shall contain the necessary services facilities for its workers, such as the necessary retail shops, catering services and a café. The areas of the office building amounts to 35,000 square meters in addition to the services facilities and this building provides the necessary parking lots and shall operate in a manner to achieve effective power consumption.
Saraya Abu Dhabi
Eskiocak added that there are four projects in Saraya, on Abu Dhabi corniche, awaiting approvals from departments concerned to immediately proceed with the work on sites, such projects include a five-star hotel comprising 380 rooms and suits, a number of luxurious restaurants and all necessary amenities, such as functions and meetings halls, swimming pools and health club. The hotel shall be vibrant and lively and shall provide its guests all means of comfort and entertainment.
Unveiling news that "Aabar Properties" had actually started negotiations with "Hardrock International" company to run the hotels, around such hotel.
He also indicated that the last two projects in Saraya are two residential buildings, highly luxurious and sophisticated due to their unique location as they overlook Abu Dhabi corniche and the lake in Saraya, hence most apartments may enjoy a water view.
The first tower in Saraya soars up to 44 storeys and contains 72 apartments including three-bedroom and four-bedroom apartments in addition to special penthouses.
While the second tower is made of 40 storeys and comprises 53 residential apartments with the same capacity of the other tower in addition to the penthouse. Both buildings house the required parking lots, services facilities and recreational amenities.
Abu Dhabi Roudha
As for Abu Dhabi Roudha, five building shall be erected there, three of which shall be residential while the remaining two shall be office buildings. These projects respond to market's demands as far as providing practical and feasible solutions; this is assisted by the location of these projects which are situated at the junction point where Abu Dhabi city meets with the urban expansion beyond the island, which has started to become quite evident actually.
Al-Reem Island
On Al-Reem Island, "Aabar Properties" proceeded to develop its first buildings which is a 26-storey residential tower located on the marina in Abu Dhabi Star.
International Ventures
As for the most important projects outside UAE, whose development tasks shall be handed over to "Aabar Properties", Eskiocak confirmed that the company had recently successfully finalized discussions to erect a hotel and resort project on the "Dead Sea" in Jordan, in addition to conducting discussions on developing another huge project in the same area, indicating that both projects shall be developed in synergy with King Abdulla II Fund, and he also indicated that the company had already a project under construction; an 80-storey building, which is situated in the heart of Manhattan in New York city, near the Fifth Avenue and Central Park junction. This building contains a luxurious hotel and apartments for sale that vary in size from one-bedroom to four-bedroom apartments in addition to two penthouse units.
55% of the apartments directly overlook the Central Part while 26% of the apartments have partial views of the Central Park.
He declared that the company shall adopt gradual expansion policies in line with achievements assessment."
