Property prices in Jumeirah Village climb by up to 30 per cent since January ‘09

Property prices in Jumeirah Village climb by up to 30 per cent since January ‘09

Memon Investments’ ‘Gardenia I & II’ project offers high-value units within Jumeirah Village community development

July 26, 2009

Property prices in Jumeirah Village have climbed by 5 to 30 per cent from their low levels in January this year, according to recent reports, signifying an early recovery for the Dubai property market, which has witnessed a nine-month period of decline. Driven by its commitment to offering high-value units within the Dubai’s most luxurious community developments, Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, is fast-tracking the construction of ‘Gardenia I & II’ - a project strategically located in Jumeirah Village. Master developed by Nakheel, Jumeirah Village is set to provide authentic Mediterranean-inspired residential, commercial and retail space.

According to recent reports, the 811-hectare integrated master community has not been impacted to the same degree as the large number of residential properties in various locations across Dubai, and thereby presents a more profitable investment option for property purchasers today. Consequently, an increasing number of investors are reportedly looking at Jumeirah Village for a more solid investment opportunity with a lower risk percentage. As one of the first to develop within the Jumeirah Village development, Memon Investments has reported increased demand and inquiries for its ‘Gardenia I & II’ project.

“Our capacity to identify the best master developments to build our projects in, not only in terms of facilities and prestige but more importantly in their potential to provide excellent investment returns, is the foundation of our strength as a developer,” said Ahmed Shaikhani, Managing Director, Memon Investments. “We take pride in bringing to customers a variety of property units that address their requirements in luxury and style; however, we believe that we have also proven ourselves as an organisation that is dedicated to fulfill our promises to our clients amidst the rise of difficult challenges.”

Located near the Cultural Centre and the renowned Central Park, Memon Investments’ 5-storey residential development will incorporate studios, one and two-bedroom units; lavish townhouses and loft apartments, with retail units on the ground floor. Based on the vision of Dimensions Engineering Consultants (DEC), it was splendidly designed with stuccoed walls, tiled roofs, rustic arches, solid wrought iron balcony grills, carved doors, ornamental spiral columns, marble flooring and thematic and floral patterns. Two leading suppliers and contractors are also collaborating for the project, including the International Foundation Group (IFG), who is undertaking the AED 2.4 million shoring and excavation contract; and Shanghai & Arabian Electromechanical LLC (SAE), who will install high-speed elevators within the towers.

“The first of our projects in the ‘Gardenia’ series remains one of the most-awaited developments in Jumeirah Village, and we would like to reiterate that we are consistently up to the challenge of satisfying the ever-discerning tastes of our target market. We are proud of how long we have achieved in the construction process of this excellent development, which is due to our collaboration with some of the best construction partners in the region,” concluded Shaikhani.