Dubai's residential property prices likely to recover by 2011, says Memon Investments

Dubai's residential property prices likely to recover by 2011, says Memon Investments

Developer boasts of portfolio consisting of high profile residential development projects valued at AED 1.34 billion

January 18, 2011

Residential property prices in Dubai are likely to recover by 2011 as the market witnesses continued signs of improved lending from 2009, which is expected to continue until 2011, said Memon Investments, a leading Dubai-based property developer and part of the multibillion dollar international business conglomerate, the Shaikhani Group. Strategically positioned to leverage the healthy market prices the developer is expediting construction on its on-going residential projects, which consist of luxury buildings collectively valued at AED 1.34 billion.

Encouraged by the relatively lower costs of construction, the developer further reiterated its commitment to ensure timely delivery of its residential developments, which include the ‘Frankfurt Sports Tower’ and the ‘Champions Tower’ series. As more banks inject liquidity into the mortgage market, Memon Investments is confident that its projects, which are located in several high profile master developments, is providing buyers a wide range of investment options that offers excellent return potential. Furthermore, the developer also revealed that it has already awarded important contracts to some of the UAE’s top contractors and MEP companies.

“Amidst reports that a major percentage of 100 off-plan projects in Dubai that were put on hold are now picking up where they left off, we are focusing on gaining an advantageous position as consumer confidence continues to grow,” said Ahmed Shaikhani, Managing Director, Memon Investments. “We continue to capitalise on our strategic partnerships and the uniqueness of our projects, as we work towards the prompt completion of our existing projects and the realisation of our vision of growth as one of the major developers in the region.”

Memon Investments announced that it has passed more than the halfway mark on the construction of two of its prime residential developments in ‘Dubai Sports City’ - ‘Champions Tower II’ (CT II) and ‘Champions Tower III’ (CT III). The developer also revealed the completion of the superstructure of the AED 80 million ‘Cambridge Business Centre’ (CBC) in Dubai Silicon Oasis, keeping the construction on track to be completed by the second quarter of 2011.

“Our strategy revolves around managing the construction progress in our projects and building-up the confidence of customers and investors. This, in addition to the improving situation in the UAE residential property market, is giving us the necessary leverage to maintain our robust operations in United Arab Emirates, and we are confident that the entire market is poised for an upward trend in the near future,” concluded Shaikhani.

About Memon Investments LLC
Founded as the property development arm of the international business conglomerate, the Memon Group of Companies, Memon Investments has grown to become a leading property player in the region offering a diversified portfolio of premium property projects. Guided by a tradition of excellence, the developer’s intense focus lies within its core competencies, specifically acquisition, design and development, consultancy, leasing and management of properties. Leveraging the Memon Group’s extensive real estate development experience, Memon Investments’ UAE portfolio comprises of prestigious residential projects including ‘Champions Towers I, II, III, and IV’ and ‘Frankfurt Sports Tower I’ in Dubai Sports City; ‘Gardenia I & II’ in Jumeirah Village, and its inaugural commercial venture - ‘Cambridge Business Centre’ in Dubai Silicon Oasis, all of which embody the developer’s trademark top-notch quality and uniqueness.

Having delivered over 30,000 units across the globe with a presence in 90 countries spread across Asia, Africa, Middle East and Europe, the Memon Group of Companies is presently commemorating its 30th year of delivering unique offerings and services to its global customers. In addition to its extensive expertise in the real estate market, the Group has also built a strong reputation for its unwavering support for various causes such as poverty alleviation, environmental conservation and academic development. As a socially-aware international corporation, the Group has devoted 19 years in support of the Rabia Charitable Foundation and the Rabia Relief Fund.