Memon Investments to deliver ‘Champions Tower I’ in first quarter of 2012

Memon Investments to deliver ‘Champions Tower I’ in first quarter of 2012

Leading property developer reveals smooth work and timely pace of construction on projects in Dubai Sports City

August 22, 2011

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, Shaikhani Group, has confidently revealed that Champions Tower I (CTI), the first of the four Champions Towers, will be delivered to its customers in the first quarter of 2012. The leading developer has reported completion on CTI’s structure and blocking works and is now currently working on the first floor windows and tiling works at a very timely pace. The latest report reflects the company’s commitment towards meeting its construction deadlines amidst the challenges left behind by the global economic downturn.

The company has also reported that they are on track to meet their deadlines for the other Champions Towers projects and Frankfurt Sports Tower. The expected dates of completion include CTII in December 2012, CTIII in June 2012, CTIV in December 2013 and FST in June 2013. Takmeel, the Shaikhani Group’s newly launched turnkey services provider, will render strategic services like Design Consultation, Value Engineering and Project Management for CTI. Also, Memon Investments has revealed that the awarding of various contracts to some of the UAE’s leading contractors has played a key factor in the fast paced construction of the towers. Stromek Emirates Foundation completed the initial excavation and foundation work on the five projects, while Al Sarh Contracting facilitated the construction work and leading MEP contractor Amwar Al Aqsa managed the electrical, plumbing, fire alarm and fighting components.

“The smooth flow of construction and the fast pace of work rendered by our contractors have given us the confidence to assure our investors that we will be able to turn over Champions Tower I by early next year,” said Ahmed Shaikhani, Managing Director, Memon Investments. ”We remain fully committed to our promise of on-time project delivery. In fact, our newly launched turnkey services provider arm, Takmeel, will be providing turnkey design consultation services for Champions Tower I before it gets turned over to our clients.“

With a total built-up area of 105,133 square feet, CTI is a 15-storey tower, which will include 135 apartments comprising 49 studios, 50 one-bedroom and 50 two-bedroom apartments. The tower also provides easy access to an 18-hole golf course, a cricket stadium and various sport-oriented academies, rugby and football pitches and a track and field stadium. CTI is also equipped with modern facilities including a communal swimming pool, spa and sauna, Jacuzzi, a fully equipped gymnasium and an indoor games room.

“We are also pleased to share that Champions Towers II, III, IV and the Frankfurt Sports Towers are also moving at a pace that is sure to meet its scheduled deadlines. These projects give a clear vision of the company’s move to provide the UAE with world-class property development projects that meet the demands of our intended target markets. We remain steadfast in the move towards redefining the country’s real estate sector and play a key role in driving in economic progress,” concluded Ahmed Shaikhani.

About Memon Investments LLC
Founded as the property development arm of the international business conglomerate, the Shaikhani 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 Shaikhani 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 Shaikhani 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 Shaikhani Foundation (formerly Rabia Charitable Foundation and the Rabia Relief Fund).

Memon Investments continues construction of current projects amidst reports showing 38 per cent of all UAE projects are currently inactive

Memon Investments continues construction of current projects amidst reports showing 38 per cent of all UAE projects are currently inactive

Leading developer stands firm on commitment to complete AED 1.34 billion worth of projects

September 26, 2010

Memon Investments, a leading Dubai based property developer and part of the multi-billion dollar international business conglomerate, the Shaikhani Group, has reported that construction activity on all of their current line of projects are still ongoing despite the global downturn which has affected the regional real estate sector. The announcement follows the recent release of a Proleads report that states that 38 per cent of the UAE’s construction and development projects are currently inactive. The country’s residential sector, which comprises of 682 projects valued at USD 306 billion, represents 62 per cent of construction projects in the UAE. Memon’s current portfolio, which is currently valued at AED 1.34 billion, consists of high profile residential development projects like the ‘Frankfurt Sports Tower’ and the ‘Champions Tower’ series.

According to a recent report released by UAE-based research firm Proleads Global, a total of 1,296 projects valued at more than USD 418 billion are currently being built in the UAE, with an additional 303 projects worth USD 143 billion already in the design, planning and or bidding stage. However, the report also stated that 38 percent of these projects have ceased construction and have become inactive as a result of the global financial crisis. As one of the very few developers to maintain continued construction activity, Memon Investments remains steadfast in its commitment to complete and deliver all of its projects through the support of satisfied customers. The developer is also confident that its current portfolio of projects will provide buyers a wide range of investment options that offer excellent return potential.

“Many promising construction projects in the UAE have ceased development and construction activity as a result of the global financial crisis, “ said Ahmed Shaikhani, Managing Director, Memon Investments. “Memon Investments is glad to report that it is continuously moving forward with all of its projects. Despite the recession, we have managed to stay afloat by adopting strategic initiatives and practices. Rest assured, we stand firm on our promise to complete and deliver our projects in accordance with the expectations of our discerning clientele.”

Memon Investments recently announced that it has already crossed the halfway mark for ‘Champions Tower II’ (CT II) and ‘Champions Tower III’ (CT III), two of its prime residential projects located in Dubai Sports City. Construction has reached the 9th floor in CT II, with the developer preparing for the next slab and block work has also been done till 6th floor; while the 10th floor in CT III has already been cast. Leading MEP contractor Anwar Al Aqsa has been awarded the contract to manage the electrical, plumbing, fire alarm and fire fighting installations, while ETA MELCO has been commissioned to install six high-speed, state-of-the-art Mitsubishi elevator units for both towers. As construction progresses rapidly, the developer is currently looking to award contracts related to the finishing and facility management to credible partners in the UAE.

“We are very pleased to share that both of our Champions Tower projects have already crossed the halfway mark and we expect to complete both projects fairly soon. Awarding various contracts to some of the UAE’s leading contractors and MEP companies has largely contributed to the fast-paced construction of both towers. Similarly, implementing a sound project management plan has played an important role in our efforts to maintain continued construction activity. Our strong commitment towards customer satisfaction continues to provide us with the confidence and inspiration to finish all of our projects scheduled deadlines”, 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.

Memon Investments’ AED 255 million ‘Champions Towers II’ and ‘Champions Towers III’ witness continuous construction progress

Memon Investments’ AED 255 million ‘Champions Towers II’ and ‘Champions Towers III’ witness continuous construction progress

Leading property developer confident to deliver projects on time

December 8, 2009

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, Memon Group of Companies, has reported that construction on its ‘Champions Towers II’ (CT II) and ‘Champions Towers III’ (CT III) projects is witnessing continuous progress. The leading property developer reported that it has already completed 6 out of 14 floors and 5 out of 16 floors for CT II and CT III respectively. The timely pace of the project’s construction and development complements Memon Investment’s assurance of delivering the projects on time.

Memon has also detailed the awarding of various important contracts to some of the UAE’s top contractors and MEP companies. Anwar Al Aqsa, a leading MEP contractor, will manage the electrical, fire alarm, plumbing and fire fighting installments for the two towers. The installation of elevators for CT II and III has been awarded to ETA MELCO, who will be installing six high-speed, state-of-the-art Mitsubishi units, whilst shoring, initial excavation and foundation work has been undertaken by Stromek Emirates Foundation. Further, Al Sarh Contracting has been placed in charge of construction for both CT II and CT III. In addition, HI TECH Electro Mechanical Contracting Est. has also been awarded the contract to install YORK air conditioning units for the CT II project.

Rizwan Shaikhani, Joint Managing Director, Memon Investments, said, “Various construction projects in the UAE have reported delays and difficulties as a result of being affected by the current economic downturn. However, Memon Investments remains committed to its promise of on-time project delivery. Our efforts to partner with some of the country’s leading contractors, suppliers and MEP companies have allowed us to keep our projects running at an impressive pace, giving us the confidence to assure our clients that both CT II and CT III will be delivered on time.”

Champions Tower II is a 14-storey tower with a total built-up area of 231,454 square feet, which will include 172 apartments comprising 72 studios, 72 one-bedroom and 28 two-bedroom apartments, each with its own magnificent view of the lush greenery exuding a relaxing ambience. The tower provides easy access to an 18-hole golf course, a cricket stadium and various sport-oriented academies, rugby and football pitches and a track and field stadium. As the culmination of the sophisticated combination of luxury and high technology living set amidst a sports-oriented environment, the tower also offers a handful of modern facilities including a communal swimming pool, spa and sauna, Jacuzzi, a fully equipped gymnasium and an indoor games room.

Champions Tower III is a B+G+15+HC tower with a total built-up area of 283,672 square feet, and offers a total of 254 elegant units comprising of studios, one-bedroom and two-bedroom apartments. CT III features include a spacious fine marble lobby, three high-speed elevators, basement parking, ground floor covered parking, concierge and valet parking services, 24-hour manned security and an in-house maintenance team. World-class stadiums and academies, educational, religious and healthcare facilities, as well as posh restaurants and cafés and a sports-themed shopping mall in the gated community are all at walking distance from the luxurious residential property.

“CT II and CT III reflect Memon Investment’s vision to provide property development projects that suit the lifestyle of our target market while consequently allowing us to deliver investment opportunities that yield in high significant returns. Moreover, Memon Investments continues to remain steadfast in its role as prime developer of iconic development projects, clearly redefining the UAE’s real estate sector and helping in its drive for economic progress,” concluded Shaikhani.

Memon Investments on track with construction of all projects within its AED 1.34 billion portfolio

Memon Investments on track with construction of all projects within its AED 1.34 billion portfolio

Developer asserts commitment to delivery despite delays and cancellations of 48 real estate projects in UAE

June 14, 2009

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, announced that it is on track with the construction of all its projects in Dubai, which are collectively valued at AED 1.34 billion. The developer is asserting its commitment to delivery despite the massive delays and cancellations of 48 real estate projects in the UAE. The report, which was released by REIDIN.com, the world’s first and leading global online information services provider, also revealed that majority of the troubled projects are high-end residential and commercial developments, as the drop in sales and strict financing have forced developers to reconsider their project’s viability.

According to the same report, there are 37 projects in the UAE that are currently on hold, with 11 projects marked as completely cancelled. Underlining its capacity to proceed with the construction of all its launched projects given its strong financial standing, Memon Investments has pointed to the first development within its ‘Champions Tower’ series, and the ‘Cambridge Business Centre’ which is expected for delivery by the end of 2009. Having strictly adhered to the Escrow Law and registered with the Real Estate Regulatory Agency (RERA), the developer is expecting a boost in investor confidence as a result of its efforts to ensure security for their investments.

“The global recession has created an astounding backlash to the regional real estate sector that has even the largest real estate players in the region reeling from its blows,” said Ahmed Shaikhani, Managing Director, Memon Investments. “We are proud to be still standing strong amidst the downward momentum that is sweeping the regional real estate market, and we believe that this has been the result of our unwavering commitment to meeting our clients’ needs, combined with our strong fundamentals and financial backing. We are confident that the current economic conditions will have little effect on the construction of our projects.”

Memon Investments has launched a total of five projects in Dubai Sports City, including four towers within the ‘Champions Tower’ series and ‘Frankfurt Sports Tower I’, in addition to 'Gardenia I & II’ in Jumeirah Village, and 'Cambridge Business Centre' in Dubai Silicon Oasis. In line with the reported decline in the construction cost per square foot within the UAE since the onset of the economic crisis, the developer has committed to further strengthening its partnership with leading construction companies.

“The challenges posed by the current economic crisis are true tests to the commitment of organisations to delivering their promises and to their resolve to overcome difficult situations. As an established player in the real estate realm, we have taken the necessary adjustments to combat the repercussions of the crisis, which we believe can be further countered with a continuous stream of positive measures spearheaded by the UAE Government. Through the combined efforts of the government and the industry, I have high hopes that we will be able to weather the challenges brought by the current slump in the market,” concluded Shaikhani.

Memon Investments awards AED 19.5 million MEP contract to Anwar Al Aqsa

Memon Investments awards AED 19.5 million MEP contract to Anwar Al Aqsa

Leading contractor to manage electrical, plumbing, fire fighting works within two projects in Dubai Sports City

May 04, 2009

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, announced that it has awarded an AED 19.5 million MEP contract to Anwar Al Aqsa, a leading UAE-based company. The leading MEP contractor will manage the electrical, fire alarm, plumbing, and fire fighting works within Memon Investments’ ‘Champions Tower II’ and ‘Champions Tower III’ projects, located in Dubai Sports City. With construction progressing on the two towers, which are collectively valued at AED 255 million, the developer most recently awarded an AED 1.96 million elevator contract to ETA MELCO for the installation of six high-speed, state-of-the-art Mitsubishi elevators within the 14-storey Champions Tower II and the 16-storey Champions Tower III.

Memon Investments has revealed that its decision to award the contract to Anwar Al Aqsa was based on the company’s experience within the engineering, owner, vendor and trade contractor communities, which has enriched its capacity to provide the greatest value to a project. Specifically, the company will be utilising its expertise in HVAC systems installation, building electrical works, generator installation, interior and exterior plumbing, fire protection systems installation and exterior lighting for Memon Investments’ luxury residential developments. The contract with Anwar Al Aqsa follows previous deals with other top companies, including an AED 55.5 million deal with Al Sarh Contracting and an AED 82 million agreement with Cairo Contracting Company for the construction of Champions Tower II and Champions Tower III respectively.

“Our reputation within the UAE’s thriving property development sector has been built on the quality of our projects, which is the result of our close collaboration with leading companies that possess the necessary industry expertise and know-how of the latest industry technologies,” said Rizwan Shaikhani, Joint Managing Director, Memon Investments. “This strategy has enabled us to provide the highest level of convenience and state-of-the-art facilities to our clients. We have high confidence in the work Anwar Al Aqsa will be doing for Champions Towers II and III, which will play an integral role in the anticipated success of these two projects.”

Having worked with a wide variety of projects across the UAE - from villas to mid-rise buildings to high-rise towers - Anwar Al Aqsa has developed a distinctive quality in its workmanship and has impressed various local authorities, including the UAE Ministry of Electricity and Water, as well as a number of high profile developers. With offices in Dubai, Sharjah and Ajman, the company comprises of qualified electricians, plumbers and technicians who leverage its good infrastructure, material resources and equipment to execute major projects. Anwar Al Aqsa’s extensive expertise across various levels of MEP engineering, in addition to its operations involving the design, manufacturing and assembly of distribution boards, were key factors that helped the contractor clinch the deal.

“Memon Investments has a reputation for high quality developments, and we are proud to have been awarded this contract to work on two of their iconic projects. Ever since we commenced operations, we have been winning several high profile contracts, which underline our expertise and the superior quality of our services. With this latest contract from Memon Investments, we look forward to complementing their vision for excellence by adding value at every stage of our involvement,” concluded Eng. Isam Abdullah Edyak, Managing Director, Anwar Al Aqsa.

Memon Investments currently has a portfolio of projects valued at AED 1.34 billion, which includes the high profile residential 'Champions Towers' series, the luxurious ‘'Gardenia I & II’, ‘Frankfurt Sports Tower I’ and 'Cambridge Business Centre'. The Escrow accounts for all the projects are already in place with the Commercial Bank of Dubai, in compliance with the requirements of the Real Estate Regulatory Agency (RERA) and Dubai Land Department (DLD). Each of the towers will also combine sophisticated design and advantageous positioning, thereby underlining Memon Investments’ unwavering focus on delivering high ROI projects to regional and global investors.

Memon Investments announces rapid construction progress on AED 75 million ‘Champions Tower I’

Memon Investments announces rapid construction progress on AED 75 million ‘Champions Tower I’

UAE-based Majed Hilal Contracting heads main construction works on the entire project

February 18, 2009

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, has announced the rapid progress in the construction of ‘Champions Tower I’, after having already completed six of the building’s 15 floors. UAE-based Majed Hilal Contracting is heading the main construction works on the AED 75 million residential tower. With construction in full swing, the developer has also revealed that it is on track to hit the tower’s delivery deadline scheduled for handover by the end of 2009.

‘Champions Tower I’ marked Memon Investments’ foray into the real estate sector in the region, and was also one of the first projects within ‘Dubai Sports City’. Leveraging its strong relationship with top construction companies in the region, the developer has also appointed Dubai Architectural Research Team International (DARTIN) to assume the role of design and project management consultant, and Shanghai & Arabian Electromechanical LLC (SAE) to deliver and install three high-speed Shanghai Mitsubishi elevators. Furthermore, sizeable contracts have also been recently awarded to HI-TECH Electro Mechanical Contracting Est. who will supply YORK air-conditioners within the project.

“We are focused on establishing a distinct trend of excellence and quality for all the projects within the ‘Champions Tower’ series, and we will achieve this by ensuring that the first tower will create new benchmarks for other residential developments in terms of design and facilities,” said Rizwan Shaikhani, Joint Managing Director, Memon Investments. “We are also committed towards hitting the delivery date we have set for this project, and we are confident that we will be able to do this with our partnership with an esteemed selection of contractors, suppliers and design professionals.”

‘Champions Tower I’ will offer a total of 135 luxury residential units ranging from studios, one-, two-, and three-bedroom apartments, and a penthouse. Located within Dubai Sports City, the tower offers an unparalleled range of activities for the family within the secure and gated community of DSC. In addition to modern housing units, the tower will also incorporate a large swimming pool, spa, sauna and Jacuzzi, fully equipped state-of-the-art gymnasiums, basement parking, 24-hour security, and an indoor games room. The tower will also provide its residents access to world-class facilities within the master development, including schools, parks, mosques, sports, entertainment and recreation facilities.

“Our partnership with leading organisations within the construction sector underlines our commitment to quality, which is one of the primary drivers of our growth. Our capacity to identify and form strategic alliances has enabled us to streamline the construction process, thereby allowing us to deliver our promises to our customers. We are definitely looking forward to the completion and handover of units within ‘Champions Tower I’ to new homeowners,” concluded Shaikhani.