Monday 15 October 2018
 
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Manazel in deal to develop three new UAE projects

DUBAI, April 22, 2018

Abu Dhabi developer Manazel Real Estate has signed an agreement with Tasameem Real Estate to develop three new projects in the UAE at Yas Island (Abu Dhabi), Dubai Silicon Oasis and Jumeirah Village Triangle (JVT).

With a cumulative investment exceeding Dh500 million ($136 million) the projects are expected to positively contribute to the firm’s existing portfolio, currently comprising residential, commercial, retail and district cooling assets, while also driving its strategy of growing the core development business line.

This move is part of a series of discussions being held with other investors for co-development projects in the UAE, South Africa and the region, said a statement from Manazel.  
 
For its “Manazel Yas Tower” project the company will carry out the sale of residential units located in an exceptional area in Yas Island.

Strategically situated in the heart of the Island this unique project located on prime land not only provides instant access to Yas Mall but is also a short distance away from some of Abu Dhabi’s top attractions such as Warner Bros World, Yas Water World, Ferrari World and many more.
 
The company will also be co-developing the “Manazel Silicon Oasis Residences”,  a residential building, with a build and lease model, strategically located in Dubai Silicon Oasis which is poised to be a regional hub for cultivating technological excellence.

Checking all the boxes of what constitutes a valuable investment including strategic location, first-rate facilities, and smart city initiatives the residential development close to the Academic City will provide the added value of serving the surrounding area, said the developer.
 
Lastly, considered as Manazel Real Estate’s second largest development in Dubai after Dunes Village. This development will be strategically located in JVT between Emirates Road and Al Khail Road which offers multiple access points to the city of Dubai.
 
Chairman Mohamad M. Al Qubaisi said: "Manazel is pleased to be able to co-develop these three projects alongside Tasameem Real Estate, as we continue to explore opportunities within the UAE’s real estate industry and identify strategies that offer value to investors whilst growing our real estate portfolio."

"These developments and the partnership with Tasameem is part of the company’s strategy to expand our presence in the market and deliver positive returns to shareholders," noted Al Qubaisi.

"The company will continue to study and target projects in line with market demand through various business models to ensure that real estate investors have access to unique real estate that provide consistent returns," he added.-TradeArabia News Service




Tags: Yas Island | Manazel | Tasameem | Jumeirah Village Triangle |

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