Memon Investments, a leading Dubai-based property developer and part of Memon Group of Companies, has announced the launch of the Dh338 million ($92 million) ‘Frankfurt Sports Tower I’ (FST I) in Dubai Sports City.

The announcement is in line with the leading developer’s plans to launch over ten projects collectively valued at over Dh3 billion in various property projects in the UAE in the second half of 2008.

The unveiling of the first project in the developer’s latest residential tower series follows the success of its developments under the 'Champions Tower' banner.

The company has also registered an Escrow account for the freehold residential tower with the Commercial Bank of Dubai in accordance with the requirements of the Dubai Land Department, to boost investor confidence in its developments.

Emanating a German-inspired ambience, FST I is designed by Al Hatmy Consultants and is slated for completion by the first quarter of 2011.

The tower comprises 224 units, including 140 studios, 56 one-bedrooms and 28 two-bedroom apartments within a total built-up area of 177,378 sq ft.

Set to provide tenants with majestic views of the golf course, parks and gardens within the gated community, FST I will also feature two levels of basement parking and covered parking on the ground floor, a concierge desk; roof top health club comprising of communal swimming pool, gymnasium, spa, steam and sauna, Jacuzzi, party hall, outdoor terrace and a rooftop juice bar.

In addition, occupants of the new tower will be afforded with the convenience of state-of-the-art amenities such as three hi-speed elevators, 24-hour manned security and in-house maintenance team, hi-speed internet connection and top-of-the-line surveillance and intercom system, said a company official.

“Our project portfolio in the UAE, which now comprises six high value residential and commercial developments, is a testament to our unrivalled focus to deliver top-calibre built spaces that suit our customer’s specific requirements,” said Ahmed Shaikhani, managing director, Memon Investments.

“With the outstanding success of our developments in Dubai Sports City, we have decided to make this prime location as the home of the Frankfurt Sports Tower series. We are optimistic that these projects will follow the success, which ensued the launch of our Champions Towers series.”

Memon Investments has yet again chosen DSC as the location for the first project under its FST series due to its unparalleled reputation as a world-class themed master development, he said.

Built as the cornerstone project of Dubailand, the 50 million sq ft sports-centric community development will be home to a number of premier sports arenas, religious, educational and healthcare facilities, upscale restaurants and cafés, and retail outlets.

Projected to be completed by 2010, the $3 billion master development can accommodate more than 70,000 people within its high value residential and commercial real estate properties.

“As the world's first integrated Sports City, DSC offers outstanding investment opportunities in an integrated community setting. Memon Investments’ Frankfurt Sports Tower I is a welcome addition to the development, we wish them every success with their latest venture, said U. Balasubramaniam, CEO, Dubai Sports City.-TradeArabia News Service