DubaiAAEs Emaar reports good progress at its Syrian development.
Dubai-based Emaar Properties on 28th of June, say that its Eighth Gate project near Damascus has continued to progress well over
the past six months.
The project is being delivered by Emaar-IGO, a venture formed between Emaar Syria and IGO (Invest Group Overseas) a Syrian
investment and property development company.
In its statement on the subject, the developer responsible for the worldAAEs tallest building in Dubai in the United Arab Emirates
(UAE), the Burj Khalifa, said that it has sold 409 of the units at Eighth Gate and had in fact delivered 315 of the properties during the
past 6 months. This period obviously overlapped with the uprising which began in March 2011. AoThe revenue relating to such units
was recognized in the fourth quarter of 2010 and the first quarter of 2011,Ao Emaar revealed.
SyriaAAEs underdeveloped property market has attracted several developers from the Arabian Gulf states, keen to open up alternative
overseas revenue channels to counterbalance rapidly diminishing returns in their domestic markets.
Majid Al Futtaim Properties and Palmyra Real Estate, a subsidiary of property developer Belhasa International, also both from the
UAE, are among firms who have launched projects in the northern Arab state. Saudi ArabiaAAEs Al-Oula Development signed a
memorandum of understanding with the Syrian government some time ago, to form a joint-stock housing real estate company with
assigned capital of US$ 432.9 million, specifically to develop a variety Syria-based property projects.
QatarAAEs sovereign wealth property investment arm, Qatari Diar is also developing the Ibn Hani Bay Resort project in the Syrian seaport
city of Latakia, which will cost around US$ 350 million. The high-end property project kicked off in January 2010 and will stretch over
244,000 square meters on the Ibn Hani coast. In this case however, it is understood that work has been halted due to the
By contrast, in an earlier update, Emaar confirmed that it had a workforce in excess of 600 present on the Eighth Gate site and that
work on the project was continuing at a Aobrisk paceAo.
Copyright Andy McTiernan. All rights reserved.
Provided by Syndigate.info an Albawaba.com company
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|Publication:||Andy McTiernan Property & Economy Bulletin|
|Date:||Jul 1, 2011|
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