Printer Friendly

Tanmia secures $108.9m deal for two towers.

RELATED ARTICLES: Tanmia revives stalled Wind Tower project in Dubai | Emr joins Tanmia initiative on stalled projects | Tanmia signs US$8.7mn building deal

Tanmia, the Dubai Land Department (LD) initiative to restart stalled projects, has sold two tower projects to HABN Real Estate Development for $108.9m (AED 400m).

The first project, Wind Tower I, is a 25-storey residential and commercial building located in Jumeirah Lakes Towers comprising 365 residential units and 128 hotel rooms. The second project is Wind Tower II, a 33-storey residential and commercial building located in the same area, containing 415 units. Tenders for both projects have been issued within the past month.

Sultan Butti Bin Mejren, Land Department director-general, said: "The Real Estate Investment Management and Promotion Centre has proven its effectiveness in the sector and its ability to play a major role in revitalising the market and connecting investors under LD's umbrella to execute projects in a clear and transparent manner."

Tanmia, launched last year, aims to attract investors to Dubai's real estate market to develop on-hold or new projects with profit potential.

[[banner]]

2012 ITP Business Publishing Ltd. All Rights Reserved.

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2012 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Construction Week
Date:Dec 4, 2012
Words:197
Previous Article:Al Sadd to be Qatar\ s first solar-powered stadium.
Next Article:bauma China records highest ever visitor numbers.
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters