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Tanmia secures $108.9m deal for two towers.

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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.


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Publication:Construction Week
Date:Dec 4, 2012
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