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Development works on Awali City on schedule

Saudi Arabia: Sunday, February 22 - 2009 @ 15:39

Mr. Mohammed Hussein Al Nemer, Chief Marketing Officer at Awali Real Estate Investments, said, “The current slowdown of various markets worldwide does not mean that we should go back on our commitment to our clients, especially given that we at Awali depend more on self-financing, rather than bank loans, for example.”

“We are moving forward with Awali City, a project which extends over an area of 33 million square feet and has a cost value of Dhs20bn. The city is now ready for construction work, and Awali Company will develop 30% of the project, while the remaining 70% will be developed by other developers who have already bought the plots needed for the development process,” added Al Nemer.

Awali Real Estate Investments is a Saudi company, who are currently developing the Awali City project in Ajman. The project was launched in Ajman in 2008, in conjunction with the Ajman Real Estate Investment Establishment. Awali City is a mega-city that consists of 136 land plots set for residential and commercial use.

In addition, it boasts towers of between 17 and 50 storeys each, which will house more than 120,000 people. Awali Company is currently developing two sets of twin towers inside Awali City, namely Al Mashrabia Residence and Chevron Commercial Towers.

Mashrabia Residence is a freehold twin tower project designated for residential use, with each tower comprising 25 storeys. Each level will contain 12 one bedroom apartments and 4 two bedroom apartments, amounting to a total of 800 apartments between the two towers. Scheduled for completion by the end of 2011, the project boasts state-of-the-art facilities that include seven parking levels and a total of 417 individual parking spaces. Each tower offers spacious retail areas, as well as entertainment and leisure facilities such as a health club and gym on the roof of each tower, a swimming pool, Jacuzzi, and a steam room, as well as other facilities.

Chevron Commercial Towers, on the other hand, is a pair of spectacular commercial towers featuring all of the facilities essential to modern business. It is a freehold development comprising two 25-storey towers and seven parking levels that can accommodate 411 cars in all. Each tower includes 304 offices, covering a total area of 375 thousand square feet.

In addition, both towers also offer large retail spaces, entertainment and leisure facilities. The Chevron Commercial Towers are founded on the principles of quality, dynamism and high returns on investment, offering the latest in sophistication and modern convenience.

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Sunday, February 22- 2009 @ 15:39 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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