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Faya Investments to develop

United Arab Emirates: Wednesday, July 02 - 2008 @ 15:39

The launch of this project comes at a time when demand for office spaces is on the increase and in tandem with an acute shortage of affordable, high quality office space in the property market, primarily in prime business locations. Sharjah faces soaring demand for office space coupled with skyrocketing prices, fuelled by a wave of new arrivals in the emirate and the relocation of existing companies to the emirate.

Extending over 13.123 ft, “Faya Business Tower” is situated in the Al Majaz area and consists 26-storeys, housing 1 ground floor, 5 parking levels with 170 parking spaces and 20 for office space. The Dhs105m project is slated for completion by the end of 2009.

Faya aims to fill the gap in Sharjah’s real estate sector with a range of new projects in various sectors, including the real estate sector, with special focus on developing commercial buildings to meet the increasing demand for quality and affordable office space in the emirate.

One of the key points distinguishing this project from others is the relatively short period of time in which it is to be completed, with the delivery date set for the end of 2009.

Stringent timelines have been set for the project as a measure to combat issues related to handover dates, which have become a challenge for the region’s property development sector due to escalating building costs, the shortage of skilled labour and other difficulties.

The project boasts a contemporary design with an emphasis on classic Arabic architecture and will be equipped with state-of-the-art-amenities and services.

Faya Investments was launched a month ago, with a capital base of Dhs1.5bn. The firm aims to invest in a variety of segments of the region’s real estate sector, including residential, commercial, labour accommodations, leisure and entertainment facilities. Chaired by Sheikh Tariq bin Faisal Al Qassimi, Faya Investments is set to make a decisive impact on the region’s market, catering to the growing demand on the real estate sector and continuously creating safe investment opportunities that offer high returns.

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Wednesday, July 2- 2008 @ 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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