Eshraaq Properties, leading real estate developer, recently announced at a press conference held at Emirates Palace Abu Dhabi about the inception of its new mega-projects in Dubai and Abu Dhabi.
The real estate developer is investing Dh750 million ($204 million) for its three new projects in the two most popular emirates of the UAE.
Jassim Mohamed Al Seddiqi, chairman of Eshraaq Properties, commented, “Eshraq Properties is proud to have built a unique portfolio of diversified properties, many of which are long-established and iconic to the Emirati lifestyle and culture”.
During the press conference, Mr Al Seddiqi unveiled one of the three projects, Jumeirah Village Circle (JVC) – a retail, residential and leisure scheme constituting of three plots of land, located in Dubai.
The other two projects are to be developed in Abu Dhabi, The Gateway in Sas Al Nakheel and Marina Rise on the Reem Island.
“We are excited for the new additions to our portfolio, which are a significant contributor to the economy, society and community of the UAE. Eshraaq Properties is looking forward to escalating our rate of growth in the upcoming year and increase shareholder value in the long term.”
Projects by Eshraaq
The much-anticipated Marina Rise Project in Reem Island comprises of Marina Rise C1, Marina Rise C2 and Marina Rise C3. While Marina Rise C1 and C3 will provide residential and commercial spaces, Marina Rise C2 is set to become a hotel, which will have luxury suites, two restaurants and a roof space with excellent views.
The project, designed to become one of the key landmarks of Reem Island, is within walking distance of Cleveland Hospital and Galleria Mall.
Jumeirah Village Circle, located at one of the top hubs of Dubai, is 12 kilometers away from the Dubai Convention Centre, Dubai International Airport and the Exhibition Centre. The project constitutes of a swimming pool, state-of-the-art gymnasium, a shopping quarter and is set to become a premium destination in Dubai.
The Gateway Mix, expanding over an area of 77,000 m2 , is situated at the entrance of Abu Dhabi, adjacent to the Sheikh Zayed Bridge. The project is designed to become a city within a city as the Gateway will feature a shopping mall, a 4-star beach hotel with seven floors dedicated to long-stay apartments and luxury suites and three residential buildings, comprising of six to eight floors and 180 units. The residential buildings have the same concept as followed in Jumeirah Beach Residences (JBR).
All of the three projects are scheduled to open in 2021.
The real estate developer is a leading public shareholder company in the UAE, which has an impressive portfolio, including projects in Jumeirah Dubai and Dubai International Finance Centre (DIFC).
For Q1 2016, Eshraaq Properties reported a loss of Dh1 million, which is less than last year’s losses as the company incurred Dh7 million loss during the same period, from a year earlier.
The company stands strong despite the apparent loss as it does not have any debts and banks are ready to help them in financing the projects, according to Mr Al Seddiqi.
Before the announcement was made, shares of the real estate developer closed down at 1.1%.
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