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The Quattro Hotel and Business Park at the Jumeirah Village
- July 25, 2006, 11:33 pm
An Egyptian and a Pakistani developer are jointly pumping Dh1 billion into a major project, the Quattro Hotel and Business Park, at the Jumeirah Village South Circle masterplanned community currently being developed by Limitless.
Pakistani developer Rufi Real Estate and Construction Co LLC and Egypt’s Sharm Land have formed a 50:50 joint venture to finance the project, which will take 24 months to be completed once they start construction of the project later this year.
A&A Investments has played a major role in establishing this alliance, while the project has been designed by Dimensions.
Sharm Land is a sister company of Misr Housing and investments, which owns tourism projects in Sharm Al Shaikh as well as Hurghada and Cairo.
Rufi Real Estate was founded in 1983 by Manzoor Rufi. The company is experienced in real estate development, having built more than 6,500 units including residential apartments, offices, retail outlets and shopping centres.
Both developers said this is the beginning of a new partnership that will see the development of a number of projects.
The Quattro Hotel and Business Park is one of the first projects to be established in Jumeirah Village South Circle, which is situated on the junctions of Emirates Road, Barsha Road and Al Khail Road.
It will be built on a plot of 100,000 square feet that will house a commercial complex with a podium that expands the full plot and holds four towers.
Quattro is an integrated business and retail, mixed-use development that will be set amidst luscious landscaping, offering leisure and lifestyle amenities. It will comprise two business towers and two 143 room business hotels.
Developers have appointed Coldwell Banker as their sales and marketing agents for the project.
Hesham Al Far, Managing Director of Coldwell Banker, said that despite the prospect of 30,000 new residential units set to come into the market this year, he doesn’t expect any slow down in the market and more importantly expects Quattro to become one of the most sought after projects in Dubai.
“A total of 250,000 people moved to the emirate last year,” he said. “They will continue to be drawn by new, cost-effective developments such as Quattro, which has a unique set of attractions.”
Al Far added that the cost of office space in Quattro will be attractive, which can help business yields or make for excellent capital appreciation.
“The affordable prices will make this project even more attractive for companies to buy rather than lease in future years,” he said. “There will be a guaranteed return of 10 per cent over 3 years. Other attractive offers include pre launch discounted prices for purchasers in the business towers, retail outlets and hotels.”
Source - Gulf News
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