45 per cent of projects planned in the Gulf currently under construction in UAE

45 per cent of projects planned in the Gulf currently under construction in UAE

Dubai-based developer Memon Investments reiterates support to UAE’s construction leadership

August 23, 2009

Forty-five per cent of projects planned in the Gulf, which have a total value of USD 930 billion, are currently under construction in the UAE, according to recently published reports, thereby asserting the country’s leading position in terms of developments and project activity in the region. Forming part of the massive bulk of construction projects in the UAE is the AED 1.34 billion project portfolio of Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies. Among the projects under this billion-dirham portfolio are high profile developments within the UAE’s most sought-after communities, including luxury residential projects 'Champions Towers' series, 'Gardenia I & II’, and ‘Frankfurt Sports Tower I’; as well as its inaugural commercial tower - 'Cambridge Business Centre' (CBC).

The study further revealed that despite the economic slowdown, the value of property construction is four times higher than what had been estimated in June 2005 and represents an annual growth rate of nearly 50 per cent. In addition, some 81 per cent of the UAE projects are in the construction sector, which indicate that the country has overtaken all GCC states in terms of total value of projects. Amidst ongoing prospects within the construction industry, which is witnessing early signs of recovery, Memon Investments is committed to the ongoing construction of its projects, encouraged by the relatively lower costs of construction, in an attempt to ensure timely delivery and customer satisfaction.

“The strong standing of the UAE in the construction market is an indicator of the capacity of developers of locally-based projects to proceed with the construction of launched projects amidst the challenges presented by the economic slump,” said Ahmed Shaikhani, Managing Director, Memon Investments. “As one of the leading players in the Dubai property market, we leverage our extensive industry expertise and strong financial backing, thereby enabling us to proceed with unhindered construction works on our flagship projects.”

Construction on the four towers under the ‘Champions Tower’ (CT) banner are progressing at an impressive pace, with various important contracts already been awarded to a number of top contractors, including leading MEP companies as well as companies that specialise in elevator and air-conditioner installation. Moreover, construction of eight of the 10 floors within CBC has been completed, with initial steps already being made in preparation for the scheduled handover of the project to investors by the fourth quarter of 2009. The company also previously announced that it is fast-tracking the construction of ‘Gardenia I & II’ and ‘Frankfurt Sports Tower I’, in line with aims to hits their respective delivery deadlines.

“The outstanding progress we have recorded across all our projects is the result of our strong collaboration with industry-leading partners, and our own initiative to expand our core competencies. Now, despite the challenges of the current economic slump, we are looking forward to the completion and handover of all our projects, as we gear up to take on more challenging developments that will satisfy the demands of our highly-discerning clientele,” concluded Shaikhani.

Memon Investments on track with construction of all projects within its AED 1.34 billion portfolio

Memon Investments on track with construction of all projects within its AED 1.34 billion portfolio

Developer asserts commitment to delivery despite delays and cancellations of 48 real estate projects in UAE

June 14, 2009

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, announced that it is on track with the construction of all its projects in Dubai, which are collectively valued at AED 1.34 billion. The developer is asserting its commitment to delivery despite the massive delays and cancellations of 48 real estate projects in the UAE. The report, which was released by REIDIN.com, the world’s first and leading global online information services provider, also revealed that majority of the troubled projects are high-end residential and commercial developments, as the drop in sales and strict financing have forced developers to reconsider their project’s viability.

According to the same report, there are 37 projects in the UAE that are currently on hold, with 11 projects marked as completely cancelled. Underlining its capacity to proceed with the construction of all its launched projects given its strong financial standing, Memon Investments has pointed to the first development within its ‘Champions Tower’ series, and the ‘Cambridge Business Centre’ which is expected for delivery by the end of 2009. Having strictly adhered to the Escrow Law and registered with the Real Estate Regulatory Agency (RERA), the developer is expecting a boost in investor confidence as a result of its efforts to ensure security for their investments.

“The global recession has created an astounding backlash to the regional real estate sector that has even the largest real estate players in the region reeling from its blows,” said Ahmed Shaikhani, Managing Director, Memon Investments. “We are proud to be still standing strong amidst the downward momentum that is sweeping the regional real estate market, and we believe that this has been the result of our unwavering commitment to meeting our clients’ needs, combined with our strong fundamentals and financial backing. We are confident that the current economic conditions will have little effect on the construction of our projects.”

Memon Investments has launched a total of five projects in Dubai Sports City, including four towers within the ‘Champions Tower’ series and ‘Frankfurt Sports Tower I’, in addition to 'Gardenia I & II’ in Jumeirah Village, and 'Cambridge Business Centre' in Dubai Silicon Oasis. In line with the reported decline in the construction cost per square foot within the UAE since the onset of the economic crisis, the developer has committed to further strengthening its partnership with leading construction companies.

“The challenges posed by the current economic crisis are true tests to the commitment of organisations to delivering their promises and to their resolve to overcome difficult situations. As an established player in the real estate realm, we have taken the necessary adjustments to combat the repercussions of the crisis, which we believe can be further countered with a continuous stream of positive measures spearheaded by the UAE Government. Through the combined efforts of the government and the industry, I have high hopes that we will be able to weather the challenges brought by the current slump in the market,” concluded Shaikhani.

Early adoption of sustainability technologies in construction lessens cost impact of LEED credits

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Early adoption of sustainability technologies in construction lessens cost impact of LEED credits

Memon Investments stands firm in commitment to adhere to Dubai ‘green building code’ across future projects

May 26, 2009

The adoption of sustainability technologies early on in the construction process has proven to lessen the cost impact of achieving a holistically sustainable design and satisfactory Leadership in Energy and Environmental Design (LEED) rating, according to recently conducted industry estimates. In line with this, Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, revealed its firm commitment to adhere to Dubai’s ‘green building code’ from the primary stages of construction of its five new projects within Jumeirah Village (JV), which are collectively valued at over AED 1.3 billon.

According to the same analysis, the on-cost for the buildings to achieve ‘LEED Gold’ ranges from an additional 1 per cent to 3 per cent depending on the building type; however, if sustainable design is integrated into the project from the start, additional on-costs for sustainability can be lowered. Furthermore, the costs for achieving ‘LEED Gold’ for buildings that did not benefit from early integration would be between 9 and 19 per cent more than standard. In line with its aims to ensure the success of its environmental initiative, Memon Investments has recently partnered with the Middle East Centre for Sustainable Development (MECSD), who will be responsible for the implementation of sustainable development and ‘green technologies’ for its projects in Jumeirah Village.

“Our efforts to adopt and implement ‘green’ initiatives are part of our commitment to give back to our customers for their unwavering support for all our projects,” said Ahmed Shaikhani, Managing Director, Memon Investments. “By taking these steps, we are increasing the potential of our projects to yield higher investment returns while effectively reducing ecological footprint, which is one of the common offshoots of rapid advancement of developing economies such as Dubai.”

‘Gardenia I & II’, an AED 150 million project located in Jumeirah Village, is the latest project launched by Memon Investments, and among its five developments to undergo ‘green building’ processes to achieve LEED Gold rating. Marking the developer’s initial foray into Jumeirah Village, the luxurious residential development features a total of 170 residential apartments. Designed by Dimensions Engineering Consultants (DEC) to offer residents Mediterranean-inspired units, the project has an escrow account with the Commercial Bank of Dubai in compliance with the requirements of the Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD).

“During a period when merely designing and constructing sustainable designed buildings is not enough; we at Memon Investments believe that it is also vital to ensure that the operation of the facility after occupancy is done in line with ‘green building’ concepts. Consequently, we have strategic and outlined plans to implement water and energy efficiency initiatives across all our projects to gain actual results and sustain the success of our efforts for the benefit of both our customers and the environment,” concluded Shaikhani.