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ARY announces real estate project

The ARY Group yesterday announced its foray into the real estate business in the country at the ground breaking ceremony of its first project called ARY Marina View.

Haji Abdul Razzak Yaqoob, chairman of the ARY Group of Companies, said that the ARY Marina View is an exclusive nine-storeyed residential tower, which offers luxurious one, two and three bedroom apartments and five bedroom waterfront villas situated on the Dubai Marina. He said the total project cost would be between Dh80 and Dh100 million.

The chairman also said that this is only the beginning of the group's entry into real estate venture as a number of projects are now being lined up with ARY Marina View Phase II, a 16 storey residential building, planned at the Dubai Marina shortly. Other projects on the anvil include the ARY Digital Tower, a 44 storey commercial and residential building in Dubai Media City, a 10 storey residential building in the International City and the ARY Aurum Plus, which is a state-of-the-art gold refinery at DMCC. "Keeping with the futuristic vision of General Shaikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and the UAE Defence Minister, we are proud to announce ARY Marina View, a development committed to providing its residents with the highest quality of life," he said.

Earlier the ARY chairman and Ahmed Al Banna, deputy director general of Dubai Chamber of Commerce & Industry, broke the ground for ARY Marina View.

Al Banna said that Pakistan has a historical tie with Dubai and investments from that country has continued to come into various sectors and forms. Now with the opening of Dubai's real estate sector for foreign investments, investors not only from Pakistan, but from across the world have started to pour into the emirate's property sector, he added.

Yaqoob Iqbal, director of ARY, said that since bookings opened for the ARY Marina View, the project has had an overwhelming response from the Gulf region with both nationals and expatriates coming forward to invest in the apartments and villas. Over 50 per cent of the property has also been sold out, he added.

Describing the apartments and villas being offered through the project, Iqbal said that these would provide residents will facilities like state-of-the-art kitchens, luxurious bathrooms and bedrooms with wide balconies and large windows to take full advantage of the sunlight and sea breeze. He also said that the project will have two fully equipped gymnasium and temperature-controlled swimming pool, round-the-clock security, and underground parking with designated bays. The project also provides for attractive finance schemes and residence visa facilities for the foreign investors, he added.