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Plus Properties allots Dh200m for two-year plot acquisitions

DUBAI — Created to answer the demand for more freehold waterfront residential accommodation in Dubai and Abu Dhabi, Plus Properties is allotting Dh200 million over the next two years for the purchase of five to six plots as part of its expansion plan.

This according to the company's director, Sami Maroun, who said that there is a tremendous demand for waterfront properties in the two UAE emirates which could spill over to other areas in the country.

With ongoing projects totaling more than Dh860 million and set for completion by 2010, Plus is bent on expanding its portfolio through the acquisition and development of waterfront plots. It is a participant to this year's Cityscape, a trade show dedicated to institutional investors in real estate.

These projects are the Wave Residence and Pixel Tower at Dubai Waterfront, said to be the world's largest waterfront property located on the eastern shores of Jebel Ali, and the Sky Gardens on Reem Island in Abu Dhabi.

Wave has 120 units of studio and one-, two- and three-bedroom apartments having panoramic view of the sea and some of them featuring private swimming pool, Jacuzzi and access to the sea and the city.

Inspired by wine bubbles in a glass, Pixel has been designed as a tower for young achievers. It is located near the water and consists of 18 floors.