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ETA Star Delivers Dh500m Project
DUBAI - UAE property developer ETA Star has handed over Liberty House, a Dh500-million, 42-storey office-cum-residential property at the Dubai International Financial Centre, and is on track to deliver four other projects worth Dh1.5 billion by the end of 2009, its executive director said on Tuesday.
The Liberty House was completed as scheduled and most of the office spaces, studio flats and one-bedroom units are sold out, said Abid Junaid, ETA Star executive director.
“Four of our launched projects in Dubai will be completed this year, we are not pushing back because of the property downturn,” said Junaid.
These four projects consist of two mixed-used towers at Jumeirah Lake, an office tower at Business Bay, and a residential tower at the International Media Production Zone.
In 2010, Junaid said, the company expects to complete the Dh180-million residential-commercial tower at Palm Jumeirah, while its launched projects in Ajman, is scheduled to be on stream by 2011.
Junaid said that despite the downturn in the Dubai property market, there are signs that the sector is gearing up for a recovery.
“We have seen the number of transactions increasing in the last two months, that compares to the drop in the volume that we have experienced in the first quarter. We expect volumes to increase further in the last quarter of 2009.”
He said he expects a faster recovery at the start of the Ramadan break, which begins in mid-August.
“Prices are definitely bottoming out and volume take up, including price, should increase in the last quarter of 2009.”
Junaid said, however, that the company pushed back its planned projects in Oman, saying the negative sentiment in Dubai has rubbed off on Oman despite a real demand in that country.
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