Plus Properties launches waterfront projects

Two of Plus Properties' projects are to be built on Dubai Waterfront, pictured alongside the Palm Jebel Ali.

Dubai's new real estate kid on the block Plus Properties has launched its initial three luxury developments in the UAE at Cityscape property expo in the emirate.

The developer and waterfront specialist, established earlier this year, has unveiled two towers on Dubai Waterfront and one on Abu Dhabi's Al Reem Island with a market value of 850 UAE dirhams ($231 million).
Construction on the Wave Residence on Dubai Waterfront and Al Reem's Sky Garden is set to start in the first quarter of next year.

They are slated for completion by 2010, Plus Properties Director Sami Maroun told ArabianBusiness.com Wednesday on the sidelines of Cityscape.

Construction of the firm's other Dubai Waterfront development, Pixel Tower, will begin in April next year and is also expected to be complete by 2010.

Plus Properties is also in negotiations to acquire "a few other plots" on Dubai Waterfront and Reem Island, Maroun said.

"We're trying to look for other plots in phase one as well, to be able to start as soon as possible. We're looking at one other residential and one commercial plot on Reem Island," he added.

The properties are designed by Hong Kong-based James Law Cybertecture International architects, known for specialising in futuristic design.

The unique architectural design of the three residential buildings and their prime waterfront plots are what make them stand out from other luxurious developments in the UAE, Maroun said.

Commenting on the difference between Dubai and Abu Dhabi as locations for its properties, Maroun said: "Dubai has already picked up the fame of real estate and development but Abu Dhabi is catching up.

"We feel that we have a very specific property in Abu Dhabi that we're being very aggressive with as well. The capital has a future it's just that Dubai is so much in view that Abu Dhabi is getting a bit late to cash in on the boom, but I think it has a very good future within the next 10 years."

The firm is also eyeing development opportunities outside the Emirates, namely in Saudi Arabia and Lebanon, and is in negotiations that will be finalised "within the next year", Maroun said.

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