Financial woes could bring joy to GCC

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Sales for Equinox Residences were launched on the first day of Cityscape Dubai.

A global financial slowdown could work in the GCC's favour, according to Kaizen Developments managing director Amir Salam.

"Because of the crisis there is less liquidity in the world," Salam told Construction Week.

"But individuals who do have available cash are very scared of investing in the West - they are looking for growth opportunities."

Salam's comments came as he revealed that the tendering process will soon begin for Kaizen Developments' US $194 million (AED715 million) Equinox Residences project.

The 21 floor residential block will be located on Crescent A of the Palm Jebel Ali.

The foundations and piling contract is also yet to be finalised.

Handover of the land is expected to take place at the end of November, with construction due to begin in the first quarter of 2009. Completion is expected by December 2010.

Equinox Residences is the second project on the Palm Jebel Ali to be approved by master-developer Nakheel, and the first to be approved by RERA.

It is being developed in partnership with Global Investment House, which falls under the regulation of the Central Bank of Kuwait.

"It's too early to tender just now, but there are some firms that we have short-listed," Salam said.

"There is an international company that we are dealing with but we have not finalised anything just yet."

Equinox Residences has been designed to exploit its Palm Jebel Ali location. The architect is Istanbul-based Dome Architecture.

"What's unique is that every single apartment has a sea view and a terrace," Salam said.

"If people are going to be on the palm, what do they want? They want direct access to the beach."

Sales for Equinox Residences were launched on the first day of Cityscape Dubai. Salam remained buoyant after the first day's sales.

"We had over 200 enquires for individual properties," he said.

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