UAE-based Manazel Real Estate has signed a co-development agreement with Tasameem Real Estate to develop three new projects in Yas Island, Dubai Silicon Oasis and Jumeirah Village Triangle (JVT).
With a cumulative investment exceeding AED500 million ($136 million), the move is part of a series of discussions being held with other investors for co-development projects in the UAE, South Africa and the Gulf region.
For its Manazel Yas Tower project, the company will carry out the sale of residential units located in Yas Island, it said in a statement.
The company added that it will also be co-developing the Manazel Silicon Oasis Residences, a residential building, with a build and lease model, located in Dubai Silicon Oasis.
Manazel Real Estate’s second largest development in Dubai after Dunes Village will be located in JVT between Emirates Road and Al Khail Road.
Manazel’s chairman, Mohamad M Al Qubaisi, said: “These developments and the partnership with Tasameem is part of the company’s strategy to expand our presence in the market and deliver positive returns to shareholders.
"The company will continue to study and target projects in line with market demand through various business models to ensure that real estate investors have access to unique real estate that provide consistent returns.”For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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