A subsidiary of the Al Fara’a Construction, Industrial and Property Group, Al Fara’a Properties, yesterday announced that it has completely sold out the first phase of their “Image Residences” luxury residential project, just a few days after the launch.

The project attracted a high level of interest from both local and global investors. According to a recent press release, Al Fara’a seeks to “leverage the project’s outstanding sales performance to further strengthen its expansion plans.” Read - borrow more money and build another one as quickly as possible. If this sounds reminiscent of the Spanish property developers’ attitudes of just a few years ago, you can enjoy watching this one unfold. Al Fara’a also claimed an extremely successful participation in Cityscape Abu Dhabi held at the Abu Dhabi National Exhibition Centre, where it showcased its latest project and complete portfolio.

The developer has attributed the project’s tremendous success to its high quality and wide array of offerings, which include a selection of sophisticatedly-designed spacious studio, one, two- and three-bedroom apartments and plush townhouses. Comprising of a 17-storey and 11-storey tower, the development will boast smart home technology, in addition to a host of other amenities such as a landscaped leisure deck on the podium level with a swimming pool and children’s pool, a fully-equipped gym, outdoor seating and BBQ area. Retail outlets at the ground floor are also planned.

Natasha Gangaramani, one of the Directors said, “We are extremely pleased with the remarkable turn-out for “Image Residences.” The success of our developments continues to be a credible representation of the brand equity we are building for Al Fara’a that is mainly fuelled by our aspiration to let more customers acquire our offerings through our flexible payment terms. The response we have gathered at Cityscape Abu Dhabi was overwhelming, with our investors showing great confidence in us as a result of our rich history of 28 years in the construction and development industry and our strong commitment to the timely delivery of our projects.”

Downtown Jebel Ali is a two-million-square-meter mixed-use urban community along an 7-mile stretch of Sheikh Zayed Road that is comprised of three individual districts - the Urban Centre, the Trellis District and the Medina District. Small courtyards, plazas, cafes and local shops are planned in an effort to create a “family-friendly environment,” which will apparently include cobblestone streets and walkways to “entice residents and visitors to walk around and experience the tranquility of the new residential hub.”

Nitesh Gangaramani, another Director, said, “Downtown Jebel Ali complements our vision for “Image Residences” - one of luxurious living that is in stride with the pace of the fast-evolving modern Dubai. We believe that the wide range of amenities, which perfectly complement the lifestyle of residents seeking to establish themselves within a dynamic environment such as Downtown Jebel Ali, have also driven the success of the project. As a leading developer, our aim is to constantly provide projects, which perfectly address customers’ requirements in terms of quality, location and investment returns.”

Al Fara’a Properties

Zabeel Properties has started work on Porto Dubai, a luxury residential development, on a reclaimed peninsula that will feature a "tiered island" design concept for the first time in the UAE. The Porto Dubai will sit beside the Burj Al Arab luxury hotel.

"We have started dredging and reclamation work on the project. Villa construction will commence by year-end, while the project is expected to be completed by 2010," Mohammed Ali Al Hashimi, Executive Chairman, Zabeel Investments

Although he did not comment on the value of the project, Al Hashimi said it will "significantly increase the size of its investment portfolio". Currently, Zabeel Properties has a Dh15 billion worth of residential, commercial and hospitality development portfolio.

Reclamation work is being undertaken by Boskalis Westminster, whilst Nakeel, the real estate subsidiary of Dubai World, is providing assistance and sharing its experience in reclamation and coastal development.

Porto Dubai, which is being built off the coast near the Umm Suqeim Marina, will expand the public beach, the last remaining stretch of public sand on Jumeirah Beach. "There will be no development on any of the nearby public beach areas," Al Hashimi said, assuring Umm Suqeim residents and beachgoers the beach area will be further extended.

The luxury villas in Porto Dubai will be arranged in a circular fashion on the peninsula’s four platforms, which will rise at stretches of four meters to its highest point of 16 meters at the centre. There will be two restaurants, spa and health club.

"Porto Dubai is an exclusive, high-end, luxury residential development. We are confident it will be a premier and most sought-after villa development in the emirate," said Al Hashimi. The company has no plans to raise any debt to fund its projects. "We have ample sources of funding," he said.

Zabeel Investments is a diversified investment firm with business interests spanning real estate development and management, and private equity and asset management across a wide range of economic sectors in the GCC and other markets.