Wednesday, December 13, 2017

Gemini breaks ground on Dubai Business Bay tower

Gemini Property Developers, a Dubai-based boutique real estate developer, has broken ground on its 29-storey ‘Symphony’ tower in Dubai’s Business Bay.

The tower is the second of a series of high-end luxury residential projects being planned by the developer, after the 90 per cent completion of its debut Splendor at MBR City project in Sobha Hartland community, said a statement from the company.

Gemini’s Symphony project, which has a built-up area of 361974 sq ft, boasts apartment units in range of 430 sq-ft to 2,900 sq-ft.

The G+29-storey tower will house 455 residential apartments that include studio, one, two and three-bedroom flats. The residential project will be equipped with state-of-the-art amenities – smart home technologies, gym, yoga lawn, swimming pool, rooftop BBQ, jogging track, kid’s play area, retail stores, much-needed green open spaces and concierge services for the residents.

The ground-breaking ceremony marks the beginning of the construction of the project that is slated for completion in May 2020 – five months before the historic Expo 2020 gala event.

The enabling works contract has been awarded to National Piling, a leader in the field of specialist geotechnical and foundation engineering. The Dubai developer will be announcing the main contractor soon, said the statement.

Sudhakar R Rao, the managing director, said: "Dubai’s upward market trend has given us enough reason to launch new projects. Due to growth of non-oil economy, Expo 2020 and other mega developments, we foresee the market to remain on this upward trajectory of sustained growth."

The groundbreaking comes at a time when Dubai’s real estate is gearing up for Expo 2020 demand and developers are in a race to complete their projects before the mega event starts, he stated.

Dubai real estate's first half results by Dubai Land Department bear promising results for sector despite global economic pressures. The cosmopolitan city has once again reaffirmed its leadership in regional markets and driven renewed growth in the region.

"The UAE has emerged as one of the most vibrant, cosmopolitan and progressive countries in the Middle East and there is very strong demand for value-for-money housing in many parts of the country," remarked Rao.

"We are confident that due to UAE’s preference for high-quality living, our projects will be well received," he added.

Gemini group has an established presence in India and Middle East and boasts around 30 years of successful business operations in various fields, including testing, inspection and certification (TIC) services, trading and allied fields for the energy sector.-TradeArabia News Service

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