Work continues on Sports City projects: Memon

Memon Investments, a Dubai-based property developer, has reported that construction activity on all of their current line of projects are still ongoing despite the global downturn which has affected the regional real estate sector.

The announcement follows the recent release of a Proleads report stating that 38 per cent of the UAE's construction and development projects are currently inactive.

The country's residential sector, which comprises of 682 projects valued at $306 billion, represents 62 per cent of construction projects in the UAE. Memon's current portfolio, which is currently valued at Dh1.34 billion, consists of high profile residential development projects like the 'Frankfurt Sports Tower' and the 'Champions Tower' series.

According to a recent report released by UAE-based research firm Proleads Global, a total of 1,296 projects valued at more than $418 billion are currently being built in the UAE, with an additional 303 projects worth $143 billion already in the design, planning and or bidding stage. However, the report also stated that 38 per cent of these projects have ceased construction and have become inactive as a result of the global financial crisis.

Memon Investments said it remained steadfast in its commitment to complete and deliver all of its projects through the support of satisfied customers. The developer is also confident that its current portfolio of projects will provide buyers a wide range of investment options that offer excellent return potential.

"Many promising construction projects in the UAE have ceased development and construction activity as a result of the global financial crisis," said Ahmed Shaikhani, Managing Director, Memon Investments.
Memon Investments recently announced that it has already crossed the halfway mark for Champions Tower II and Champions Tower III.

Construction has reached the 9th floor in CT II, with the developer preparing for the next slab and block work has also been done till 6th floor; while the 10th floor in CT III has already been cast.

Follow Emirates 24|7 on Google News.