Developer in talks with investors for projects in the UAE and South Africa
Developer Manazel Real Estate will develop three new projects in the UAE following the signing of an agreement with Tasameem Real Estate. The projects will see a cumulative investment exceeding $136m and will take shape at Yas Island, Dubai Silicon Oasis and Jumeirah Village Triangle (JVT).
The projects are expected to contribute to the firm’s portfolio, which comprise residential, commercial, retail and district cooling assets. According to Manazel, the move is part of a series of discussions being held with other investors for co-development projects in the UAE and South Africa.
Speaking about the projects, chairman Mohamad M. Al Qubaisi said, “Manazel is pleased to be able to co-develop these three projects alongside Tasameem Real Estate, as we continue to explore opportunities within the UAE’s real estate industry and identify strategies that offer value to investors whilst growing our real estate portfolio. 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 Manazel Yas Tower project will be built in the heart of Yas Island and will offer convenient access to Yas Mall. The tower is also said to be just a short distance away from Warner Bros World, Yas Water World and Ferrari World.
The company will co-develop Manazel Silicon Oasis Residences with a build and lease model. Located in Dubai Silicon Oasis, the project will offer access to a variety of facilities, while the third, as yet unnamed development, is poised to become Manazel Real Estate’s second largest development in Dubai after Dunes Village. This project will take shape in JVT between Emirates Road and Al Khail Road.
“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,” added Qubaisi.