Banyan Tree Enters Dubai Market
DECEMBER 11, 2006. Banyan Tree has partnered with a Kuwaiti Real Estate Development to build its brand presence, in the United Arab Emirates (UAE).
Abyaar, which recently entered the UAE market with capital investment of US $1.4 billion, is to build the first freehold development in the Jumeirah district of Dubai - one of the most sought-after addresses in the emirate. Banyan Tree, under the group's Angsana imprint, will service and manage the upscale development with its brand expertise.
Mr Paul Chong, Assistant Vice President, Business Development of Banyan Tree Holdings, said, 'Abyaar and Angsana have found an ideal partnership, working together to grow Acacia Avenues as the top lifestyle destination in Dubai and beyond. We share the vision of pioneering true contemporary urban living in one of the most dynamic and fast-growing regions in the world today.'
Designed as a gated community, Acacia Avenues, with an investment value of US$550 million, will deliver a distinctive and luxurious lifestyle with contemporary sky villas, villas and apartments, gardens and facilities including a luxurious health club, swimming pools, spa, squash courts, children's play areas, cafes and shops.'This is a premium site with excellent connections to Dubai's commercial centres,' said Mr Marzooq Al-Rashdan, Managing Director of Abyaar. 'Acacia Avenues will live up to Abyaar's corporate ethos of building excellence by delivering urban convenience, luxury and privacy with access to a first-class road network and the planned Dubai metro.'Under Angsana management, Acacia Avenues will provide 24-hour room service, concierge and pre-concierge services, transportation and chef and private butler options that will complement the build integrity to provide a truly superior living experience.
Acacia Avenue's initial phase provides a range of accommodation including 'Olgana' - 137 one-, two- and three-bedroom freehold apartments - and 50 five- and six-bedroom villas. The subsequent phase, 'Hilliana', will house approximately 137 freehold serviced apartments.
Selected to leverage the real estate mantra of 'location, location, location', the 94,000-square metre Acacia Avenues, adjacent to Knowledge Village and ready for full occupation in the first quarter of 2009, will deliver significant investor capital appreciation.
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