Abyaar' $550m Acacia Avenues complex to be built in Jumeirah

Dubai: Kuwait's Abyaar Real Estate Development, which recently entered the Dubai market with capital investment of $1.4 billion, has launched a $550 million freehold development in Jumeirah.

Company officials say the 94,000 square metre Acacia Avenues gated community on Jumeirah Beach Road will hit the market in the first quarter of 2009.

Abyaar will develop the two tallest tower blocks in the centre of the project, each made up of 137 one-, two- and three-bedroom apartments, as well as 50 villas. The remaining three towers will be sold to other private developers for construction.

Marzooq Al Rashdan, managing director at Abyaar, said sales of the freehold units in Olgana Tower will start at Dubai's Cityscape trade exhibition next week. The second (Hilliana Tower) will contain serviced apartments, which will be managed by Banyan Tree Hotels & Resorts under the Angsana Resorts and Spa brand. Sales for these units and the 50 five- and six-bedroom villas will begin in the first half of 2007.

Al Rashdan was confident of achieving strong sales despite the launch coinciding with a supply surge of luxury apartments in Dubai.

"The location is very important for this development. We've had the plot since last year and it wasn't cheap. This is the first freehold development in the Jumeirah district and only consists of 50 villas. It will be very exclusive and we have already received significant interest," he said.

He denied that the current road infrastructure in the Jumeirah district will be unable to cope with an influx of new residents.

Contracting company Wade Adams started piling work in October, while building work on the main structures will start in March or April next year, according to Abyaar officials. The project was designed by Italian architect, Matteo Nunziati, who is under exclusive contract to Abyaar in the Middle East.

Abyaar has also joined forces with hospitality consultant NorthCourse Lei-sure Real Estate Solutions to assist with project feasibility, design and sales and marketing support. Pulse Holdings will develop Acacia's retail components.