The mixed-use SYP26 billion (USD500 million) Eighth Gate project is being developed by Emaar-IGO, a venture between Emaar Syria and IGO, an offshore investment and property development company. Emaar-IGO has also completed a modern Sales Centre, which will drive the sales process with Emaar sales executives to assist potential investors.
Located in Yafour, some 15 minutes away from the Damascus city centre, Eighth Gate is set to redefine the property landscape of Syria through its judicious mix of commercial, leisure and retail components.
"The opening of the sale of the office towers within the Eighth Gate Commercial Centre has been advanced to meet investor demand and also to set in motion a strong business environment in Yafour," said Dr Nader Mohammed, Regional Managing Director, Emaar International. "The leisure and retail environments will be unveiled soon. Our goal is to have a self-sustaining living and business environment at Eighth Gate."
Dr Anas Kozbari, CEO of IGO added: "We are pleased to be working with Emaar in developing a community of this quality. Eighth Gate will recreate Syria's ancient heritage but in a modern context. The launch of sales signals the start of a new era in Syria - the introduction of master planned communities."
The elegantly designed buildings featuring Arab architectural elements will offer a floor area of 1,510 sq m on each level. Potential investors can purchase entire floors or demarcated office spaces. The Commercial Centre will also comprise the Damascus Stock Exchange building, a 30-storey office tower and low-rise commercial offices.
Mr Sarhad Haffar, General Manager, Emaar Syria, said: "The Commercial Centre of Eighth Gate is set to become the true business hotspot of Syria. The strategic location on Damascus Beirut highway and the rich spread of amenities to be offered will make Eighth Gate a new commercial nerve centre. The office buildings that are being launched will have world-class facilities including hi-speed telecom and Internet links, and support systems that are vital for modern-day businesses."
Eighth Gate is inspired by the legendary seven gates that were access points to Syria's rich civilization. A signature tall gate marks the access to the main plaza. The project is divided into three zones - Commercial Centre, Waterfront and Touristic Area.
Emaar's expansion into Syria is in line with its Vision 2010 to become one of the most valuable companies in the world. The company today has a significant presence in 36 markets globally and has also diversified into education, healthcare, malls, finance, and hospitality & leisure.
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Emaar launches sale of office space at Eighth Gate Commercial Centre on August 23
- Syria: Wednesday, August 22 - 2007 at 16:35
- PRESS RELEASE
Emaar Syria, the wholly owned subsidiary of Dubai-based Emaar Properties, will launch the sale of office towers within the Commercial Centre of Eighth Gate on August 23.
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Potential investors can visit the Eighth Gate Sales Centre, call (+963) 9660 88888.About Emaar Syria
Emaar Syria is the subsidiary of Dubai-based Emaar Properties PJSC, a global property developer with six business sectors, more than 60 active companies and a collective presence in over 36 markets spanning the Middle East, North Africa, Pan-Asia, Europe and North America.
Emaar's expansion to Syria is in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation. Emaar Syria has joined hands with IGO, an offshore investment and property development company, to unveil Eighth Gate, a master-planned community. The mixed-use SYP26 billion (US$500 million) Eighth Gate project is being developed by the Emaar-IGO venture. Emaar-IGO has also completed a modern Sales Centre, which will drive the sales process.
Eighth Gate features a Waterfront; Touristic Area; a Commercial Centre housing the Damascus Stock Exchange and business spaces; and one of the largest shopping malls in the region. The project broke ground in June 2006, and work is progressing on schedule.
About Emaar Properties PJSC
Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Emaar has highlighted its remarkable global growth by debuting on the Financial Times Global 500 ranking, which provides an annual snapshot of the world's largest companies. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor's and Moody's Investor Services, respectively.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and finance, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, on course to becoming the world's tallest tower, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing the US$26.6 billion King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company.
About Invest Group Overseas
Invest Group Overseas (IGO) is an off shore company registered in the British Virgin Islands with headquarters located in Dubai, United Arab Emirates. IGO is an investment company that specializes in exploring business opportunities in the Middle East and other potential markets. IGO aims to becoming one of the leading investment and management companies in the region's booming economies.
With investment in the real state business in the Gulf Region and in particular in Dubai, IGO has been able to set an example of excellence in term of designs, comfort, customer reliability and services. Today IGO, through its sister company MAG Properties, has launched several major real estate projects in Dubai that have left their mark on the UAE real estate market.
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Posted by Medilyn Manibo, Assistant News EditorWednesday, August 22 - 2007 at 16:35 UAE local time (GMT+4)
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