Aspire Real Estate and M Holding launch Dhs225m 'Midas Executive' Tower

The developer also revealed that it has signed a strategic agreement with Aspire Real Estate, a full-service real estate sales and marketing company, to manage the sales of the freehold commercial development, which is located in a prime spot within Marmooka City, Ajman.

Present at the press conference were Yousuf Mundia, Chairman, M Holding; Harshit Kantaria Chairman, Aspire Real Estate; and Eng. Ahmed Saffarini, Chairman, Eng. Adnan Saffarini Office, among other top officials from the Group.

The 31-storey project, which will consist of a ground floor, six level-parking and 25 floors of state-of-the-art offices, is set to become a business and retail centre in the middle of a self-sustained community development. Designed by award-winning design and architectural firm Eng. Adnan Saffarini Office, each floor will consist of sixteen office units spanning 14,193 sq. ft. each, which will have convenient access to conference facilities, WiFi technology, a travel desk, a car rental establishment and a heath club that will house ample relaxation facilities.

Furthermore, the project is set to highlight a convenient payment scheme, which spreads the payment schedule within a five-year interest free plan, which starts at a 2.5 % down payment upon booking and 30 days after, 15 quarterly payments of 5 % from October 2008 to December 2011, and the remaining 20 % after the hand-over within a period of 1 year.

Speaking at the launch, Yousuf Mundia, Chairman, M Holding, said, "As a multi-faceted company that has continuously been at the centre of the ever-growing real estate market, we are well aware of the immense significance of effective marketing strategies to ensure the success of a project. After dedicating intense efforts in the construction and development of our projects, we recognise the next step to be the equally challenging task of communicating the extensive opportunities we can offer to investors and end users. We are optimistic that our partnership with Aspire will enable us to live up to the challenge, which is truly vital in our aim to establish 'Midas Executive' Tower as an important commercial development in Ajman."

In addition to the Tower's state-of-the-art office spaces and facilities, Aspire also considers the project's outstanding location at the frontage of Marmooka City as a valuable unique selling proposition for the project. Set to accommodate more than 200 plots including residential and commercial buildings set among lush gardens and lakes, the city will include a shopping district, five-star hotels, mosques, hospitals and schools.

"Our involvement with this project with M Holding is a testament to the extent of our growth, which has transcended contemporary boundaries and made us into a leading and trusted partner for some of the most successful developers in the country. Our vision for 'Midas Executive' Tower is one of growth, opportunity and profitability for everyone involved in this project. Moreover, our task is to ensure that this development will be strategically brought forward to the attention of investors, and in turn ensure that they will reap the benefits of their outstanding investment," said Harshit Kantaria, Chairman, Aspire Real Estate.

M Holding is the culmination of an extensive business background, which has been gathered from the Mundia Group's over 50 years of experience in textile, trading and construction, with offices in the US and UK and strong presence in UAE since 1962. Responsible for one of the earliest buildings in Karachi and with over 30 projects across Asia, US and Europe, the Mundia Group has sold approximately 2,100 built space units through its various divisions, namely Mundia Real Estate, Mundia International and M Holding. The developer is set to undertake six projects within 2008, and is looking to increase the value of its portfolio to Dhs1.5bn by 2009.

Delivering world-class real estate solutions with speed, transparency and integrity, Aspire Real Estate is currently looking after projects with a combined value of Dhs6.5bn, through its strategic partnerships with seven leading developers in the UAE. After selling more than 3000 units within high profile residential and commercial developments, the company is shifting its focus towards high value residential and commercial properties, which are witnessing tremendous demand across UAE. Since its inception in 2005, the company has grown to become a major player in the UAE's booming real estate market, with a sales force of 60 energetic property consultants, headed by 20 real estate professionals with a collective experience of over 10 years.