New property laws to set the stage for industry's growth

Dr. Mohammed Raheef Hakmi, Chairman, Armada Group, said: "These regulations will ease investor fears over property rights and set the stage for the sector to grow without much hindrance. However, everything will depend on the changes in the present regulations and the impact these will have on the prevailing conditions in the market."

"With the property sector looking for an impetus to grow, the industry feels that the new laws will give long-term buyers and investors a clear perspective on the direction of the industry. Currently over US$65 billion worth of projects are under way," added Dr. Hakmi.

Under such a promising scenario comes the Middle East's premier international property investment and development event, Cityscape 2005. The Armada Group, one of the leading property investment organizations in the region, will showcase its prestigious AED1-billion Armada Towers, a massive undertaking located at the Jumeirah Lake Towers, in the heart of new down-town Dubai at the show.

The Armada Group is one of the leading property investment organizations in the region. The Group has already invested in excess of AED 1 billion in the Armada Towers, which is one of the most highly anticipated and much sought after real estate developments in Dubai. The three Armada Towers (two residential towers and one offices tower), once completed, will house 1,200 apartments and occupy a space of 60,000 square feet. It will have 21,000 square feet of external and 15,000 square feet of internal retail space, and will also house 12 luxurious penthouses, four in each tower.

Another prominent property development Armada will display at Cityscape is the 210-meter high 57-storied Salam Tower in Sharjah. The project is coming up in an area of 800,000 square feet. Total investment for construction totals AED 170 million. The Salam Tower will have 284 lavish flats, including twelve penthouse suites, magnificently situated overlooking the Al Khan lakes.

Other amenities in the Salam Tower include a five-storey covered parking and a ground floor meeting room equipped with the most modern audio-visual facilities. The mezzanine will house numerous office spaces. There will also be an entire floor for a state of the art health club, with nursery and dedicated male and female swimming pools.

Cityscape exhibition and conference attracts industry professionals such as investors, property developers, architects and designers.