Emirates City Forum

BSEL Infrastructure Realty (FZE), a fully owned subsidiary of Indian realty major BSEL Infrastructure Realty, has launched a Dh2 billion residential project at Emirates City in Ajman.
The project, Jawahir Al Emarat, will comprise seven towers named BSEL Pearl, Fayrooz, Kahraman, Almas, Emerald, Sapphire and Ruby.
Announcing its foray into the freehold real estate of the UAE, a top official of BSEL Infrastructure Realty, based in Saif Zone, Sharjah, said the debut project will offer one of the single largest residential clusters comprising 5,000 apartments.
The launch of the project, with each tower rising up to 50 floors, also comes with a one-of-its-kind offer of buyback with assured 12 per cent returns after one year, said a press statement.
"The buy-back scheme reflects our confidence in the UAE real estate market in generating superior returns compared to many key global property markets. We are confident of attracting significant customer response to the scheme that ensures growth of investment in our property," BSEL Infrastructure Realty Chairman Kirit R Kanakiya said.
The BSEL Pearl will offer residential units of one- to three-bedroom apartments ranging in price from Dh316,000 to Dh676,000.
Work on the first two of the seven towers - Pearl and Fayrooz - offered at a rate of Dh375 per square foot introductory price, has started.
The total area of the property is estimated to be about 8,000,000 square feet. Project development has begun and the first phase comprising development of BSEL Pearl Tower is expected to be completed in the first quarter of 2010. Each tower will have showrooms on the ground floor, six-level car parking and a host of amenities that suits modern living.
"We decided to enter the UAE freehold real estate after a careful assessment of the market dynamics and various options across the emirates that can maximise returns for our investors. In line with our core philosophy of offering quality lifestyle residences, the first of the seven towers in the project, BSEL Pearl, will be in a superior class with an array of contemporary amenities," Kanakiya said.
"The project offers extremely cost-effective living solutions closer to key landmarks like the Dubai and Sharjah international airports.
Being on the Emirates Road also means faster connectivity across the emirates," BSEL President Christina R Cabading said.