224-unit Gated Residential Development at Dubai Sports City Scheduled for Delivery in September 2014
Dubai-UAE: 27 June, 2013 – Orion Holdings, a private-owned residential and commercial property group based in Dubai, today announced the acquisition of property worth AED 22,141,500 from Memon Investments, a property-development arm of the international business conglomerate Memon Group of Companies.
A memorandum of understanding cementing the deal was signed between the two parties on 1st June 2013.
Taking shape at Dubai Sports City, nearly 41 per cent of the construction has been completed for the development that is scheduled for delivery by September 2014. The residential project will span across a total area of 177,378 sq. feet and comprise 224 units, including 140 studios, 56 one-bedroom units, and 28 two-bedroom apartments.
Designed by Al Hatmy Consultants, Frankfurt Tower 1 will also feature two levels of basement parking, covered parking on the ground floor, and state-of-the-art amenities such as hi-speed elevators, 24-hour manned security, and a top-of-the-line surveillance system. In addition, the tower will offer residents a panoramic view of the golf course, parks, and gardens within the gated community.
Samir Munshi, Managing Director,Orion Holdings, said:“We are pleased to have inked this deal with Memon Investments, and expect to gain an estimate of over 40 per cent return upon completion. Our portfolio within Dubai Sports City is especially focused on the residential sector given the plans to deploy high quality infrastructure in the area. Orion specializes in identifying high potential investment opportunities that are well positioned to reap significant gains for our clients.”
Orion Holdings is predominantly involved in four major areas of the real estate business: buying and selling of residential, commercial, and rental properties, acquiring unfinished developments, as well as providing liquidity to developers in the event of fund deficits for existing projects.
Silver Heights, the sales and marketing arm of Orion, is responsible for ensuring the seamless flow of sales and purchase transactions across a vast portfolio of developments including Business Bay, Jumeirah Village Circle, International City, Dubai Silicon Oasis, Jumeirah Golf Estates, and Emirates Hills.