Memon Investments has announced the launch of a Dh150 million (40.8 million) luxurious residential development in Jumeirah Village South (JVS) offering residents a charming yet authentic Mediterranean experience.

‘Gardenia I & II’ marks Memon’s foray into JVS following the previously announced projects in Dubai Silicon Oasis (DSO) and Dubai Sports City (DSC).

Targeted for completion by the third quarter of 2010, the tower is part of the company’s plans to unveil several projects collectively valued at Dh2.5 billion by the second half of 2008.

Memon has also announced that an Escrow account for the project with Commercial Bank of Dubai is already in place, in compliance with the requirements of the Real Estate Regulatory Agency and the Dubai Land Department.

In addition, it has also partnered with the Middle East Centre for Sustainable Development (MECSD) in line with its aims to implement ‘green building’ codes, sustainable development and ‘green technologies’ within the construction of ‘Gardenia I & II’.

The state-of-the-art project features special insulation to reduce air-conditioning power consumption, garbage disposal management, mood lighting in all common areas, recycling unit and a temperature-controlled retail arcade, in a bid to encourage residents to adopt a more ‘green’ approach.

Incorporating a mixture of residential, commercial and retail spaces, the project features a total of 170 residential apartments including 60 studios, 68 one-bedroom units, 22 two-bedroom units, 7 lavish townhouses and 13 loft apartments, with 8 retail units on the ground floor.

Commenting on the launch, Abu Baker Shaikhani, chairman, Memon Group, said, “this is our first project in Jumeirah Village South, and a lot of market research and planning have gone into its conceptualization.'

'Location has always been a key factor for us and we are pleased to get a prime spot, which is very close to the Central Park and Cultural Centre, both of which are at the heart of the development.'

'We are highly optimistic about the sales prospects of the development, especially after taking into account, factors such as the superior quality of the development, excellent location, and also the ease of access to Emirates Road, Al Khail Road and other major roads,' he added.

The 5-storey residential development has been designed by Dimensions Engineering Consultants (DEC) and incorporates stuccoed walls, tiled roofs, rustic arches, iron balcony grills, carved doors, ornamental spiral columns, marble flooring and thematic and floral designs.

'We were keen on making ‘Gardenia I & II’ affordable to a wide segment of potential investors, which is why we have devised two investor-friendly payment schemes,' explained Ahmed Shaikhani, managing director, Memon Investments.

Investors have the option of either making a 10 per cent down payment and obtaining 80 per cent finance, or making a 10 per cent down payment and 80 per cent through quarterly installments,' he added.

Source: Trade Arabia News