Issue No 345 - June 27, 2011

Emaar delivers over 315 office units in Syria

Emaar-IGO, a venture between Emaar Syria and IGO, has handed over more than 315 office units in the first phase of The Eighth Gate, the master-planned community being developed in Yafour, near Damascus.

The first phase comprising a dedicated Office Precinct received strong investor response, and with the hand-over of offices and the completion of supporting infrastructure and external roads, the development is now an established office community, said a company statement .

Nidal Turjman, Emaar IGO, pointed out that Emaar Syria and IGO were focused on the delivery of The Eighth Gate, which sets a new precedent in integrated master-planned community development.

"Creating several hundred new jobs to Syrians, the project is focused heavily on commercial projects, aimed at driving the business sector of the country," he noted.

With over 600 workers employed on site, work on the current components of The Eighth Gate is progressing at a brisk pace and as per the developer’s schedule.

The Office Precinct, spanning an area of over 62,000 sq m, now houses several leading business houses, and many others are moving in with the progression of hand over.

Among other key projects that are currently being developed within The Eighth Gate include two new office buildings in the Financial District; the Damascus Stock Exchange Building which is envisaged to become the financial nerve center of the country; and two additional office buildings – the 25,000 sq m Fashion House Building and 28,000 sq m Construction World Forum.

Enabling works for the 95,000 sq m retail mall – one of the largest in the region – have also started in addition to work on residential apartments, said Turjman.

"The mall, which is a central part of the development, will open new opportunities in retail and leisure in Syria. It includes open air shopping and leisure precincts, and will offer refreshing shopping experiences in Damascus to cater for a wide range of customers," he added.

Described as the No. 1 business hub in Syria, the integrated commercial precinct, when completed in phases, will feature a 32-storey tower, a number of office buildings that provide commercial space for brokers, bankers and other companies closely affiliated with the Damascus Stock Exchange and hotels and services apartments amongst others.

The Eighth Gate has three zones - Commercial Centre, Waterfront and Touristic Area – and has been designed by internationally renowned designers, said an Emaar statement.

It is being delivered by a team of international and regional contractors, underscoring the company’s commitment to partner with local businesses to develop the flagship master-planned community and create sustainable growth opportunities in Damascus and across Syria, it added.

Source: TradeArabia News


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