ETA Star launches Taj and massive real estate plans

Dubai-based developer is planning to invest US $1.4 billion in the UAE over the next three years

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By  Tim Wood Published  March 25, 2006

ETA Star has revealed its intention to plough another US $1.4 billion (AED5 billion) into the UAE’s real estate sector in the next three years. The Dubai-based property developer has poured the same amount into the sector over the past 18 months, resulting in an estimated 1.7 million m2 of freehold property. Now, Abu Dhabi, Sharjah and Dubai are being targeted for future investment, with ETA Star intending to spend $1 billion on the residential sector and the remainder in the retail and commercial sectors. The revelation came from V. Jayaraman, ETA’s general manager, as details of the $326 million Taj Exotica Resort & Spa and The Grandeur Residences on the Palm Jumeirah, in Dubai, were unveiled for the first time last Saturday. ETA has gone into partnership with Taj Hotels Resorts and Palaces, one of Asia’s largest hotel groups, to launch The Taj Exotica Resort & Spa, a 232-room five-star hotel; the ‘Jiva Spa’, the largest in the Middle East; and The Grandeur Residences, a luxury residential complex comprising 200 apartments and beach front villas. Foundation boring for condition piling has already started, and the contract to build the superstructure is expected to be awarded within the next four months. The entire project is due to be finished in 2009. Commenting on the type of contractor sought, Jayaraman told Construction Week: “Dubai companies have tremendous expertise in terms of design and development, and because there is so much talent and experience in the UAE, there is no need to go for foreign contractors. It could be a joint venture for a particular technology, but we would still insist that it is a local company with a proven track record.”

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