Picking partners at concept stage

Goldcrest Views is first of four towers from Mazyood Giga International

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By  Eudore Chand Published  July 3, 2004

Good Start|~|Godcrest-Tower-Big.jpg|~|Goldcrest Views at Jumeirah Lake Towers|~|Goldcrest Views, a 40-storey tower built at the lakeside of Jumeirah Lake Towers, is a project with a difference. From the very beginning, even during the concept stage, the promoters used a consultant and a main contractor – and all three have together master planned the tower that will be the flagship of Mazyood Giga. “We started with what is best in Dubai – with those who built the Burj Al Arab. These are the people who are our partners,” Haji Muhammed Rafiq, chairman of the Giga Group, told Construction Week. WS Atkins is the design architect, and the engineering contractor is the joint venture of Al Habtoor Engineering Enterprises and Murray & Roberts. Choice Group has been appointed as marketing and sales consultants and claims that more than 60% of the freehold flats in the building have been booked. The model and the team are likely to be retained for other property ventures by the Dubai-based group. “We have acquired four freehold plots under Mazyood Giga International. All will be towers and we will invest Dh1 billion-plus on these properties. The first one, Goldcrest Views at Nakheel’s Jumeirah Lake Towers, broke ground at the end of June. We are soon to start the designs of the others,” said Haji. He added that he thought he would probably use the same design and construction team for this work. “I think the same team will be better. It is a good model, these are good names with a good reputation,” said Haji Rafiq. Retaining a consultant and main contractor right from the concept stage is a departure from the norm which sees the developer come up the idea, then comes the designer who brings that idea to life on paper and, after the tendering process, the contractor then transforms those plans into reality. The Mazyood Giga model has its advantages, says the man who looks after the properties’ development. Having both designer and contractor involved right from the beginning means the contractor knows exactly what it will be like. We have been lucky that we escaped cost escalation due to high raw material prices. The prices peaked in October and we started the concept in January, says Yousuf Choksy, senior projects controller of Mazyood Giga International. “Involving the main contractor in advance also helped us to already hire all the major subcontractors, such as for ETA for MEP and Alumco for cladding etc. The model allowed us to have a transparent system, said Choksy. He revealed that the total cost of Goldcrest Views would be about Dhs220 million, while the actual construction cost would come to about Dhs160 million. It will take around 27 months to build; and another couple of months before possession can be given to owners. The new tower offers spaciously designed living spaces, plush amenities and stunning views from every apartment. “We shall have a view of the Emirates Golf Course and a three sided aspect of the lake. We have generous balconies and glorious views,” said Shoaib Walajahi, CEO of Choice Group.||**||Affordable Luxury|~|GoldCrest-Conference-Big.jpg|~|Promoters at the announcement|~|“Goldcrest Views offers smaller sized units that were in short supply. There are a number of high-end projects in Dubai, but there was a gap in the middle. What we offer is value housing at good quality prices. The selling price is very competitive,” Walajahi added. A 45-48 m2 studio costs between Dhs265 000 to Dhs319 000; 96-115 m2 one bedroom unit costs between Dhs575 000 to Dhs720 000 and two bedroom units cost between Dhs610 000 to Dhs899 000. There are also three and four bedroom units while the 38th and 39th floors are reserved for penthouses, smart homes with their own private Jacuzzi. The 40th floor will be a business area with conferencing facilities. The rooftop features a wide choice of leisure facilities around a pool deck that includes the main pool with Jacuzzi, a children’s pool, a juice bar, barbeque areas, sun decks and lounging areas, all with dramatic views of the lakeside. Also overlooking the lake below the deck is the health club that has a large fitness centre. “Goldcrest Views offers apartments on a freehold basis to residents, non-residents and corporations, without any income or property related taxes,” adds Haji Rafiq. “Buyers will be assisted in obtaining mortgage finance from lenders in the Emirates at competitive terms and conditions. Up to 70% financing is available from financial institutions and registered owners will be entitled to residence visas.” Located between Interchange 5 and 6 on Sheikh Zayed Road, Goldcrest Views is being developed by Mazyood Group International as a significant element of its business strategy. Having established an internationally successful business in textiles and bullion, as well as a recently opened gold refinery at the Dubai Metals and Commodities Centre, the move represents Mazyood Giga International’s first foray into the real estate sector, and its commitment to bringing its ‘Seal of Quality’ to the property business,” said Aamir Haji Amin, company director. “Our dream was to have a tower like this in a place like Dubai. We wanted to become a member of the group that is providing facilities in Dubai. We have taken on the best to create the best,” added Haji Rafiq.||**||

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