Zabeel Properties delivers first development; Tiara Residence 

AED 2.1 billion resort and residential development launches phase one on Palm Jumeirah

Dubai, 5 June 2009: Zabeel Properties, the property arm of Zabeel Investments, has officially handed over its first development to its owners at Tiara Residence which comprises of 644 resort style residences.

Located on the main trunk of Palm Jumeirah and constructed by Arabtec, the development comprises of seven 15-storey towers with spacious sea view apartments ranging from one bedroom apartments at 1,309 square feet to 5,500 square foot penthouses at the top of each building. To date 70% of the development has been sold and home owners have begun moving in since April. Asteco Property Management has been appointed as the sole sales and leasing agent for the development to ensure that standards of contract and terms remain equitable. In addition, Asteco are also providing customers with furnishing and interior design options should they wish to avail of such services.

His Excellency, Mohammed Ali Al Hashimi, Executive Chairman of Zabeel Investments, said of the completion: "Tiara Residence is about creating a community; we wanted to guarantee that our owners expectations were exceeded, that their homes were of a superior quality and built to a standard that any owner would proud of. The team at Zabeel Properties have worked tirelessly to ensure that each home would meet these high quality standards."

There are two showroom apartments for potential buyers to view and experience the development.
In addition to the residential homes, handover of the first phase of the development of Tiara Residence includes a bespoke health club with a gym and a kids club for entertaining young ones, a restaurant, a stunning infinity swimming pool and access to a private beach.

The architecture of the building represents a contemporary style inspired by its natural surroundings. The use of wood is a prominent feature on the exterior as well as forming part of the façade of the buildings. The property also provides an integrated audio system featuring discreetly installed speakers in each room which can then further be connected to a music and home theatre system.

"The Palm Jumeirah has always been a viable and attractive development for both local and international investors and we are delighted to partner up with Zabeel Properties and be part of this luxuries project. Our sales and development management teams are well experienced to handle this development and we look forward to work with Zabeel Investments on their upcoming projects," commented Elaine Jones, CEO, Asteco Property Management.

Owners will soon be able to enjoy world class dining and facilities with the opening of the Hotel and Village in 2010, as part of the development's second phase.
 
Al Hashimi added:  "Zabeel also is thoroughly committed to setting up one of the first Owners Associations under the Jointly Owned Property Law, and have made significant preparations for this to be set up and operated in accordance with the Law. Zabeel feels it is important for owners to take part in the operating of their community.

We at Zabeel will continue to provide high quality and excellence across all our developments and in doing so play a crucial part in Dubai's vision and success."