16 July 2014

Emaar, Tradewinds in Iskandar foray

  16 July 2014


MOHAMED Ali Rasheed Alabbar, the chairman of Dubaibased Emaar Group, is helping Tradewinds Corp Bhd to embark on its first mega property project in Nusajaya, Johor, that will generate some RM18 billion in gross development value (GDV), sources said.

Tradewinds plans to kick-start the integrated township called “One nu” by December through wholly-owned Tradewinds International Sdn Bhd, the sources added.

The development covering about 202ha will see a freehold integrated mixed-use upscale township in Nusajaya, Iskandar, which will be benchmarked against global world-class developments.

Alabbar, who is also Tradewinds International chairman, will spearhead the project with the support of his hand-picked management team.

Emaar Group was responsible for some of the most iconic landmarks and prestigious master planned communities globally, including the world’s tallest building in Dubai, the Burj Khalifa and the shopping and entertainment destination, The Dubai Mall.

The first phase of the One nu project is targeted for launch in the second half of this year and will see the introduction of private landed properties consisting of detached, twin-villas and cluster homes, and serviced residences and waterfront apartments.

There will be around 8,000 residential units upon project completion, to be developed over three phases, according to the sources.

One nu’s blueprint will also include commercial components from an expansive retail mall, exclusive hotels and various health and wellness facilities.

According to property agents familiar with Iskandar projects, One nu will be able to fetch an indicative GDV of close to RM18 billion when fully completed, excluding the commercial portion, such as from rentals and terminal value from income-generating assets.

According to information on its website and recent reports, Tradewinds International has several integrated development projects in Malaysia.

They include Perdana Quay in Langkawi, Tradewinds Centre at the former Crowne Plaza Mutiara Hotel Kuala Lumpur site and Kompleks Antarabangsa in Jalan Sultan Ismail, here, the redevelopment of Menara Tun Razak and Belfield, a high-rise residential development adjacent to the former Istana Negara.

The website states how “through Alabbar’s guidance and leadership, Emaar has also played a key role in shaping Dubai’s residential and lifestyle districts, and the developer is now synonymous with some of the most iconic and commercially noteworthy master planned projects that have come to define Dubai as a world-class cosmopolitan city”.

The Dubai Marina is a perfect example, being one of the world’s largest man-made waterways and home to more than 100,000 residents.

“The success of these projects stems from an astute understanding of the market, and the same philosophy will be applied to the One nu development in Nusajaya,” a source said.

~ By BUSINESS TIMES

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