TECOM Investments And State Government Of Kerala Sign Lease Agreement For Smartcity Kochi

A lease agreement that will flag off the development of SmartCity Kochi, an IT infrastructure project jointly promoted by TECOM Investments and the State Government of Kerala in India, has been signed between Abdullatif AlMulla, TECOM Group CEO who is also the Vice-Chairman of SmartCity Kochi, and Suresh Kumar, IT Secretary of the Kerala Government.

The lease agreement for 246 acres of land will set the momentum for the development of a self-sustained knowledge-based industry township in Kochi. It will also bring TECOM Investments a step closer to its international expansion strategy of creating successful prototypes of Dubai Internet City and Dubai Media City at various locations worldwide.

The lease agreement was duly registered the same day for the clustered tech project, which will take shape with an initial investment of US$350 million and generate large-scale employment opportunities in the IT and allied sectors.

The signing ceremony was held during the Board of Directors’ meeting at Infopark. S. Sharma, Minister of Registration and Fisheries and Chairman of SmartCity Kochi, was present during the occasion.

On behalf of TECOM Investments, M.A. Yusuff Ali, Managing Director of EMKE Group, and Anirudha Damkey, Executive Director-Corporate Finance, signed as witnesses, while K. Kurian, Senior Technical Advisor of Infopark, Kochi, and Binu Pazhoor, Chief Executive Officer of Infopark, signed as witnesses on behalf of the State Government of Kerala.

AlMulla said: “This key step reflects our confidence in the vision for SmartCity Kochi and our commitment to the people of Kerala. We are optimistic about completing this project as planned and fulfill all the time-bound contractual obligations mentioned in the framework agreement.

“The progress that will result from the signing of a fresh lease agreement will give further momentum to our plans of continuing the expansion of the SmartCity global network. Reflecting the success story of our knowledge clusters, we aim to utilize the SmartCity project to further strengthen the economies of the communities we are located in.”

Construction on SmartCity Kochi is expected to begin soon after the Special Economic Zone notification is received for 131 acres, which has already been cleared by the Board of Approval of India’s Union Commerce Ministry.

SmartCity Kochi will be one of India’s largest business parks and include a state-of-the-art business community infrastructure and a dynamic range of retail, hospitality, residential and recreational facilities to drive productive business as well as a quality lifestyle. Apart from drawing strong foreign direct investment (FDI) inflows, the project’s multiplier effects are expected to bring several additional benefits to the economy.

The first European outpost of the global SmartCity network, SmartCity Malta is set to become the leading ICT and media destination in the Mediterranean. SmartCity Malta received the ‘Best Investment Award in Europe’ award in 2009, recognising the project as the largest foreign direct investment in a European country.

SmartCity’s self-sustained townships will seek to harness commerce by providing an environment conducive to business, intelligent infrastructure and advanced support systems. SmartCity entities worldwide will be home to vibrant knowledge economies that are anchored by international, regional and local companies.
 

wasl Releases 200 Villas For Lease In Abu Hail At Competitive Rates

wasl Properties, a subsidiary of wasl LLC, the asset management group owned by Dubai Real Estate Corporation (DREC), today announced it has released 200 villas for lease in the Abu Hail residential area.

wasl is offering a competitive rental rate for the villas starting from AED75,000 per annum with flexible payment terms that could be extended up to six installments, making it one of the most preferred family residential complexes in terms of price, location and other advantages.

Designed to offer families all elements of comfort, the villas at Abu Hail comprise three to five bedrooms, a maid’s room and a covered parking bay spanning a total area of 2,048 sq ft.

Upon completion, the project in Abu Hail will offer a total of 350 residential units to meet the increasing demand for residential units and unique villas in that part of the emirate.

Abdullah Ishaq, Head of Leasing and Customer Service Centres, wasl, said: "The Abu Hail residential villas mark an important milestone for wasl in the real estate sector. Despite the current market challenges, wasl remains committed to completing this residential project in line with its mission to provide outstanding affordable real estate options in a vital neighbourhood such as Abu Hail that offers an array of services and facilities.

“Additionally, our call centers are equipped to respond to all inquiries of clients and tenants. Our staff at the customer service centers in Jumeirah, Umm Hurair and Muhaisna is specially trained to respond to leasing enquiries. In addition, prospective tenants can also obtain information through our toll free number.”

Located in close proximity to Dubai Hospital and Al Mamzar beach, the villas at Abu Hail offer easy access to nearby schools and commercial centres as well as the Shindagha Tunnel and other main thoroughfares of Dubai.
 

One Bedroom Apartments Available for Lease at Dubai Properties Group’s Shorooq Mirdif

The apartments, which average 1,000 sq feet, are available for immediate occupancy at some of the most competitive rates in the region. An antidote to high-rise living, Shorooq Mirdif offers residents a distinctive community lifestyle in an ideal location in the heart of Mirdif, featuring wide open spaces in a serene and secure environment.

Shorooq Mirdif, rated by the industry as an ideal family-focused neighborhood, is already home to over 1300 families. The community is taking shape with new facilities and enhanced landscaping in progress.  
Khalid Al Malik, Group CEO, Dubai Properties Group, said: “We continue to be committed to delivering sustainable communities in the most desirable neighborhoods in Dubai. Shorooq Mirdif meets the market demand for quality and affordability by delivering a holistic community experience in a great location at tremendous value for money.
With 2,096 residential units comprising studios, one and two bedroom apartments, in addition to two, three and four bedroom villas with private gardens, the Shorooq Mirdif community offers a wide spectrum of options to the discerning customer at competitive rates and flexible payment plans.

Conveniently located adjacent to the Rashidiya Metro station and the Dubai International Airport, Shorooq Mirdif is easily accessible from arterial highways including the Emirates Road and Al Awir Road. The community also offers convenient access to schools and shopping centres, including the popular Uptown Mirdif and the new Mirdif City Centre malls.

Dubai Properties Group is also currently leasing residential and commercial units at the Layan community, Jumeirah Beach Residence, Cordoba Villas, Al Khail Gate, and Office Park.
For leasing enquiries, please contact 800-DPG.

About Dubai Properties Group

Dubai Properties Group (DPG), a member of Dubai Holding, develops and manages properties, communities and destinations.  Through its subsidiaries, DPG also offers end-to-end property related services. Sales and leasing via Salwan; the real estate broker, property management, facilities management and security services via Dubai Assets Management company, in addition to destination management via DUBAILAND

The Dubai Properties Group focuses on the creation of a broad range of quality properties in which to live, work, play and shop in addition to the development and management of key destinations in Dubai including both Dubailand and ‘The Walk’ at JBR.

Dubai Properties Group aspires to become the best partner in providing a reliable service through the creation of quality, value for money lifestyles, and by creating a world class organization that offers a wealth of industry knowledge and expertise. DPG will constantly seek new and innovative ways to deliver comprehensive solutions to its stakeholders, investors and business partners.

For more information:
Dina Samhout
Account Manager
Jiwin Public Relations
Phone: +971-4-3755247
Fax: +971-4-3688001
Email: Dina.Samhout@jiwin.ae