Wednesday, March 16, 2011

Tamouh Receives Completion Certificates for Four Buildings in Abu Dhabi’s Marina Square Development


Three Residential and One Commercial Buildings to be Handed over Shortly

Abu Dhabi-UAE: 16 March, 2011 – Tamouh, the primary master developer of Reem Island, today announced it has received the Building Completion Certificates (BCCs) for four buildings in Marina Square, the highly anticipated mixed-use development in Abu Dhabi. Handover of the project to investors will commence shortly.

The certificates, issued after complex levels of clearance from several government departments such as the Civil Defense and Abu Dhabi Municipality, ensure that the buildings’ construction standards are fully synchronized with the capital city’s vision for residential standards.

Tamouh received the building completion certificates for three residential towers and the commercial tower, which houses premium office space. Building completion certificates for the remaining buildings are expected to be received within the next two months, depending on authorities’ final approval schedule

Joe Ong, Managing Director of Tamouh, said: “It is with great relief that we share yet another milestone of obtaining the building completion certificates for Marina Square.  While our team invested time and energy in securing the certificates, we kept in touch with our investors aligning them on the necessity of these procedures.  We believe that our end-users will be delighted with the specially created amenities and infrastructure that the community offers, once our institutional investors commence the handover process.”

All properties at Marina Square come equipped with community portal and smart-home services. This will enable residents to control the ambience of the apartment using a touch-pad in the residence or via the internet from a remote location, amongst other things.

The towers are enhanced with centrally appointed lobby areas, gymnasiums, swimming pools and play grounds, reinforcing Tamouh's commitment to deliver a family oriented living environment for residents
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Ong added: “New demands from the authorities placed further pressure on the developers to complete the necessary formalities for obtaining the building completion certificates. We understand the additional regulations set by the authority to ultimately ensure that the buildings meet all required conditions and international standards.

“While the majority of the residential blocks, apartments and supporting community facilities were practically completed by mid-June last year, we were actively involved in conducting additional testing and commissioning to receive the BCCs. Such set standards will be of added value to the Marina Square Development and all projects on Reem Island.”   

Covering 26.7 hectares, Marina Square will eventually include 13 residential towers, one office tower, a boutique shopping mall and a hotel built around a marina with berths for boats up to 40 metres in length.

The development comprises a selection of studios, one, two, three and four-bedroom apartments, town houses and seven exclusive villas. Three60, Tamouh's estates management arm, will oversee the facilities and property management of the project.

Samia Bouazza, Marketing Director of Tamouh, said: We have informed all the Marina Square investors that the handover process will begin as soon as we receive the final approval from relevant authorities.

"The number of field visits reflects the level of enthusiasm shown by investors. From June 2010 - 11 February 2011, the investor relations team at Three60 organised 237 field visits to project sites for 1,720 visitors. All assistance was offered to end-users and institutional investors on the queries that were posed to us.”

Located close to the capital's new central business and financial districts on Abu Dhabi's Reem Island, the project is spread over an area of 66 acres. The development offers a community lifestyle incorporating residential, commercial and retail components over a built-up space of more than 827,000 sq metres.

Marina Square is the first development of its kind in Abu Dhabi. It is set to bring to the capital an exciting marina lifestyle, topped with a vibrant culture through its multifarious gourmet restaurants, community focused retail outlets, a boutique mall and a five-star hotel. When complete, it will house more than 8,500 people and 6,550 parking bays.

Tamouh offers a diverse portfolio of properties that include Marina Square on Reem Island, City of Lights and Abu Dhabi Downtown, as well as the extension of the new Abu Dhabi central business and financial districts. 

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