a huge shopping mall with a unique architectural design
Al Salam City - The new city in Umm Al Quwain
Tameer named its new project worth over USD 8.3 billion, to be erected on an area of approximately 220 million square feet “Al Salam City”. It is an integrated residential & commercial city consisting of residential districts and occupies a distinctive location on Emirates Road.
Al Salam City consists of approximately 1000 buildings of which the tallest will consist of 50 storeys of hotel suites. Further more the city will include residential villas, parks, playing grounds and entertainment centers. Al Salam City will also offer a colossal shopping mall, to be built in a unique architectural style.
The City consists of mosques, schools, banks, shops and a number of distinct cafes & restaurants to name just a few facilities & amenities for the residents to enjoy. Al Salam will be characterized by open green landscapes, adequate parking spaces and recreational facilities.
Situated strategically on the Emirates Road and the Pan-Emirates road currently under construction, the Al Salam City is an integrated residential & commercial area, consisting of a number of residential districts. The development has been designed to house up to half a million residents with an area that will include parks, playgrounds, entertainment centers, horse riding stables and cable car facilities.
One of the city's most distinguishing features is its 'Down Town' area. Expected to hold a gargantuan shopping mall which has been slated as the first of its kind in the Middle East, the area will also contain a main hotel tower composed of more than 50 floors and several other residential and commercial towers. This First Phase of the project will also include the development of Al Salam's residential districts, where the initial district will include a large number of residential villas, while the second will be comprised of two hundred 4, 5 to 12 story buildings. The entire city's population is estimated to be around the half a million mark.
'Al Salam City guarantees unique benefits that make it the ideal place to call home'. Omar Al Ayesh continued. 'The city is truly among the most advanced in the world. Among the reasons why the city is a cut above the rest are the residential areas that have been designed in such a way, that every apartment and villa cluster has its own access to a private park, swimming pools, children's play areas, and nurseries that can be monitored through Web cams or closed circuit television.'
The security, health and safety of its populace are one of the city's many aspects that differentiate it from other town developments. Promised are strategically positioned emergency centers that will enable the emergency services of the police, ambulance and fire department to be able to reach any part of Al Salam city within 4 minutes of a call.
The Project executed in 3 phases, will have its first phase scheduled for completion within the next three years. The cost of each phase is at an investment of AED 10 Billion apiece.
Formed through a strategic partnership between Al-Rajhi Investment Group & Tameer Property Establishment, Tameer Holding had entered the thriving UAE property market with the world's tallest tower "Princess Tower", located in Dubai Marina, the Dana 1 & Dana 2 projects in International City, Al Salam City in Umm Al Quwain, Al Ameera Village in Ajman and Al-Ameera Tower, Sharjah's tallest residential tower. Today, the firm's investment portfolio in the market totals AED 40 billion.
Tameer launches AED 30 billion Al Salam City in Umm Al-Quwain
Tameer Holding recently announced the launch of its latest, largest project - the Al Salam City in Umm Al Quwain. The Project is expected to cost over AED 30 Billion and will be built over an area covering 220 Million Square feet.
The unique project follows a string of consecutive real estate successes from Tameer, including the Princess Village in Ajman and the Modern Emirates Industrial Area in Umm Al Quwain.
Located at a distinctive location on the Emirates Road, the Al Salam City is an integrated residential & commercial city, consisting of a number of residential districts. The development will house over half a million residents and will include a number of prominent towers. Apart from this, the mammoth project will also realize the construction of parks, playing grounds and entertainment centers. The Al Salam City will also include a unique, colossal shopping mall, which is to be built in a distinctive, architectural style.
The Project is planned to be executed in 3 phases, with each phase expected to cover 5 years with an investment of AED 10 Billion each. The first phase of the Project will include the development of the infrastructure of the whole city, including the 'Down Town' area. The Downtown will house the distinct shopping mall, which will be the first of its kind in the Middle East and the fourth worldwide, after USA, Singapore, and Australia. Another distinguishing feature of the mall will be a huge garden that will extend throughout the mall with water surfaces such as lakes and water falls, in addition to entertainment facilities, restaurants, cafes and retail stores.
The Down Town will also include a main hotel tower composed of more than 50 floors, apart from 20 residential and commercial towers of 20 to 25 floors. The First Phase will also realize the development of residential districts, where the first district will include 1000 residential villas while the second will compose of 200 buildings of 5 to 10 floors.
Development of the first phase of the Project will begin at the end of the current year and it will extend over an area of 15 million feet covering 15 thousand residential units.
The City further consists of mosques, schools, banks, commercial shops and a number of distinct cafes & restaurants, in addition to excellent public facilities characterized by vast streets, huge green spaces, a number of parking areas and entertainment centers.
Omar Ayesh, President of Tameer Holding confirmed that the Al Salam City project is an integrated real estate project in Umm Al-Quwain, open to investors from different nationalities. He said that the project is an extension of Tameer's ongoing success and is a clear representation of Tameer's commitment towards developing quality real estate projects in the UAE. Ayesh also emphasized on the growing importance of the real estate environment in the Emirate of Umm Al-Quwain.
'Following the completion of the highly successful Modern Emirates Industrial Area, the Al Salam City project is Tameer's second project in the Emirate of Umm Al-Quwain. The major real estate development is definitely going to put the Emirate on the regional and global investment map,' said Ayesh.
Tameer had entered Dubai's real estate market through Dubai Princess, the world's tallest residential tower, which is to be registered in the Guinness Book of World Records. The leading real estate firm was also involved in the two projects of Al-Dana in the Global City. Additionally, Tameer ventured into Sharjah's real estate market through Sharjah's tallest residential tower, Princess Tower. Ajman's Princess Village Tower is also well known for its architectural style, focusing on the local environment & heritage.
Sharjah-based Tameer Holding yesterday announced a Dh30 billion residential city in Umm Al Quwain designed to accommodate half a million people.
The agreement was signed on location yesterday by Shaikh Abdullah Bin Rashid Al Mualla, Deputy Ruler of Umm Al Quwain; Omar Ayesh, president of Tameer Holding, and Ahmad Al Rajhi, representing Al Rajhi Banking and Investment Corp of Saudi Arabia.
The project will be completed in three phases, with each one expected to take five years at an investment of Dh10 billion. Work on the first phase will begin by the end of this year and will cover 15 million square feet comprising 15,000 residential units.
Tameer and Al Rajhi each have a 38.5 per cent stake in the project and the Umm Al Quwain government holds the remaining 23 per cent, said Ayesh.
The project will be completed in three phases, with each phase expected to take five years at an investment of Dh10 billion, he said.
Development of the first phase will begin at the end of this year and will extend over 15 million square feet comprising 15,000 residential units.
Ayesh said the project will be initially financed by Tameer but is open to local and foreign investors.
Residential units will be sold on a 99-year lease with residence visas provided for foreign buyers in accordance with local laws, he said.
"Prices will be very competitive and payment terms and conditions will be very easy. There will be an initial 10 per cent deposit followed by financing spread over 15 years after delivery of units," said Ayesh.
"The most attractive selling point is that the monthly mortgage payments will work out less than rents in other emirates," he said.
Sharjah investor Ayesh and the Al Rajhi Banking and Investment Corp, Saudi Arabia's largest listed bank and the largest Islamic bank in the Arab world, are equal shareholders.
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