ETA Star to invest Rs. 13,500 crore in Chennai

ETA Star plans to invest over Rs. 13,500 crore in Chennai and its surrounding areas for developing property.

The company will establish an integrated township on 1,200 acres at Sriperumbudur with an outlay of Rs. 12,000 crore and five new projects with an investment of Rs. 1,350 crore.

Addressing a press conference here on Thursday, P. H. M. Syed Ismail, Managing Director of the company, said Chennai and its surrounding areas were buzzing with activity. He said after its successful launch of its Bangalore properties `Binny Crescent’ and `The Garden’ had now entered Chennai.

Mr. Ismail said ETA Star had already acquired 250 acres at Sriperumbudur. The integrated township would have a built-up area of five-crore sq. ft.

ETA Star would create a separate special purpose vehicle for the project in which it would hold 59.9 per cent, a foreign partner 40 per cent with TIDCO 0.1 per cent. ETA Star was talking to a few companies in the U.S. and Europe.

Mr. Ismail said the gestation period for the project was six to seven years from 2008 onwards. He said the Sriperumbudur project would be operated on the basis of FDI (foreign direct investment) norms.

ETA Star presents first Star Awards to partners

ETA Star, recently on (Thursday, February 22, 2007), presented its first ‘Star Awards’ to acknowledge the contribution of its partners at a glittering awards function held at the Marriott Courtyard Hotel in Dubai.

The Star Awards were presented in three categories – Marketing Partners, Sales Partners and Banking, Finance and Legal Partners.

Essa Abdullah Al Ghurair, Director of ETA Ascon and Star Group, gave away the awards at the function, which was attended by a host of senior officials from the ETA Group, partners of ETA Star and members from the media.

Speaking at the awards function, Abid A. Junaid, Executive Director of ETA Star, said “The exceptional accomplishments and growth achieved by ETA Star in such a short span of time would not have been possible without the relentless support of our partners who have shared a common vision of success. These awards are just one way of acknowledging the invaluable contribution made by all our partners and we look forward to working with them in the years ahead as we scale new heights.”

“The Stars Awards were instituted to recognise the role played by our partners in making ETA Star one of the leading property development companies in the UAE. Over the years, we have built an excellent relationship with all our partners which has contributed to our mutual growth and development.” added Junaid.

ETA Star steps up international marketing efforts

In its ongoing pursuit to tap newer markets and wider audiences, ETA Star is participating in roadshows and exhibitions across the CIS countries, Latvia, Qatar, Canada and the U.S.A. Understanding the far-reaching and long term benefits, ETA Star has partnered with key selling agents with planned initiatives to focused segments in some markets and exhibition representation in others.

In Russia, ETA Star has partnered with 5 agents, spearheaded by Zagy Properties, to showcase its key projects such as The Grandeur Residences, Liberty House, The Summit and 23 Marina at the Extravaganza Exhibition in Moscow from 26th to 28th October. Incidentally, Zagy Properties has also teamed up with ETA Star to showcase some of its projects in Toronto, Canada in November this year. Recognizing the potential of new markets, ETA Star is also participating in the Latvian property exhibition, Latexpo, through a partnership with a leading local property agent. Further emphasizing its foray into untapped markets, ETA Star will also be conducting roadshows in New York and California with the assistance of Bridge Property Services. Apart from this, Doha in Qatar will also be witness to a showcasing of ETA properties, through a roadshow done in partnership with AHB Trading.

After the unprecedented success of The Grandeur Residences in Kazakhstan, ETA Star has embarked on a novel venture in eight CIS countries by tying up with a prominent tour operator, Royal Park Tourism, in an effort to tap their captive customer base and also to reach out to the Russian tourist flow into Dubai that peaks during year-end.

Another milestone for 23 Marina

Hircon International LLC, a joint venture between the leading Hiranandani group and ETA Star properties, have received the much awaited building permit for their iconic tower 23 Marina coming up at Dubai Marina. The construction work for the tower has taken a fast pace to build on the dream tower which on completion would be one of the tallest exclusively residential buildings in the world.

The tower has its foundation complete which takes it to the commencement of the superstructure work. DCE, has been entrusted with the superstructure works. Dubai Civil Engineering is a group of the Al Hamad Contracting Company, which is one of the leading companies engaged in the construction of residential and commercial buildings in Dubai the Northern Emirates, Kingdom of Bahrain and Kingdom of Jordan.

Hircon International has awarded a contract over half a billion dirhams to Dubai Civil Engineering (DCE) to build the 90 storey tower that will offer residents a choice of superior quality two and three bedroom apartment and four bedroom duplexes deigned for an elite and luxurious lifestyle.

Darshan Hiranandani, Director, Hircon International LLC said: “23 Marina will set new benchmarks in the concept of luxurious living. The concept of each duplex apartment with a private plunge pool with Jacuzzi and an internal elevator in the last 24 floors is first of its kind in Dubai. Once complete, it will stand high above the increasingly sophisticated landmarks gracing Dubai’s skyline today, adding considerably to the prestige and reputation of the Middle East’s fastest-growing city.”

Designed to pamper its occupants to the utmost, the landmark residential tower features three levels of spas, fitness centres, indoor and outdoor temperature-controlled swimming pools, lavish decks and optional house automation. A stunning façade, sleek finish and amenities that cater to a host of needs add considerably to the 23 Marina’s appeal.