Damascus, Syria, December 27, 2006: Global real estate major Emaar Properties is going on schedule with the construction of the presentation center for its Eighth Gate master-planned community project in Damascus.
A mixed-use development of value SYP 26 billion (US$500 million), Eighth Gate broke ground in June. The design for two office buildings and four residential cum commercial buildings is on-going.
The project is a joint venture between Emaar Properties and IGO, an offshore investment and property development company, and recreates the luxury and style that characterise Emaar’s world-class Dubai developments.
Located in Yafour, some 15 minutes from the Damascus city centre, Eighth Gate is inspired by the legendary seven gates that were access points to Syria’s rich civilization. It offers a unique lifestyle choice in Syria and is the first entry of Emaar’s multi-billion investment in the country.
“Scheduled for opening in the first quarter of 2007, the presentation center is located within the project site. Work is on-going at a brisk pace and we have finished more than 60 per cent of construction,” said Mr Ibrahim Al Hashemi, Managing Director, Emaar Syria. “The presentation center is unique to Syria and showcases Emaar’s development portfolio and the lifestyle that we are bringing in to the country.”
He added: “The centre will be the key point for sales enquiries and interaction with the professional Emaar sales team. Initially, we are offering serviced apartments and offices for sale, and will also start registration for retail space in the shopping mall that is part of Eighth Gate. All aspects of price and terms of payment can be discussed with our sales staff. This is a new selling concept for Syria, as potential customers will know right from the beginning all the details regarding their home or office and its availability.”
The presentation centre showcases model homes - including a waterfront residence - all featuring exclusive finishes. The centre blends modern and Syrian architectural styles and features elegantly landscaped gardens and ample parking spaces. A model of the masterplan, including the commercial, retail and residential components of Eighth Gate, will be displayed at the centre.
“As the first point of reference for potential investors, it is important that the presentation center has the same ambience as that of the finished project,” said Mr Al Hashemi. “The mall in Eighth Gate will be the largest mall in the Levant region and the centre will devote an exclusive space for the mall component.”
The Eighth Gate project builds upon the ancient history of Damascus in its architectural style of ornately decorated buildings influenced by traditional Islamic design, and pays homage to the city’s ancient roots. A signature tall gate marks the access to the main plaza.
Divided into three zones – the Commercial Centre, the Waterfront and the Residential – the project comprises apartments as well as a classical style piazza, commercial tower, plaza and a retail mall inspired by the souks of Damascus. As part of the first phase, Eighth Gate will introduce more then 200 serviced apartments, which will feature modern amenities.
Emaar’s innovative offering of amenities-rich communities have created lifestyle options that are the first choice for many investors. Through joint ventures and projects covering Saudi Arabia, Turkey, Morocco, Egypt, India, Pakistan, Jordan, Libya and Tunisia, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.
