Altair Development in Lusail, Doha, Qatar.

Transcription

1 Altair Development in Lusail, Doha, Qatar.

2 Contacts Contents All communications and enquiries relating to this offer should be directed to either: Equity Investment Enquiries Will Hean Kenmore Property Group PO Box Dubai UAE Tel: +971 (0) Property Residential Enquiries Andy McEwan Select Property Group Limited The Box Brooke Court Lower Meadow Road Wilmslow Cheshire United Kingdom SK9 3ND Tel: +44 (0) Executive Summary 01 The Developers and Partners 02 Qatar Overview 03 Investment & Infrastructure 07 Property Market 09 Lusail Overview 14 The Altair Development 17 Appendices Key Executives 23 Developers and Sales Agents 27 Track Records 29

3 Executive summary The Developers and Partners 02 Tameer Real Estate Company WLL has acquired a 72,000 square foot plot in the waterfront residential area of the Lusail masterplan, an expansion area just to the north of the centre of Doha, the capital of the State of Qatar. The plot surrounds a private beach at the northern end of the waterfront district. Lusail will effectively be a city with a population of 200,000 enjoying unrivalled employment, residential, retail, entertainment and transportation facilities on their doorstep. The intention is to develop a 35 storey luxurious residential tower over a gross floor area of approximately 290,000 square foot consisting of 170 apartments and with a total development cost of approx QR+300 million. Construction is due for completion end It is anticipated that these apartments will be sold in a number of phases at sale prices between QR1,700 and QR2,100 per sq ft with the first phase to be launched in Q Tameer Real Estate Company WLL has teamed up with Kenmore Property Group to co invest in the project and jointly established for that purpose Kenmore Waterfront Company WLL ( the company ) in the state of Qatar. Further, Tameer Real Estate Company WLL has appointed Kenmore Property Group and Middle East Alignment WLL to jointly perform the project development and project management services. Select Property Group Limited ( Select ) is acting as sales agent for Tameer Real Estate Company, Kenmore Property Group and Middle East Alignment WLL (together the Developers ) in relation to sales activities of the project. Select and the sponsors are approaching a small number of high net worth individuals and institutions to sell either equity in the development company or a material number of units within the project. Tameer Real Estate Company WLL was established in Qatar in its current form in 2006 with a paid up capital of 324 million Qatari Riyals and assets over 1Billion QAR. Tameer is a national and international real estate development, investment and holding company. The Board of directors is chaired by Abdulaziz Bin Mohammed Al Attiya. Kenmore Property Group is a leading, privately owned, Scottish property company with a strong UK and European management platform and an impressive track record across the three main real estate disciplines: Investment, Development and Asset Management. Kenmore was formed in 1986 and now operates throughout the UK, Europe, Scandinavia and Dubai with assets under management in excess of US$ 3.7 billion. Middle East Alignment WLL is a successful and reputable Qatar-based real estate development and investment management company. Partners include Abdualaziz Mohammed Al Attiya, who is Chairman of the Al Attiya Group of Companies and H.E. Dr. Khalid Bin Mohammed Al Attiya, who was recently appointed to Minister of State of Qatar for Business and Trade in addition to his existing responsibility as Minister for International Co-operation. ME Alignment possess a strong track record and significant expertise in land acquisition and property development management for real estate projects of over US$250m Select Property Group is a global property company based in the UK that has completed residential property sales in excess of $1.4 billion to clients in over 80 countries over the last 5 years. Select specialises in the end to end provision of marketing, sales and customer service solutions. It s experience in the middle east includes selling out all units in six residential towers at Dubai Marina very similar in nature to the development project in Lusail. In addition to it s core business Select is also an active JV property developer in Ras al Khaimah and Dubai.

4 Qatar Overview 04 Key Statistics (2008 estimates) GDP $83.29 billion GDP growth 11.8% GDP per capita $101,000 GDP by sector Agriculture (0.1%) Industry (79.4%) Services (20.5%) Inflation (CPI) 15.2% Population 1.5 million Growth (%) % Expat population (%) 80 Geography Qatar is an independent Arab State situated on the Western coast, at the heart of the Arabian Peninsula, within close proximity to Saudi Arabia, and sharing maritime boundaries with Bahrain and the United Arab Emirates. Demography Due to an influx of foreign workers, triggered by the country s economic performance, a boost in population figures was reported in Dec 08. The population increased by over half a million in just 4 years to record one of the world s highest growth rates. Economic growth and iconic real estate projects are a magnet to expatriates, lured to Qatar by attractive tax-free employment packages. Furthermore Qatar has a much higher number of professionals and technicians in comparison to the employment mix in the neighbouring states. Rich Natural Resources Qatar has set itself apart from its neighbouring countries, as not only is it the richest nation in the GCC and one of the richest nations in the world, even during the current global downturn Qatar is predicted to achieve GDP growth of approximately 9.6% in 2009, the fastest economic growth rate among the world s richest nations. Ranked third in the world in terms of natural gas reserves, Qatar s phenomenal GDP growth continues to move from strength to strength. World s richest nations (nominal GDP/Capita, 2008) World s fastest growing population Australia Austria Belgium Denmark France Finland Ireland Kuwait Netherlands Norway Qatar Sweden Switzerland UAE USA Afghanistan Bahrain Burundi East Timor Equatorial Guinea Liberia Macau Qatar UAE Uganda % USD 000s Voted The best regional model for its neighbours to emulate by the World Ecomomic Forum.

5 Qatar Overview 06 The Economy Qatar has achieved in decades what many countries take centuries to attain and is now one of the highest rated economies among GCC countries according to Capital Intelligence, Moody s and Standard & Poor s. Its stable economy and relatively small population has allowed Qatar to maintain its position as one of the best performing economies and has one of the world s highest per capita GDP s. Having been the least affected country in the GCC region by the global economic downturn, the future for Qatar is extremely positive with its gas & oil reserves, development plans and rising population sustaining the demand for commodities, services and real estate. Growth and Development It was named the best regional model for its neighbours to emulate in 2005 by the World Economic Forum. Having experienced rapid growth in recent years, the Qatari government has accumulated trade surpluses which it is investing in projects to diversify its economy. Unlike its neighbours, Qatar is financing such projects from current oil exports, which make it less reliant on external credit flows. The rich natural resources and Qatar s attitude to business has enabled its residents to enjoy the second highest GDP per capita in the world. $103,500 (2008) $94,200 (2007) $85,800 (2006) Qatar's goal is to become a major international centre for finance and investment management, a vision shared by its government, people and institutions. The Qatari government has always held an open attitude to investment and business, which is demonstrated through a multitude of facts: No income tax No withholding tax Stable exchange rate pegged to the dollar Market Indicators, Population (m) Per household consumption (US$m) 18,066 20,957 23,451 25,913 29,282 33,088 Current account balance (% of GDP) Budget balance (% of GDP) Oil and Gas Revenue Qatar is one of the largest exporters of Liquefied Natural Gas (LNG) and has the third largest gas reserves in the world. Additionally it has oil reserves that could support its current levels of output for 37 years. Unlike other GCC countries, Qatar has not maximised the extraction of its existing oil and gas capacity. Qatar s economy has only just begun diversifying from oil and natural gas, which still contributes to over 50% of its GDP. Economic Diversification The Qatari government intends to continue to boost public spending by allocating a total expenditure of $25.9 billion for the fiscal year 2009/2010. With a commitment to invest in non oil and gas sectors, the government is set to achieve economic diversification through public spending on transportation, healthcare, sports, education and housing projects. Main picture: Major Gas refinery. Qatar. Qatar s residents enjoy the second highest GDP per capita in the world.

6 Investment and Infrastructure 08 Qatar s rapid economic growth has enabled it to become one of the wealthiest countries in the world, and has the third largest reserves of natural gas in the world. With this is mind Qatar is looking to spend a phenomenal $100bn on investment and infrastructure projects by Unlike other GCC countries, Qatar has invested significantly in infrastructure projects. The government currently has planned infrastructure expenditure of $15 billion over the coming years, ensuring that the country remains a very attractive business destination. Qatar s has the third largest reserves of natural gas in the world. These expansion and growth plans include the following: Doha International Airport The $5.5bn Doha International Airport is being built with a capacity for 24 million passengers and is expected to open in Expansion Projects Qatari officials have projected that they expect at least $12.3bn to be invested in expansion projects over the coming years. Hotel Industry The hotel industry in Qatar is predicted to grow, with 8 new hotels, totalling 2,550 rooms to be added in the next 2 years to accommodate the growing demand. Qatar-Bahrain Causeway The $2bn construction works on Qatar- Bahrain causeway, stretching 40kms (25 miles) is expected in May The causeway will provide both rail and road connections between Bahrain island, and Qatari peninsula. Rail Network Qatar is planning to build an underground light rail network serving the Education City development outside Doha. The system will be one of five components of a larger rail network serving the rest of the country that is planned by local developer Qatari Diar Real Estate Investment Company. The Qatar Investment Authority The QIA was founded in 2005 to strengthen the country's economy by diversifying into new asset classes. Headquartered in Doha, the QIA is a sovereign wealth fund structured to operate under the strictest financial and commercial disciplines domestically and internationally. As a result of its strategy to minimise risk from Qatar's reliance on energy the fund predominantly invests in international markets (US, Europe and Asia) and within Qatar outside the energy sector. The fund focuses on three asset classes; real estate, private equity and investment funds. Pictures opposite: Proposed new Doha International Airport The Friendship bridge linking Doha with Bahrain. Petroleum grounds at Energy city. Main picture: Medical College at Education City.

7 Investment and Infrastructure 10 Qatar leads the way as the next tourism hub with US$17 billion of investment in the next 5 years. Tourism Qatar has a strong strategy in place to develop revenue through tourism. A government allocation of US$17 billion for tourism over the next five years, including the construction of luxury hotels, resorts and other leisure facilities, will make the country even more attractive to international visitors. By 2010 Doha alone will offer 10,000 rooms in 45 hotels, catering to the expected 1,000,000+ visitors. The number of hotel rooms of a luxury standard is set to increase to more than 29,000 by Further, the Qatar Tourism and Exhibitions Authority plans to grow the tourism sector in Qatar by focusing on attracting a projected 1.4 million tourists by 2011 for business, conferences, education, sports and culture. Business Tourism Qatar is well-positioned to take advantage of the business market, catering for an array of functions, meetings and conferences. Doha Exhibition centre hosts a suite of modern facilities and Qatar National Convention Centre, (Opening in late 2010), will include 57 meeting rooms, 40,000 sq m of exhibition space as well as two auditoria, a multi-purpose hall and a theatre to meet the demands of global conference and exhibition organisers. Sport Qatar is fast becoming one of the region s leading sports destinations. After investing US$2.8 billion in infrastructure, it successfully hosted the 15th Asian Games in 2006 and will host the AFC Asian Cup football tournament in A wide range of major world sporting events are regularly hosted in Qatar and with its bid for the 2020 Olympic Games, as well as the FIFA World Cups in 2018 and 2022, Qatar is taking steps to elevate its position on the global stage. The Arts Qatar hosts the world s premier collection of Islamic art and handicrafts at the Museum of Islamic Art. The annual Doha Cultural Festival every March attracts visitors from around the world and is one of the largest of its kind. Shopping As well as the modern shopping experience, Doha s 'Souq Waqif', the country s oldest and best known bazaar, is home to traders of everything from perfumes and jewellery to spices and traditional crafts. Pictures below: Al Khalif Sports complex, Sports City The Museum of Islamic Art, Doha. Authentic arabic goods at the famous Souk Waqif Marketplace.

8 Property Market 12 Qatar has openly declared that the real estate market plays a pivotal role in realising its vision. Therefore the fundamentals and key components to the long-term sustainability of the real estate market are already being carefully planned and implemented. Appreciation Qatar s strong economy, growth expansion and infrastructure programmes all form part of Qatar s underlying fundamentals to achieve a growing real estate market, appealing to both local and foreign investors. For those developments situated in more desirable, water front locations property is more likely to retain its value, generate higher marketability and is better positioned to achieve higher rentals. Between mid-fourth quarter 2008 and end of first quarter 2009, average freehold sales prices were affected by the global downturn. Whilst these declines were heavily weighted in some areas, the average unit prices in premium areas such as Lusail largely sustained their price points and were only minimally impacted. It is predicted that sales prices for freehold property in Qatar have now levelled out and the decline during the fourth quarter of 2008 and May 2009 is the worst likely to be experienced. The fundamentals of Qatar's property market are changing rapidly, but collective supply has largely been controlled and aggregate demand is stable. Rentals High population rates experienced by Qatar over the last year have placed significant pressure on the demand for residential property, resulting in a substantial increase in rentals of over 25% in Whilst 2009 has seen the rental market steady, again those developments in prime residential areas continue to command rental with a premium over other less desirable areas. Development Plans As the pace of development has slowed after the initial boom in the 1960's, more consideration has been given to developing a city that symbolised Qatar's new urban character and global integration. The architectural style is evocative of Qatar's commitment to the lifestyles of the past while encouraging technological development. Many building designs incorporate distinctively Islamic decorative styles executed in modern materials. Doha ranked 2nd highest for residential apartment rentals in Q1 of 2009 amongst GCC Cities, equalling Dubai. Residential Rentals, GCC Cities, Q Abu Dhabi Dubai Doha Muscat Qatar symbolises a new urban character and global integration with architectural styles committed to the lifestyles of the past whilst encouraging technological development. Kuwait Riyadh Barhain USD/month Villas Apartments

9 Property Market 14 The Doha's Parks and Promenades The award-winning architecture and spectacular parks and promenades are considered to be the centrepiece of Doha. The large-scale land reclamation project undertaken by the government to create those waterfront properties is recognised as a major engineering feat and a symbol of the country's economic and technological advancements. The Pearl The Pearl Qatar is one of the most iconic developments. The man made island development is estimated to cost around $2.5 billion and is by far the largest property development undertaken in Qatar. The second phase of the development was released in March 2005 to much anticipation and post completion will form a 4-million sq m island home to around 30,000 people in an array of luxury and stunningly designed villas, town houses and apartments. The Pearl will also feature hotels, restaurants, shops and boutiques as well as a 700 berth international yachting hub Property ownership laws Qatar was the first market in the region to open to outright foreign real estate ownership with the passing of a law in 2004 Regulating Ownership of Real Estate and Residential Units by non-qatari s (the Foreign Ownership of Real Estate Law ). There are therefore currently three regimes existing in Qatar in respect of property ownership: GCC nationals may invest in and own Real Estate in three approved Investment Areas, namely Lusail, Al Khuraj and Thaayleb Mountain. Non-Qataris can own real estate in three designated projects - the Pearl- Qatar, West Bay Lagoon and Al Khor Resort. Non-Qataris may also acquire rights over any real estate for a term of 99 years renewable on similar terms within the Investment Areas. A further law in 2006 allowed entry visas and residency permits to be issued to non- Qataris with interests under the Foreign Investment Law and the Foreign Ownership of Real Estate Law without a local Qatari sponsor. Main Picture: Doha Corniche waterfront at night. Doha waterfront by day. The Pearl.

10 Lusail Overview 16 Lusail Qatar has planned a number of commercial and residential development projects designed to provide housing for locals and expatriates who will work in the expanding energy sector as well as other industries. The Lusail development is a master planned community situated approximately 15 km north of Doha covering an area of approximately 35 million sqm and will be home to approximately 200,000 people. As Qatar s largest domestic development, Lusail places Qatar on the map in terms of property investment in the GCC region. Lusail lies adjacent to another master development - The Pearl Qatar - and is bordered by the Arabian Gulf to the east and the Al Khor expressway to the west. More specifically the subject plot is situated on the eastern boundary of the Lusail development. Meticulously planned, the Lusail development will include a blue water lagoon with two marinas, low and high density residential accommodation, commercial areas, entertainment and leisure facilities, two golf courses, mixed use areas, retail districts, schools, mosques and medical centres. Lusail is planned to contain 18 different districts, each with its own distinctive uses and features. In summary the main districts are; 1. Entertainment District 2. Energy City 3. Media City 4. Waterfront District 5. Marina District 6. Golf District The site occupies a prime location within the Waterfront Residential District of Lusail and benefits from a direct sea front. In addition, the east of the site is an area designated for low rise villa development around a championship Greg Norman golf course, offering added amenity in terms of views and outlooks for the apartments. The development has been designed to take full advantage of the plot's waterfront location. The design concept is based around a vertical villa, offering a unique mix of indoor and outdoor space in the units with courtyards, balconies and a walkway providing the main access point to the apartments. All the apartments within the development offer full or at least partial sea views Main pictures: Artist s impression of Lusail master development. Pictures opposite: The centrepiece of Lusail, Fosters and Partners iconic towers. CGI Showing main Lusail boulevard.

11 The Altair Development 18 Altair overview Occupying what is probably the best location on Lusail, Altair is a high end residential development which incorporates 4 retail units. Its enviable waterfront position and innovative design enables every property to benefit from sea views. Designed to embrace Arabic architecture, within the dynamic setting of Lusail, the result is something quite unique. Moving away from Arabia s historically horizontal design, Altair is a vertical villa themed tower which offers a mix of indoor and outdoor space. Properties are spacious, light and airy, and are carefully planned to maximise the spectacular views whilst still delivering complete privacy to their occupants. Contrasting the privacy offered by each property, the use of courtyards, porches, walkways and gardens in the sky are all designed to encourage the sociable / community atmosphere, of villa neighbourhoods in the sky. Residential Accommodation The Villa Tower offers a total of 170 residential properties, all of which benefit from sea views. It comprises of a choice of simplex, duplex, triplex and penthouse properties, with the number of bedrooms ranging from 1-5. The development offers two exclusive penthouse apartments with private pools and terraces overlooking Lusail and out to central Doha. All properties have been designed with layouts that optimise and complement their location within the tower. Some have terraces, others benefit from courtyards, porches and balconies. The result is a high level of individuality in Altair not usually associated with residential towers. Living areas are purposely open-plan, ensuring rooms benefit from natural light and create a spacious and generous atmosphere. Clearly defined kitchen and dining area, are a product of the functional design. Designed to embrace Arabic architecture, yet represent it in a contemporary fashion.

12 The Altair Development Interiors Mirroring the architectural design of the development, the interior is equally successful in its fusion of ornate Arabic style and modern contemporary features. Every thought has been given to the colours, finishes, furniture and lighting to ensure something of beauty and desirability is achieved, yet equal consideration has been given to the buildings internal space, ensuring that both public and private areas work efficiently to meet the practical needs of the residents. Apartment owners have the choice of 2 interior colour schemes, with top of the range kitchen appliances. 20 Pictures clockwise: Interior living area illustration with sea view. Spacious open kitchen and dining area. Master bedroom showing large open plan living through to sun terrace.

13 The Altair Development 22 Development Specifications Facilities To complement the superb living accommodation, courtyards and other communal areas, residents benefit from a range of leisure facilities and amenities, including: Infinity swimming pool Gymnasium /Health Club Direct access to beach and beach club Landscaped gardens Café Unit Size 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom Number Percentage 29% 51% 19% 1% Size Range (Sq.m) Parking Spaces Each 1 bedroom property benefits from 1 parking space. Properties with 2 bedrooms or more benefit from 2 parking spaces. 12 self contained garages are incorporated within the podium at ground level (these are allocated to premier 2 & 3 bedroom Total % beach villa properties). Pictures clockwise: The Waterfront developments courtyard. Illustration of the main roadside entrance. Night time render of the development. Pool area showing direct access to the beach.

14 Key Executives 24 Abdulaziz Bin Mohamed Al Attiya Chairman, Tameer Real Estate Ahmad Saaed Al Hassan General Manager Andrew White Head of Middle East (KPG main Board Director) Philip Back Development Director On graduating from the Michigan Aquinas College in the USA with a Science in Business administration degree, Mr Abdulaziz joined Qatar Central Bank, Doha as an Auditing Supervisor. After 2 years at the bank, he joined Al-Attiya Motors & Trading Company, part of the Al-Attiya Group (AGTC) as General Manager, responsible for sole distribution of Kia Motors and Renault Trucks. This was the beginning of his successful career at AGTC and in 1995 he was promoted to the position of Managing Director for the Group. Mr. Al Hassan s career started with the Qatari Armed Special Forces in 1985, he was then transferred to the Emiri Air Force in 1992 where he served until He holds a Masters in General Law from the American University of London and has been a part time practitioner at Khalid Al Attiya Legal Consultant and Attorney in Qatar since Mr. Al Hassan is a licensed Lawyer in the State of Qatar, specializing in Commercial Law and Arbitration. Andrew White joined Kenmore in 1998 and helped to establish Kenmore's regional UK office platform. In 2006 Andrew set up Kenmore's Dubai office and he now oversees all activity in the Middle East. Andrew has significant investment and development experience from previous roles at two major funding institutions, Sunlife Properties and Hill Samuel Asset Management. Philip Back joined Kenmore in August 2007 to support Kenmore's development division in the Middle East. Philip has over ten years construction and development experience obtained in the construction and development industry in and around central London. He moved to the Middle East in 2004 and has worked on the prestigious Kempinski Hotel, Mall of Emirates and lead the development of a 325 hectare mixed use community in Dubailand. Mr Abdulaziz was MD for 7 years before achieving his second promotion to Chairman of the Board of Directors. He has played a key role in leading the organisation to become one of Qatar s leading groups of companies to provide varied services to a range of companies, including oil, gas, educational and medical. In 2006, Mr. Al Hassan was appointed General Manager for Tameer Real Estate Co. WLL. Tameer is currently owing, developing and managing 8 construction projects in Qatar for a total value of more than USD 200 MM including Tameer Village USD 40 MM, Al-Sadd III Project USD 45 MM and the Energy City Project USD 68 MM. Will Hean Investment Director Will Hean joined Kenmore as Investment Director in the Middle East in April Will is a Chartered Surveyor with 18 years experience in the commercial property market having worked in London and Hong Kong for major property consultancies before returning to Scotland in 1996 to jointly set up Roxburgh & Co Property Consultants

15 Key Executives 26 Oliver Alexander Managing Director Christoph Kunz Managing Director Mark Stott Cheif Executive Officer Select Property Group Limited Andrew McEwan Director Select Property Oliver, a lawyer by profession, has been working with Abdulaziz Bin Mohammed Al Attiya and other members of the Al Attiya family in Qatar since Oliver is an expert in GCC construction law and has managed large real estate development projects in Qatar for the Al Attiya family for many years such as inter alias the Al Waha Tower, project size USD 70 MM, the Zadara Tower, project size USD 145 MM and the Lusail Waterfront Tower, project size USD 90 MM. Oliver is managing ME Alignment WLL, a real estate project development company wholly owned by the Al Attiya family. Christoph has a Master in Pedagogy. He started his professional career in tourism developing product lines for European tour operators. This led to further tourism related project developments in the airline and hotel business. Since 1985 he has been active in the Middle East where the project development activities expanded into general Real Estate developments in Dubai, Abu Dhabi and Qatar including office, residential, mixed use and leisure & sports projects. Mark established Select Property Group in 2003 having identified the opportunity for off-plan property investment in Dubai. Mark has 15 years experience of developing businesses across the retail, hospitality, automotive and property industries. Mark is an entrepreneur with over five years experience in the property market in the Middle East. Mark has developed successful relationships with market leaders within the property development industry across Europe, the Middle East and Africa. Andy joined Select s investment division, ONUS in 2007 from Epiphany (Nasdaq floated) where he was General Manager for Europe, Middle East, and Africa. Andy developed Epiphany from start up in 2001 to successful sale in Prior to this Andy was the Finance Director for Oracle Corporation s Australasian business. Andy is a member of the Institute of Chartered Management Accountants, and has a BSC (Hons) in Civil Engineering from the University of Manchester Institute of Science and Technology. Andy has over 23 years of experience in general management, finance and civil engineering.

16 ME Alignment s Management Track Record / References 28 Al Waha Tower, Qatar Total Units 234 Entire development sold before construction commencement A 42-storey tower in the Dafna Area of Doha, Al Waha Tower comprises 234 residential units with car parking facilities and a list of exquisite amenities including spa, swimming pool and restaurant. ME Alignment Management s role Initiator of Project & Owner s representative Project development and coordination Establishment of financial models and structure Design briefing and management Negotiations and conclusion of construction contract Exclusive Sales Agent Project Value: USD 85m. Swiss Tower, Dubai Pre Sold This commercial tower is ideally located within Jumeirah Lake Towers, Dubai. Comprising 42 floors and offering a prime location for companies to be based, the tower has been developed in coordination with the Swiss Community and Consulate in Dubai. Initiator of Project & Owner s representative Project development and coordination Establishment of financial models and structure Design briefing and management Development and management of marketing Negotiations and conclusion of construction contract Management of complete tower sale Sadara Tower, Qatar Sold Out, Total Units 325 Entire development sold before construction commencement Located in the prestigious Dafna Area in Doha, the 44-storey residential tower has a modern design comprising 325 properties complete with 2, 3 and 4 bedroom apartments. Representative of the owner Review of planning concept including optimizing efficiency of project Establishment of financial models and structure Negotiations and conclusion of construction contract Creation of Investor s brochure Exclusive Sales Agent Project Value: USD 99m

17 Kenmore Management Track Record / References 30 Express Management, Dubai Express Management is a mixed use development, well located in Dubai Investment Park (DIP), adjacent to the new Dubai World Central Airport. Kenmore s Role: Development Mangers and Investors Development Details: 3 plots in total: 2 plots for labour accommodation for a total of 480 rooms, 1 plot for 5,200 sqm (56,000 sq ft of warehousing. Completion: Expected Q The Greens, Plot 22, Dubai Kenmore acquired one of the largest plots on The Greens development. The plot offers a direct golf-facing aspect with exquisite facilities. Kenmore s Role: Development Mangers and Investors Development Details: Plot 22, one of the largest plots within The Greens development Apartments & Facilities: 7000 sqm (75,000 sqft) of high quality 1,2 and 3 bedroom apartments Sold Out: Site sold Q Al Seef Island, Raha Beach, Abu Dhabi An exclusive island in the Raha Beach overall master-plan Abu Dhabi, Al Seef Island is a luxury resort with direct access to a broadwalk promenade and the beach. Kenmore s Role: Development Mangers and Investors Development Details: Planning consent consists within the island totals 62, 300 sq m (670,000 sq ft) of Gross Floor Area (GFA) Proposed Scheme: A total of 65 larger villas averaging 930 sqm (10,000 sq. ft.) Completion: Expected Q2 2012

18 Select Property s Track Record / References 30 The Torch, Dubai Marina Total Units 658 Landmark 81 storey super tower development located at the mouth of Dubai Marina. One, two and three beds, and penthouses ranging from US$ 190,000 to US$ 1.9 million. Construction Company: Dubai Civil Engineering Architects: National Engineering Bureau Piling Company: Zublin Retail Value: US$ 210 million / AED 772 million Status: Sold out Estimated Completion: January 2010 The Point, Dubai Marina Total Units 188 This 27 storey development occupies a superb location on the marina, sitting right at the waters edge. One, two and three beds, and luxury penthouses and villas ranging from US$ 130,000 to US$ 952,000. Construction Company: Architects: Piling Company: Retail Value: Status: Development Status: Dubai Civil Engineering National Engineering Bureau Bauer US$ 57 million / AED 209 million Sold out Complete Bay Central, Dubai Marina Total Units 751 Consists of three towers, one of which is a Marriot 5* hotel under the Renaissance brand which will provide A La Carte services to residents. Studios, one and two beds, marina suites and penthouses ranging from US$ 171,000 to US$ 2.8 million. Construction Company: Dubai Civil Engineering Architects: John Harris and Partners Piling Company: Bauer Retail Value: US$ 247 million / AED 908 million Status: Sold out Estimated Completion: December 2010