Plans for the development of the Dh500 million Palace Tower at the technology hub of the Dubai Silicon Oasis were recently revealed by sources at real estate developer Tameer Holding.
The project, set to be completed in 2008, will be a residential and business development, featuring 424 residential units and 150 office units, according to Gulf News.
The complex will also feature two swimming pools, a nursery, a mosque and three gyms, a shopping mall and several restaurants and cafeterias covering 1,195,000 square feet of land.
"The Palace Tower has been planned to meet the needs of both the residential user and the business owner," said Ali Al Khudairi, Tameer Holding's CEO.
Khudairi highlighted the strong market demand for developments featuring mixed office and residential space in the UAE. He also stressed that the building's unique architecture would make it stand out from other projects in the Silicon Oasis area.
Tameer officially began construction on its Ajman-based Al Ameera Village only one week ago. The project was launched in the presence of Shaikh Ammar Bin Humaid Al Nuaimi, the Crown Prince of Ajman.
Tameer Holding was formed through a strategic partnership between Al-Rajhi Investment Group and Tameer Property Establishment. The company entered the UAE property market with the world's tallest fully residential tower in Dubai Marina, the Princess Tower.
