Anti-crisis trend of the week (09–15.03.2009)

Despite the global downturn, large properties are still being built and are expected to be finished on time. New large-scale projects are being planned for construction.

On the past week an international hotel group HIG has annunciated the signing of a contract for construction of the largest Holiday Inn hotel in the world which will be built in Moscow. The volume of investment in the new hotel will exceed $100 million. The construction will begin in 2011, the hotel is expected to be finished by 2014.

A Bahraini developer Al Khaleej Development Company (Tameer) has declared its plans to launch a new leisure project that is worth more than half-a-billion dollars in Saudi Arabia. A new resort, The Dannat Resort, will appear on the eastern shore of the kingdom. Its worth is roughly equal to $667 million. The developer promises to find the necessary sum despite the global financial crisis.

A 65-storey skyscraper named Four Seasons Place will be built in Malaysian capital, Kuala Lumpur. The new tower will include Four Seasons hotels, apartments and a retail center. According to the developer, Syed Yusof Syed Nasirthe, the tower will be commissioned in 2012, despite the economic crisis and financing-related difficulties.

Fortune Group developer company has confirmed that the Dubaian skyscraper, Burj Al Alam, will be put in commission in 2012 regardless of the delays with financing coming from the investors. The total worth of the project works out 5 billion dirham ($1.36 billion). The skyscraper is 501 meter tall which makes it the highest commercial tower in the world.

One of the largest Ukrainian developers, “Poznyakizhilstriy” (Kiev), claims that the building of its project, Kempinski Palm Residence and Hotel, which is being erected on the artificial island  Palm Jumeirah in Dubai, is going according to the schedule. The construction of the project’s residential part is expected to be finished by the end of the year, the hotel part - during 2010. The median price of penthouses amounts to $6 million, villas cost $10 million on the average. Despite the global economic recession none of the buyer has pulled out of the deal.

Author: Alexey Lahov