Memon Investments has acquired five plots of land worth over Dh228 million ($62 million) within the high profile community project - Jumeirah Village South (JVS).

The developer’s sizeable investment is part of its plans to launch five residential and mixed-use towers within JVS, which will be collectively valued at Dh1.3 billion, said a company official.

Prior to this, Memon Investments has revealed its plans to launch more than ten projects worth over Dh3 billion in the UAE in the second half of 2008, along with its aims to become one of the major developers with an extensive presence in JVS.

Set to occupy over 152,746 sq ft in total land area, the five projects reiterate the developer’s steadfast commitment to addressing the booming demand for prime quality real estate projects within in-demand community developments.

Strategically located within JVS, the residential and mixed-use developments combine sophisticated design and advantageous positioning, thereby underlining Memon Investments’ unwavering focus on delivering high ROI projects to regional and global investors.

In addition, each of the five towers will also incorporate the developer’s signature unique concepts and world-class amenities that highlight its careful planning and design processes.

“As we roll out more projects in line with our growth plans for the remaining months of 2008, we are now focusing on reinforcing our presence within Dubai’s most established master developments,” said Ahmed Shaikhani, managing director, Memon Investments.

“Our acquisition of these plots in Jumeirah Village South is a prelude to the extent of our plans within this outstanding commercial and residential hub. Apart from the continuous planning of our future projects, we are also looking into other master developments in Dubai, as well as in other emirates and the rest of the GCC,” he added.-TradeArabia News Service