Chun Wo Holdings plans to set up a 30-storey tower "Le Cube" on Reem Island near the United Arab Emirates (UAE) capital Abu Dhabi, the UAE daily The National reported Sunday.
The tower, expected to cost 13.6 million U.S. dollars, will be Chun Wo's second property on the Arabian Gulf-based Reem Island after the 10-storey Reem Diamond apartment project, the report said, quoting the Hong Kong developer's deputy chairman Derrick Pang.
Pang added that Chun Wo Holdings was looking increasingly for investments abroad due to the Chinese government's measures in reducing construction activity in order to cool down the overheated market. "Prices in Hong Kong are pretty crazy," said Pang, "We're talking about at least 10,000 dirhams (2,727 U.S. dollars) per square foot now, so everything here in the UAE looks very cheap."
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