Singaporean Investor signs with The Palm

The Palm, Dubai's extraordinary island development located in the waters of the Arabian Gulf, today signed a Memorandum of Understanding (MoU) with Lum Chang Holding Limited (LCH).

The MoU details LCH's intention to develop an exclusive athletics style club with hotel facilities on The Palm, Jumeirah and an intriguing underwater world in the 'Sea Village' on the trunk of The Palm, Jebel Ali.

"Lum Chang Holdings have an excellent repertoire of projects in their portfolio, and we are greatly enthused by the interest they have shown in The Palm project. The visions for their developments on The Palm are outstanding and we look forward to working with them in developing these projects further", said Sultan Ahmed Bin Sulayem, Chairman of The Palm.

The exclusive athletics club is planned to rival other prestigious athletics clubs around the world, it is proposed that it will combine state-of-the-art athletic and spa amenities, boutique restaurants and luxurious hotel rooms amongst other facilities.

LCH's proposed Underwater World on The Palm, Jebel Ali is set to be a tremendous collection of marine based activities. Although plans are not yet totally finalized, it is envisaged it will encompass attraction like exotic aquariums with everything from seahorses to dolphins and whales.

Previously LCH were involved in the development and construction of the Underwater World on Sentosa Island Singapore an exciting tropical aquarium. Underwater World, Sentosa includes such elements as a submerged tunnel with a moving walkway, a turtle pool, dolphin lagoon and facilities to dive with sharks.

"We are very proud to be in discussions with Dubai's unique Palm project. LCH has witnessed Dubai's massive growth rate physically, financially and culturally over the last few years. We have seen it develop into a truly cosmopolitan city, which welcomes and encourages traditions from all around the world", said David Lum, Managing Director, LCH.

"The vision of The Palm has truly captured the interest of LCH and we are excited about our prospective ventures with the project". Lum further commented.

LCH has a subsidiary contracting company known as Lum Chang Building Contractors (LCBC) and hence has also registered their interest to set up a construction entity within Dubai.

Established in 1984, LCH has substantial interests in a network of companies whose business include construction, property, hotel and serviced residence. With its base in Singapore, Lum Chang operates its network of subsidiaries, associated companies, joint ventures and one co-operative venture in Malaysia, Thailand, the People's Republic of China, Hongkong SAR, Mauritius, Vietnam, Laos, Australia and the United Kingdom.

Commenting on the importance of the deal, Wahid Attalla, Director of Operations for The Palm said, "Up until now South East Asian investors have been limited in certain industries in Dubai. This deal marks the first investment in Dubai from the South East Asian region in the leisure and entertainment industry. We believe this relationship and the multi-faceted activities of LCH in South East Asia will increase the number of visitors and investors to Dubai".