Investors sought for trade centre complex

11 November 2002

Local real estate company Yadman Sazeh, a wholly owned Tehran municipality subsidiary, in early November announced plans to invite international investors for a five-star hotel and a joint world trade centre (WTC)/IT centre as part of the Tehran International Trade & Convention Centre project. The estimated $200 million-300 million complex also features a convention centre and the Milad tower, the world's fourth tallest television tower. The client on the project is the Tehran municipality, with Yadman Sazeh acting as project manager.

The hotel will cover an area of almost 7,000 square metres and include 486 rooms and 42 ambassador suites spread over 18 floors. Other features include restaurants and cafeterias, a business centre, shops and sports and parking facilities. The client plans to sign up a major international hotel chain to manage the five-star hotel.

The IT/WTC development will cover an area of 35,000 square metres and have a total built-up area of more than 216,000 square metres.

The centre will feature permanent and temporary office facilities for local and international companies, including exhibition and warehouse space, offices for private and governmental trade-related service providers, training facilities and an e-commerce centre.

Yadman Sazeh says it will formally invite investors for the project in 2003.

Construction work on other sites of the Tehran International Trade & Convention Centre project are progressing, with local firms carrying out the construction of the 435-metre-high Milad tower and convention centre.

The centre is located on the outskirts of Tehran next to the Hemmat highway, which links the capital's centre with the international airport and the Karaj industrial township.

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