There are plans for a second major project to be announced before the end of this year, said top officials at a press conference yesterday to unveil Silicon Boulevard.

This project consists of the Park Terrace residential tower with 120 apartments and the Park Avenue commercial tower with a mix of office and retail space.

It is scheduled for completion by the end of 2007.

The towers offer "functional luxury" with a host of modern facilities.

The apartments are priced at the high end and are offered on a 99-year leasehold basis.

The residential tower has a choice of one-, two- and three-bedroom furnished apartments in the price range of AED 500,000 to AED 1.637 million.

Maintenance fees have been established at AED 8 to AED 10 per square foot, said Merchant.

Office space will be made available at AED 700 per square foot.

The residential units will be furnished by Marina Home Furnishing and buyers will have a choice of themes, he said.

The Dubai Silicon Oasis is a free zone and a purpose-built high-technology park for the microelectronics and the semiconductor industry being developed by Dubai.