Sheffield to invest $1.5b in Dubai real estate

Dubai: The Dubai-based Sheffield Real Estate yesterday said it plans to invest up to $1.5 billion in Dubai's property market in the next year.

The company yesterday conducted a ground-breaking ceremony for its Dh1.4 billion Marina 101, which is being developed in partnership with the leading Russian property developer Rustar Real Estate.

At 101 floors and 412 metres, Marina 101, situated at the Dubai Marina, is the tallest hotel apartment tower in the world. The Marina 101 project, spread across approximately 1.65 million square feet, will offer investors 252 one bed, 204 two bed and 42 three bedroom apartments, besides eight luxury duplex penthouses and is expected to be complete by the first quarter of 2010.

Abuali Malik Shroff, Managing Director, Sheffield Real Estate, said: "Our intention in conceiving our projects is to offer investors an excellent investment option which will generate higher returns through increasing asset and income yields. It is in this vein we have conceived Marina 101, which has attracted tremendous investor enthusiasm, thanks to its first-of-its-kind money-back concept which ensures investors 75 per cent returns on its net revenue from the property after possession," he said.

Shroff said Sheffield Real Estate is gearing up to launch a retail shopping mall in one of the upcoming area of Dubai, while the company is also working on putting up a hotel apartment project in Dubai Marina.

"Investors in Dubai have become more discerning and are very particular in ensuring the quality of the project as well as the returns it could generate in the medium to long-term. We have factored in these needs while conceiving our projects, including the new developments in the pipe-line. The money back concept of Marina 101 has also put us in the forefront bringing us a reputation as a developer focused on returns, to the investors" he added.

Marina 101 has a hotel component which will occupy the first 32 floors. The hotel will be owned by Sheffield Real Estate and Rustar Real Estate jointly and managed by the world's leading hotel company, the InterContinental Hotels Group.

Source: http://www.gulfnews.com/business/Real_Estate_Property/10091039.html