03 June 2008
Dubai: The latest contender in Dubai's competitive real estate industry is Define Properties, which has entered the market with 13 plots already acquired and their first three projects worth around Dh8 billion.
Define Properties joins the Dubai market with a capital of Dh500 million. The company already has 12 plots in Dubai Waterfront and one plot in Business Bay. Define Properties' assets are worth about Dh1.7 billion.
President and chief executive officer Tarek Kandil said the company's Dh600 million project in Business Bay is underway.
"We sold our Nikki Lauda twin towers during our set-up phase and started enabling and foundation works during the same month. Our planned completion is the third quarter of 2010," Kandil said.
Although Define Properties are the developers of the Nikki Lauda twin towers, German investment company ACI Real Estate later bought the project.
Road ahead
Kandil said the Define Properties is finalising three projects in Waterfront with a combined value of Dh8 billion.
The launch and construction of these will begin within seven months, he said.
Walid Abdul Latif, director of sales and marketing at Define Properties, said, "Of the three projects in Waterfront, one is residential and the other two will be mixed-use."
Kandil said the company will focus on Dubai and in the future will expand to the rest of the UAE and the wider region.
"It depends on the demand and supply. Dubai's population has been booming and the industry has not been affected by the global property crisis. The (Dubai) market will be strong until the demand has been filled. And according to figures, it will take awhile to fulfil the demand," he said.
The first three projects are valued at Dh8 billion until December this year. Next year, this figure "may be the same or possibly double," according to Kandil.
By Suzanne Fenton
Gulf News 2008. All rights reserved.
