Sunday, May 27, 2007

India's Sheth Group unveils four Dubai projects worth Dh.2billion

The Sheth Group from India plans to develop Dh.2billion worth four projects in Dubai.

Iris Bay, worth Dh.600 million was already launched on Tuesday. This half-moon shaped tower, which is likely to come up at the Business Bay in Dubai, has been designed by Atkins, the British architect.

This happens to be the second project of the company at Dubai, the first being the 35 storeyed residential tower, Iris Blue, situated at Dubai Marina.

The CEO and Managing Director of the group, Ashwin Sheth, said "The project is in piling and shoring stage and we have received bids from nine contractors for the main construction package. We will be able to award a contract to the main construction package in a month’s time."

The Iris General Manager, Vimal Agarwal, mentioned that Iris Bay aims at the blue-chip corporate community, who is of the opinion that the office environment boosts up the business of the company considerably.

The twenty-one year old Sheth Group, based at Mumbai, is a real estate development, having constructed a few of the largest high-rise, townships and complexes at UAE for the past two years.

According to officials, the achievements of Sheth, ranges from 10,000 built units, with fifty projects already completed.

Seth mentioned that the UAE has four projects for developments, with two at Dubai, the others at the Cultural Village.

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