Monday, June 25, 2007

Sheffield plans to invest Dh.5bn or more in Dubai realty

The Managing Director of Sheffield Real Estate, Abuali Malik Shroff, says he plans to invest more than Dh.5bn in the Dubai property market towards 2009, banking on the expected boom of the tourism sector in the emirate.

Shroff says "We are looking towards en-cashing the potential of the tourism sector in the near future, so that our investors could be benefited."

Sheffield is confident about a return of 8.33 percent every year to its investors, for the initial three years in its Dh.1.4 billion Marina 101 project, expected to be complete during the first quarter of 2010.

"We will manage the property on behalf of our investors, promising them of a 25 percent return over a period of three years on their investment. An investor can be certain to get back his money in a span of five to six years," he says.

"We are looking at short-term rentals, as tourists from Kuwait, Qatar, Bahrain, and Saudi Arabia could seek accommodation for fifteen days to one month. These people would prefer to stay in furnished apartments, where they are provided with facilities of a five star hotel at reasonable costs."

According to Department of Tourism and Commerce Marketing (DTCM) statistics, the number of hotel guests in Dubai almost touched 6.3million during 2006, in comparison to 6.1 million during 2005. The number is expected to rise further as Dubai is now focusing on becoming a regional education and financial center.

As of now, Sheffield has a land bank of 500,000 million Sq. Ft., valued at more than Dh.1billion. The company recently launched the Corporate Tower, its first commercial project, in the Jumeirah Lake Towers community of Dubai worth more than Dh.300m.

Shroff said "Commercial properties have always stood out as a stable investment all over the world. We are witnessing a continuous surge in demand in this segment in Dubai, and our project is equipped to offer better returns to our investors."

Corporate Tower is the seventh project of Sheffiled in Dubai. The company is also in the process of making investment plans in various other residential projects, and plans to invest Dh.700m for construction of a gold and diamond retail mall in Dubailand.

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