Tuesday, March 18, 2008

IRIS set to create a milestone with Dh.5bn investment plan

IRIS, one among the prominent property developers in the region, has announced the launch of their commercial and residential units that spread across 1,000,000 Sq. Ft. of space, along with a diverse portfolio of projects chalked out for the current year.

For IRIS, the year 2008, will prove to be another milestone, as it will add another 270 apartments to its residential portfolio, and 300 commercial units will be added to its portfolio in Dubai Marina, Business Bay, Maritime City and Culture Village.

Speaking about the strategic growth vision of the company in the field of real estate, the CEO of IRIS who is also the Managing Director of Sheth Group, Ashwin Sheth, said "We, at IRIS, are keen to contribute to the existing and emerging investment potential around us. Our projects are so structured, that it will offer a healthy return on investment to our investors, giving us an enviable reputation in the industry."

IRIS, with its diverse portfolio of projects in the UAE, including the IRIS Bay - a unique commercial development at Business Bay, IRIS Blue - a luxury residential project at Dubai Marina, and IRIS Amber - luxury residential development at Culture Village, is continuing to add further to its impressive portfolio by unveiling plans for three new developments during the first two quarters of 2008.

The first project to be launched will be the AED100million residential project at the Culture Village, which would spread across a Gross Leasable Area (GLA) of 47,000 square feet. This will be unveiled during the upcoming SIMA 2008 Property Exhibition on 7th April 2008.

This will be followed by the launch of another luxurious development, worth AED600 million, which is a commercial project at Business Bay, spreading across 278,000 square feet of gross leasable area.

The third project to be added to the company's portfolio will be the AED 2billion residential project in Maritime City, which would spread across a gross leasable area of 800,000 square feet.

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