Tuesday, June 03, 2008

Define Properties forays into Dubai's realty sector

Define Properties
The latest entrant to the competitive realty market of Dubai is Define Properties. Define Properties has entered the Dubai real estate sector by acquiring 13 plots, with their first three project being already finalized at around Dh.8billion.

With a capital of Dh.500 million, Define Properties has 12 plots at the Dubai Waterfront, and one at Business Bay. The company also owns assets worth Dh.1.7billion.

According to Tarek Kandil, the President and Chief Executive Officer of the company, a Dh.600 million project at Business Bay is already under progress.

The company's Nikki Lauda Twin Towers was sold just after the launch, and enabling and foundation works have already commenced. The project is likely to be ready by third quarter of 2010.

At present Define Properties is finalizing three projects at the Waterfront, which is totally worth Dh.8billion. The launch and construction will commence in seven months time.

The Director of Sales and Marketing at Define Properties, Walid Abdul Latif, revealed that among the three projects at the Waterfront, two are mixed-used projects and one is residential.

The company plans to focus on Dubai at present, and will expand to the rest of UAE and to the wider region in future.

1 comment:

Anonymous said...

Are they afloat or have they sunk?