Dheeraj East Coast expands presence in Dubai's realty market

Showcasing its various upcoming projects and elaborating on the company's rapid growth in Dubai's realty market in a little over one year at an exclusive VIP event on Monday evening, senior officials of Dheeraj East Coast LLC said that the cumulative area under development ever since the company's inception in July 2005 now stands at 4.5 million square feet.

Mr. Dheeraj Wadhawan, Director, Dheeraj East Coast LLC, said: "The joint venture, which facilitated the debut of Dheeraj Group into Dubai, its first overseas market, has now grown into one of the leading developers in Dubai. We began with residential developments, and now we have also made strong inroads into commercial office space in line with the unprecedented growth of business in the UAE, particularly Dubai."

He said there is a sharp rise in investments to own a home in Dubai and Dheeraj East Coast has taken steps to capitalize on this by developing affordable residential clusters targeted at middle to upper middle income group. These clusters are being developed at Jumeirah South Village as five separate G plus four projects.

Dheeraj East Coast started with its first project, the AED 300 million D.E.C Towers, in Emaar's Dubai Marina, a twin-tower 21 and 25-storey residential project with an L-shaped retail segment on the ground floors. Since then, the company has acquired plots and is at various stages of development of projects in Business Bay, Jumeirah South Village and Culture Village.

"Our decision to expand our footprints across Dubai is also a salient reflection of our confidence in the market and its potential to deliver sustained returns. We believe that Dubai continues to offer strong growth prospects in both residential and commercial freehold sectors with soaring demand," Mr. Wadhwan said.

He said in Dubai Marina alone, Dheeraj East Coast L.L.C has six plots and its investments in this community are in the range of AED1.5 billion. The company is now all set to launch a new residential project, Marina Wharf - II, replicating the success of its earlier AED 250 million Marina Wharf - I, which has been sold out.

"Going ahead, we have firm plans to develop two more developments in Dubai Marina which will include a time share apartments and a hotel suites project. We are in advanced negotiations with various prospective partners for these projects which will be announced by the end of 2006," Mr. Wadhawan said.

In Business Bay, Dheeraj East Coast LLC is developing three commercial towers at an investment of approximately AED 800 million. "Our projects in Business Bay will also include a unique corporate tower which will be developed on 650,000 square feet and will offer single unit office space as large as 3,500 square feet. This project will also have a strong retail component on the ground floors while on rooftop it will feature a revolving restaurant," Mr. Wadhawan added.