Sheffield Real Estate Plans USD 1.5 billion investment in Dubai's freehold space

The company's strategy to develop more cutting-edge realty and infrastructure development projects was unveiled at the ground-breaking ceremony of its unique money back concept project, AED 1.4 billion Marina 101, which is being developed in partnership with the leading Russian property developer in Dubai, Rustar Real Estate. The ground breaking ceremony was held at the project location in Dubai Marina, attended by Mr. Jamal Abdallah Akram, Chairman Mr. Abuali Malik Shroff, Managing Director, Sheffield Real Estate, Mr. Rafik Gubayev Chairman of Rustar Real Estate and Mr. Deepak Patkar Director Design & Partner of National Engineering Bureau, among other senior officials and representatives of the real estate companies.

Mr. Abuali Malik Shroff, Managing Director, Sheffield Real Estate, said: "With Marina 101, we have made mark in bringing pioneering concepts to the region's realty market. We are keen to build on this reputation by expanding our investment strategy to span sectors like retail, simultaneously augmenting our focus on the hospitality sector in Dubai."

"Our intention in conceiving our projects is to offer investors an excellent investment option which will generate higher returns through increasing asset and income yields. It is in this vein we have conceived Marina 101, which has attracted tremendous investor enthusiasm, thanks to its first-of-its-kind money-back concept which ensures investors 75 per cent returns on its net revenue from the property after possession," he said.

Mr. Abuali said Sheffield Real Estate is gearing up to launch a retail shopping mall in one of the upcoming area of Dubai, while the company is also working on putting up a hotel apartment project in Dubai Marina. "Investors in Dubai have become more discerning and are very particular in ensuring the quality of the project as well as the returns it could generate in the medium to long-term. We have factored in these needs while conceiving our projects, including the new developments in the pipeline. The money back concept of Marina 101 has also put us in the forefront bringing us a reputation as a developer focused on returns, to the investors" he said.

The work on Marina 101 has already started with the Dubai-based Middle East Foundation L.L.C, reputed leaders in advanced foundation technology, as the shoring and piling contractor. The Dubai-based National Engineering Bureau is the consultant for the project.

At 101 floors and 412 meters, Marina 101, situated at the Dubai Marina, is the tallest hotel apartment tower in the world. The Marina 101 project, spread across approximately 1.65 million square feet, will offer investors 252 1BR, 204 2BR and 42 3BR elegant apartments, besides eight luxury duplex penthouses and is expected to be complete by the 1st quarter of 2010.

Significantly, Marina 101 has a world-class hotel component to the project, which will occupy the first 32 floors. The hotel will be owned by Sheffield Real Estate and Rustar Real Estate jointly and managed by the world's leading hotel company, the InterContinental Hotels Group.

Marina 101 will also have hotel apartments on 58 floors and six levels of recreational and leisure facilities.