Sheffield Real Estate announces handover of AED 80 million Supreme Residency

Supreme Residency, an elegant property comprising one and two bed room apartments, is one of the first Sheffield projects in the freehold domain and part of its over current AED 3 billion realty portfolio. Supreme Residency is spread across a built-up area of 214,000 square feet and has been offered to investors with the option of 70 per cent mortgage finance from Tamweel.

Commenting on the handover and its significance in Dubai's booming real estate and property scenario, Mr. Abuali Malik Shroff, Managing Director, Sheffield Real Estate, said: "The handover of Supreme Residency is a significant milestone for us in our strategic agenda of firming up our presence in Dubai's freehold realty sector with cumulative investments envisaged up to AED 5.5 billion, most of which has already been committed."

Mr. Abu Ali said delivery of projects is the most essential proof of commitment to the project. "Without doubt, Dubai's residential and commercial real estate sectors have entered the phase of delivery and we are glad to be one among the pioneers to handover our project to investors. We are confident that the delivery of Supreme Residency will add value to our credibility in the market, which we consider as a significant achievement at a time when we are poised to expand further," he said.

Supreme Residency is located in the heart of the Central Business District in the International City, Phase-I, with three access roads leading to Emirates and Oman/Hatta roads. The development is just ten minutes away from the airport and comes with a host of amenities which include one full floor dedicated to health facilities comprising a swimming pool, steam and sauna and a fully equipped gym.

"Our strategy is to develop projects that have a sustained value in generating returns to our investors and we are confident Supreme Residency will be yet another instance of exclusive property with cutting edge facilities," Mr. Abuali said. Other facilities of Supreme Residency, which is a G+10 project offering 120 units, include two-level basement parking, a retail area on the ground floor, a children's play area and an elegant reception.

Briefing on other projects in the portfolio, Mr. Abuali said work on Sheffield's AED 1.4 billion Marina 101, which is being developed in association with the leading Russian realtor in Dubai, is also progressing on schedule. Marina 101 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.

At 101 floors and 412 meters, Marina 101, situated at the Dubai Marina, is the tallest hotel usage tower in the world and is expected to be complete by the 1st quarter of 2010. Marina 101 has a world-class hotel component to the project, which will occupy the first 32 floors. The hotel will be owned by Rustar Hotels Singapore (Pte) Ltd and managed by the world's leading hotel company, the InterContinental Hotels Group. Sheffield has also announced its expansion into retail sector and is keen to expand its role in the hospitality sector as well.