Sternon Group enters Dubai real estate development with Dhs300m investment

Sternon Developers FZC, the newly set up division of the group, will execute a number of mixed use projects across Dubai over the next few months. Its first project 'Sternon Tower', a 16-storey mixed use development in Jumeirah Village South, will begin construction in June 2008.

Located near Dubai Autodrome, Sternon Tower will house residential units comprising studio, 1BHK, 2BKH, 3BHK and 4BHK penthouse apartments, a retail segment and offices, all boasting high-end amenities and world-class construction standards. All units will be freehold, and come with residence visa.

"So far in Dubai, Sternon had focused on promoting and underwriting properties of other developers, but now we are going to develop our own real estate projects, backed by our expertise in executing high-end residential and commercial projects in the United States and India," announced Hussaini Nalwalla, Managing Director, Sternon Developers.

"Property prices in Dubai are still attractive to global investors and returns on rentals are among the highest in the world. Our international clients are increasingly looking at Dubai as a prime investment destination, and the added lure is the residence visa, which makes it attractive for investors to provide their families a safe and secure home in one of the fastest growing and exciting cities in the world," added Nalwalla.

"The amazing vibrancy of Dubai is reflected in the robust real estate growth of nearly 35% annually. People who booked in Dubai projects promoted by Sternon have seen appreciation of 25 to 35 per cent in just one year. This has prompted us to get into full-fledged property development, and we have moved much of our staff from the United States to Dubai in order to use their proven expertise for our new projects in Dubai," said Nalwalla.

Finance for the Dubai projects will be raised through financial institutions and the group's existing pool of private investors.

According to Mr. Nalwalla, the selection of Jumeirah Village South for its maiden project in Dubai was made after taking several factors into consideration. Jumeirah Village South, master-planned by Nakheel, is strategically located in new Dubai, and is accessible through three of Dubai's arterial roads: Sheikh Zayed Road, Emirates Road and Al Khail Road. An underground metro and a tram network will link all the Village streets. Jumeirah Village South is a vibrant new community, offering a relaxed ambience and all the conveniences of modern living.

The Sternon Group has developed high-end real estate projects in other parts of the world. In the United States, Sternon has constructed Sternon Plaza, a big commercial complex in Orlando. The company also developed Rainbow Lake Estate, a complex of 400 villas and Citrus Lake Estate comprising 300 villas, both in Florida. In India, Sternon is promoting Magic Hills Residences, an NRI township on Mumbai-Pune Expressway, close to the Navi Mumbai International Airport, in partnership with Garnet Construction, a Mumbai developer. It has also completed villa projects in Pune and Lonavla.

Construction of Sternon Tower Dubai is due to begin in June 2008, and will be completed by December 2009. Plans for the other projects are being finalized and would be announced soon.

About Sternon Group
Based in Dubai, Sternon Group specialises in developing and promoting world-class residential and commercial projects, complimented by excellent infrastructure and ultra-modern facilities. With offices in Dubai, U.S.A., U.K. and India, the company caters to a wide clientele network all over the world. Staffed by multinational professionals with decades of experience, the group has successfully developed and marketed several modern and sophisticated properties in USA, India and the UAE.