Sheffield Real Estate investment in Dubai freehold sector touches over Dhs7bn

Mr. Abu Ali Malik Shroff, Chairman of Sheffield Real estate FZC said to Emirates Business 24/7:

"We have been working very closely for the last one year to get our current projects on stream, including our flagship project in Dubai Marina, Marina 101. We have already awarded an Dhs1.1bn contract for Marina 101 recently and we are in the process of finalising the contract for our commercial development, Corporate Towers in Jumeirah Lake Towers (JLT) community."

Sheffield had recently awarded the Marina 101 contract to Tepe Akfen (TAV) Construction, part of Turkey-based construction major, TAV.

"Over the last few years, we have diversified our portfolio in line with the market needs, which is why we forayed into commercial development as well as retail. We believe that the real estate market of Dubai will remain on the growth trail, particularly in the wake the number of legislations and regulations brought in by the Land Department and Real Estate Regulatory Agency (RERA). These regulations will bring in more transparency and prudence to the market which will benefit Dubai realty in the long run," Mr. Shroff said.

Sheffield now has projects across Dubai, spanning the International City, Jumeirah Lake Towers and Mizin, where the realty company is constructing a unique retail mall. Mr. Shroff said the diversification of the portfolio has been done so that Sheffield is present in all the growth sector of the economy of Dubai.

"We believe that there will be a retail vacuum in Dubai considering the increasing number of residential communities coming up. In the case of our commercial development, we forayed into this sector in the context of the booming growth in the economy as well as businesses. Moreover, there is a growing tendency for businesses to own their own office asset as compared to renting since that makes better sense in the backdrop of cost inflation," Mr. Shroff said.

He said that expanding its portfolio further, Sheffield will also soon announce projects in Dubai Waterfront.

He said, "We are indeed keen to expand our portfolio and are open to acquiring land assets in Dubai. We are looking at expanding our investment portfolio by 200% in the next two years."

"We have set a unique benchmark through our Marina 101, which is one of the few high rises on Dubai's skyline. We also pioneered the concept of return on their investments through our Marina 101 and we would like to keep our innovative spirit intact as we expand our reach and investments in Dubai's freehold sector," Mr. Shroff added.

The Marina 101 return on investment concept envisages investors gain returns of 75% from the management of the property. The Dhs1.7bn Marina 101 is targeted to be completed by end 2010.