Sheffield Real Estate FZC announces Dhs3.5bn foray into Dubai Waterfront

Dubai Waterfront is the world's largest waterfront development of Nakheel located near the new Dubai World Central Airport.

In a statement, Sheffield said it will have three projects on the Dubai Waterfront at a cumulative investment value of Dhs3.5bn.

Elaborating on the expansion and entry into Dubai Waterfront, Mr. Abu Ali Malik Shroff, Chairman of Sheffield Real Estate said: "Over the years we have carved a niche for ourselves as a real estate developer focused on master communities that have added significant value to Dubai's stature as world's best destination for freehold real estate investments. We believe that Dubai Waterfront is another exclusive opportunity from Nakheel with huge potential for maximising returns from investments."

The Dubai Waterfront properties join Sheffield's developments in its portfolio with residential projects in Dubai Marina, International City, commercial development in Jumeirah Lake Towers and a Shopping Mall in Mizin.

The flagship project of the company is the Dhs1.7bn Marina 101, one of the tallest towers in Dubai. Sheffield pioneered the money-back concept with Marina 101 wherein investors after possession would gain 75% returns from the management of the property. Marina 101 will be spread across 1.65 million square feet and the hotel component which will be operated by a renowned hotel operator.

On the Waterfront entry, Mr. Shroff said that Sheffield has got the concept approval to finalize three unique residential developments within the Dubai Waterfront cumulatively spanning over 3 million square feet in prime location within the Waterfront.

"We will be launching all three projects simultaneously so that investors have an eclectic range to choose from. Together with the Dubai Waterfront properties our investment value in Dubai's freehold real estate sector will now touch approximately Dhs9bn. It is also significant that all our projects have been well received in the market which gives us the confidence that the Dubai Waterfront properties will also provide a high-return oriented investment platform," he said.

"Dubai's real estate market has moved on to a mature territory with new regulations issued by the Land Department and Real Estate Regulatory Agency (RERA) putting in prudential norms to safeguard the interests of investors as well as to make developers more accountable. We believe that these measures will add significant value to the perception of Dubai as a safe real estate investment haven," Mr. Shroff said.

He added that work on all its projects, including Marina 101, Shopping Mall in Mizin & Corporate Tower in JLTE are progressing rapidly in line with the committed schedules. Recently, Sheffield had awarded an Dhs1.1bn construction contract for Marina 101 to Tepe Akfen (TAV) Construction, part of Turkey-based construction major, TAV.