Dheeraj, East Coast JV launches second project in Dubai Marina
Dheeraj & East Coast L.L.C, the joint venture between the Mumbai-based leading property developers, Dheeraj Group and the UAE-based East Coast Group, today officially unveiled their second project in Dubai Marina – Marina Wharf – at an investment of AED 250 million.
The announcement of Marina Wharf comes in the backdrop of strong investor enthusiasm towards Dheeraj Properties which has established itself as a reputed developer with its maiden world-class freehold semi-mixed-use real estate project – D.E.C Towers – in Dubai Marina, at an investment of over AED 300 million.
Unveiling Marina Wharf, Mr. Dheeraj Wadhawan, Director of Dheeraj & East Coast L.L.C., said: “With Marina Wharf, Dheeraj East Coast is entering a new phase of accelerated and strategic investment plans across Dubai and the UAE. We believe we have been able to establish our credentials and generate immense customer interest with our very first project – D.E.C. Towers. This has reflected in rapid pre-bookings at Marina Wharf and over 90 per cent of the project has been sold out.”
He said the joint venture is now in the process of finalising four more investments in the freehold property sector in Dubai as part of its strategy to expand its portfolio.
Marina Wharf is a freehold residential project which will come up over a gross area of 330,000 square feet. The project offers 117 residential units including 33 one-bed rooms, 66 two-bed rooms and 18 three bed rooms, four penthouses and eight villas.
“The launch of Marina Wharf confirms our confidence in the property market of Dubai which continues to boom. We believe that the growth potential for new property developments in the freehold space of the market is strong with considerable new interest from resident as well as regional and international investors driving the demand upsurge,” Mr. Dheeraj said.
“Apart from asset creation in the long-term, the freehold property market of Dubai continues to be highly favoured by international investors thanks to impressive returns in the range of 10-14 per cent a year, which is very attractive, compared to many global property markets. Coupled with this is the new interest from end-users in Dubai who are convinced of the rationale of returns and asset creation by investing in own residential units rather than paying rent,” he said.
Mr. Dheeraj said Marina Wharf will have all modern amenities and comforts offering world-class facilities in an elegant ambience and one of the unique features of the development include a spa spread over 30,000 square feet. Overlooking the marina, the development will also have a retail component.
He said Marina Wharf has been competitively priced with rates ranging from AED 800 to AED 900 per square feet depending on the residential unit. The project delivery will be in mid-2008.
Dheeraj Group is one of the leading Mumbai-based property developers from India. Established in 1978, Dheeraj is a renowned real estate developer with an array of world-class projects in its portfolio in several cities in India including the commercial capital of the country, Mumbai. It is reputed for across-the board expertise in real estate development and has developed over 100 residential, commercial and industrial buildings in Mumbai alone.
The East Coast Group is a UAE-based business group owned by UAE nationals. The group was established in the 70s with East Coast Contracting and Trading as a construction company. While concentrating on construction, building materials, the group has diversified interests and investments in different businesses.