IRIS unveils AED 5 billion investment plan for 2008
IRIS, one of the leading property developers in the region announced that they will launch approximately 1,000,000 sq.ft commercial and residential units from across its diverse portfolio of projects during 2008.
The year 2008 will witness another milestone for IRIS in adding 270 apartments to its residential portfolio and 300 commercial units to its portfolio in Business Bay, Dubai Marina, Culture Village and Maritime City.
Unveiling its strategic growth vision in the context of the continuing dynamism in the real estate and property market of the UAE and the region in general, Ashwin Sheth, CEO of IRIS and Managing Director of Sheth Group said, “We at IRIS are keen to contribute to the existing and emerging investment potential around us. Our projects are structured to offer a healthy return on investment to our investors giving us an enviable reputation in the industry.”
“We are looked upon as a cutting-edge and quality developer of an array of landmark projects in India and with the launch of the IRIS brand in the UAE we have been able to extend our reach rapidly across the broad spectrum of real estate and property developments in the UAE,” added Sheth.
IRIS has an eclectic portfolio of projects in the UAE including IRIS Bay, a unique commercial development in Business Bay, IRIS Blue a luxury residential project in Dubai Marina and the recently launched IRIS Amber, another luxury residential development located in Culture Village. Following its success in 2007, IRIS is adding to its already impressive portfolio by unveiling the plans for three new developments in the first two quarters of 2008.
The first project that will be launched is an upcoming AED 100 million residential project in Culture Village at an approximate Gross Leasable Area (GLA) of 47,000 square feet which will be officially unveiled at the upcoming SIMA 2008 Property Exhibition in 7th April 2008.
IRIS will follow this luxurious development with a AED 600 million commercial project will be strategically located in Business Bay and will cover approximately 278,000 square feet of Gross Leasable Area.
The development company’s third ambitious project to be added to its portfolio will be a AED 2 billion residential project in Maritime city which will be developed on an estimated area of 800,000 square feet of Gross Leasable Area.