Sheffield Real Estate strengthens investment portfolio
In a key initiative that will reinforce its investments in UAE’s property sector, Sheffield Real Estate, one of the leading Dubai-based property developer, today announced Marina 101 – a landmark AED 1.4 billion project at the exclusive Dubai Marina. This project is being developed in association with Rustar Real Estate, marking a notable direct participation by a Russian firm for the first time in the UAE.
Significantly redefining the norms of return on real estate investment in the region, Marina 101 will be a residential tower which will be operated on the model of fully serviced hotel apartments. On completion, Marina 101 is set to be the tallest hotel apartment tower in the world.
Rising 101 floors at 412 metres (1355 feet), Marina 101 will comprise an area of approximately 1.55 million square feet. Marina 101 is a part of Sheffield Real Estate’s strategic plans to widen its investor base by designing projects that ensure significantly higher returns. A global real estate and freehold firm, Sheffield Real Estate has so far conceived and implemented projects worth over Dhs 1 billion in the UAE.
Sheffield Real Estate will develop Marina 101 in collaboration with Rustar Real Estate, Russia’s most respected property firms. A distinctive project, Marina 101 will tap into the ever-expanding number of buyers who preferably consider property in Dubai as a second home and / or one that will also double up as very attractive investment. Based on a unique money back concept, Marina 101 also relieves the investor of the complication involved in renting the apartment.
Reflecting on the changing dynamics of the market, Mr. Jamal Akram, Chairman of Sheffield Real Estate said, “The demand pattern for real estate in Dubai has been singularly influenced by its impressive growth. Currently, most real estate offerings are targeted at either pure investors, i.e. traders, or end-users. At Sheffield, we believe that a huge volume of demand is emerging from a new segment of the market – a segment that wants to be assured of consistent returns while simultaneously owning the property. The high potential of this segment has prompted Sheffield Real Estate to structure an innovative investment offering in the form of `Marina 101’.
The real estate coupled with the tourism boom in Dubai makes hotel apartments a very lucrative proposition. Hotel apartments are one of the fastest growing real estate sub-sectors in the world. According to Ministry of planning forecasts, visitors in hotels and apartments in 2004 stood at 5.5 million and are expected to touch 8.5 million by 2010.
Sheffield Real Estate’s new project will not just add a unique feature to UAE’s fast-expanding market, but will widen its investor base significantly. Its alliance with Rustar Real Estate will enable Sheffield to leverage the latter’s marketing expertise and global network.
Commenting on the new alliance, Mr. Abuali Malik Shroff, Managing Director, Sheffield Real Estate, said: “Sheffield is pleased to partner with Rustar Real Estate for the landmark Marina 101. A leading property management, consultancy and marketing firm, Rustar has been associated with the Group for over a decade, albeit in other businesses.”
Detailing Sheffield’s strategic expansion and project plans, Mr. Abuali Shroff said: “Marina 101 is based on a novel concept that is prevalent internationally and adapted to suit the profile of investors in the UAE. Our research showed us that a good majority of investors here invest in real estate as a second home or holiday home option. We intend to tap this market and present a lucrative proposition through a property management option which will guarantee returns of up to minimum 75% for investors thereby yielding high revenues even when apartments are not in use. We intend appointing an international auditing firm shortly to assist in validating this process. While the project will be sold as a residential units, investors will also have the option of permanently residing, or not opting for the management of their apartment or selling of their apartment whenever they so wish to.”
Speaking at the project announcement, Mr. Rafik Gubayev, Chairman - Rustar Real Estate said, “Russia has been one of the key markets for Dubai real estate. We at Rustar are indeed happy to take this to the next level through our collaboration with Sheffield Real Estate. This new tower and its unique concept is expected to enhance the appeal of UAE’s property markets internationally while also maximising value for existing investors.”
`Marina 101’ will tower above most of the high-rises in the city, lending prominence to Dubai Marina in terms of concept as well as height. When complete, it will add new appeal to Dubai’s shimmering skyline. Its external facade is designed as a majestic glass structure racing into the sky, finally culminating in an illuminating crystal crown. Marina 101 offers 402 1BR, 308 2BR and 40 3BR elegant apartments, besides eight luxury duplex penthouses. The construction of Marina 101 will commence during the 3rd quarter of this year and the project is expected to be complete by the 1st quarter of 2010.
Sheffield Real Estate is a part of the Sheffield Group, a firm with interests in freight forwarding, logistics and education. Real estate is a core area of focus for the Sheffield Group having developed high-end properties that offer innovative lifestyles and maximise returns to property investors. Its projects include Supreme Residency and Universal Apartments at the Central Business District in International City, Silver Office Tower at International City, Marina Suites at Dubai Marina and a cluster of villas at Jumeirah Village and Emirates Hills. The highlight of its projects is the prestigious Sheffield Office Tower at Jumeirah Lakes.