Dubai-based real estate firm finalizes Waterfront projects worth Dh8 bn
Define Properties, a new entrant to Dubai's real estate market, has acquired 13 plots in UAE's commercial hub and their first three projects are valued at Dh8 billion. The real estate firm has 12 plots in Dubai Waterfront and one plot in Business Bay and their assets are worth about Dh1.7 billion.
"We sold our Nikki Lauda twin towers during our set-up phase and started enabling and foundation works during the same month. Our planned completion is the third quarter of 2010. " Kandil said.
Walid Abdul Latif, director of sales and marketing at Define Properties, said: "Of the three projects in Waterfront, one is residential and the other two will be mixed-use."
President and chief executive officer Tarek Kandil said the company's Dh600 million real estate project in Business Bay is underway. Kandil said the firm will initially focus on Dubai realty and in the future will expand to the rest of the UAE and the wider region. The launch and construction of these will begin within seven months, he said.
