Define launches eight projects at Waterfront
Define Properties, a new developer in Dubai real estate market, will develop five million square feet of land by launching eight projects,primarily in Nakheel's Waterfront development, over the next 18 months, according to a top company executive.
"We will launch four projects worth Dh8 to Dh9 billion by the year-end, which will be followed by another four in the first six months of 2009," company President and Chief Executive Officer Tarek Kandil told Emirates Business. Following the successful launch of its commercial project, Niki Lauda Twin Towers in Business Bay, the company's second project will be a residential tower, worth Dh1.5bn, in the 'B' district of Waterfront.
"We have received the preliminary design approval and a no objection certificate for marketing our residential project. An escrow account too has been opened."
Besides, Define will also launch two mixed-use projects, worth Dh3.5 to Dh4 billion each, in the 'D' district of Waterfront later in the year. "About 75 per cent of the space will be devoted to residential, 25 per cent to commercial and five per cent to retail. We have already received preliminary design for one of these projects and are waiting for no objection certificate for marketing it."
However, the company is firm on not selling any of its developments unless and until it commences foundation work on the project.
"Our policy is that we don't release any project to the public unless we have received the plot and have started the foundation work. We believe in doing the 'right thing the right way'," Kandil emphasised.
Although Define had sold Niki Lauda Twin Towers through ACI Real Estate, an affiliate of Germany-based Alternative Capital Investments, the company now plans to sell most of its projects through its own sales and marketing department.
"We have assembled a team of highly specialised professionals, who will market to fulfill our mission and objectives and to redefine the property cycle from beginning to end," he added.
Define Properties has nine specialised departments - development, finance, construction, sales and marketing, legal affairs, administration and government relations, facility management, human resources and information technology. The company has recently assigned Harrington Middle East, a specialist global consulting group, to assist it in redefining the property development practice and increase its organisational performance.
"We have engaged Harrington for one full year, starting from July 1. They will be our advisors for implementing strategies, training our staff and help us excel by adopting global best practices," Kandil said.
