Sheffield announces Dh3.5b projects on Dubai Waterfront

Sheffield Real Estate FZC, developers of the skyscraper Marina 101, said it will build three projects on the Dubai Waterfront at a cumulative investment value of Dh3.5 billion.

Abu Ali Malek Shroff, chairman of Sheffield Real Estate, said: “Over the years, we have carved a niche for ourselves as a real estate developer focussed on master communities that have added value to Dubai’s stature as world’s best destination for freehold real estate investments. We believe that Dubai Waterfront is another exclusive opportunity from Nakheel with huge potential for maximising returns from investments.”

The Dubai Waterfront properties join Sheffield’s developments in its portfolio with residential projects in Dubai Marina, International City, commercial development in Jumeirah Lake Towers (JLT) and a shopping mall in Mizin.

Portfolio

The flagship project of the company is the Dh1.7 billion Marina 101, one of the tallest towers in Dubai. Sheffield pioneered the moneyback concept with Marina 101 wherein investors after possession would gain 75 per cent returns from the management of the property.

Marina 101 will be spread across 1.65 million square feet and the hotel component will be operated by a renowned hotel operator. On the Waterfront entry, Shroff said Sheffield has received concept approval to finalise three residential developments within the Dubai Waterfront, cumulatively spanning over three million square feet in prime location within the development.

“We will be launching all three projects simultaneously. Together with the Dubai Waterfront properties, our investment value in Dubai’s freehold real estate sector will now touch approximately Dh9 billion,”

he said.

Works on all its projects, including Marina 101, the shopping mall in Mizin & the Corporate Tower in JLT are progressing in line with the committed schedules.

Gulfnews