Sheffield Real Estate works on projects worth Dh7bn

Sheffield Real Estate currently has projects worth Dh7 billion, said the Dubai-based private developer in a statement.

"We have been working very closely for the last year to get our current projects on stream, including our flagship project in Dubai Marina, Marina 101. We have already awarded an Dh1.1bn contract for Marina 101 recently and we are in the process of finalising the contract for our commercial development, Corporate Towers in Jumeirah Lake Towers (JLT) community," Abu Ali Malik Shroff, Chairman of Sheffield Real Estate told Emirates Business.

"Over the last few years, we have diversified our portfolio in line with the market needs, which is why we forayed into commercial development as well as retail. We believe that the real estate market of Dubai will remain on the growth trail, particularly because of the number of legislations and regulations brought in by the Land Department and Real Estate Regulatory Agency (Rera). These regulations will bring in more transparency and prudence to the market which will benefit Dubai realty in the long run," said Shroff.

Sheffield currently has projects across Dubai, which include International City, Jumeirah Lake Towers and Mizin. The realty firm has undertaken to diversify its portfolio in Mizin where the developer is building a retail mall.

Sheffield Real Estate is expected to announce projects in Nakheel's master-development project, Dubai Waterfront

On its Dh1.7 billion project in Dubai Marina, The Marina 101, a tower comprising of a hotel component and hotel apartments, the developer envisages its investors to gain a return on investment of about 75 per cent.

Marina 101 is scheduled to be completed by the end of 2010.