Press Releases

Sheffield launches 101-storey tower April 26, 2006 Publication : Gulf News Date : 26th April 2006 Position : Business, Pg. 43 Size : 76 Col.cm Publication : Khaleej Times Date : 26th April 2006 Position : Business, Pg. 51 Size : 76 Col.cm Publication : Gulf Today Date : 26th April 2006 Position : Business, Pg. 21 Size : 42 Col.cm Publication : Emirates Today Date : 26th April 2006 Position : Business, Pg. 39 Size : 92 Col.cm Publication : Arab News Date : 26th April 2006 Position : Business, Pg. 15 Size : 88 Col.cm Publication : Evening Post Date : 26th April 2006 Position : Business, Pg. 31 Size : 14 Col.cm Publication : Al Bayan Date : 26th April 2006 Position : Business, Pg. 8 Size : 68 Col.cm Publication : Em. Al Youm Date : 26th April 2006 Position : Business, Pg. 11 Size : 35 Col.cm Publication : Al Khaleej Date : 26th April 2006 Position : Business, Pg. 9 Size : 80 Col.cm Publication : Akhbar Al Arab Date : 26th April 2006 Position : Business, Pg. 19 Size : 74 Col.cm Publication : Al Ittihad Date : 26th April 2006   Dubai - Dubai-based Sheffield Real Estate has launched a 412-meter tower, Marina 101, which will have 101 storeys and 750 apartments and will be built at a cost of Dh1.4 billion. Construction of the project, designed by the National Engineering Bureau, will start this year and is scheduled to completed by 2010, a top official said. Marina 101 will not only be one of the tallest in the Dubai Marina, but also the tallest hotel apartment tower in the world. Buyers will be allowed freehold ownership of the serviced apartments. With this, the portfolio of Sheffield has reached almost Dh3 billion. "About 60 per cent of the 750 apartments will be offered to investors, at a price starting from Dh950 per square foot," Abuali Malek Shroff, Managing Director of Sheffield Real Estate, told Gulf News yesterday. "Investors can either stay or manage them, or they can give it to us to manage. We will provide third-party audit for them for transparency. "This makes an exciting investment proposition for investors who want to get a healthy return on their investment, as we are offering a minimum of seven per cent annual return. "We are talking to international hotel management firms for the management of the apartments and will make a decision in due course." Marina 101 will be a residential tower which will be operated on the model of fully-serviced hotel apartments. He said two major contractors have been asked to bid for the construction pf the project. "We have not gone into open tenders. We will make a decission in a few months time on this," he said. Sheffield has partnered with Rustar Real Estate, which will market it in Russia. "We have already received strong response and some of the apartments have already been sold to Russian buyers," said Rafik Gubayev, chairman of Rustar. "We anticipate about 30 to 40 per cent of the apartments will be bought by Russian investors." Also Visit : www.zawya.com www.ameinfo.com For further info please contact Garhoud main office : Tel : + 971 (4) 2831414 Fax : + 971 (4) 2833144 E-mail : info@sheffieldrealestate.com   Back