Sheffield plans Waterfront projects worth Dh3.5 billion

Sheffield Real Estate, a Dubai-based property developer, said yesterday it will develop three projects in Nakheel's Waterfront development at a total cost of Dh3.5 billion.

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

The Waterfront properties join Sheffield's developments in its portfolio with residential projects in Dubai Marina, International City, commercial development in Jumeirah Lake Towers and a Shopping Mall in Mizin.

Nakheel's Waterfront will transform 1.4bn sqft of empty desert and sea into an international community for an estimated population of 1.5 million people that is twice the size of Hong Kong Island. It is being developed on the last 15km of natural coastline in Dubai and will provide more than 70km of coastline in total, including the development of 23 per cent of the Arabian Canal.

The flagship project of the company is the Dh1.7bn Marina 101, one of the tallest towers in Dubai. Marina 101 will be spread across 1.65m sqft and the hotel component, which will be operated by a hotel operator.

According to Shroff, Sheffield has got the concept approval to finalise three residential developments within the Dubai Waterfront cumulatively spanning over three million square feet.

The flagship project of the company is the Dh1.7bn Marina 101. The company pioneered the money-back concept with the project 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 sqft.

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