Define plans Waterfront projects - Emirates24|7

Define plans Waterfront projects

Define Properties, a Dubai-based real estate developer, will launch three projects worth Dh8 billion in Nakheel's Waterfront development this year, a top company executive said.

"We will soon launch one residential and two mixed-use projects in Waterfront. We have finalised schematic designs for these projects and escrow accounts have been opened with HSBC and Dubai Islamic Bank," Define President and Chief Executive Officer Tarek Kandil told Emirates Business.

The company, which has been promoted by four UAE-based businessmen, has an initial paid-up capital of Dh500 million and has acquired 12 plots in Waterfront and one in Business Bay.

According to Kandil, Define has already initiated work on its Niki Lauda twin tower in Business Bay. "We sold our Niki Lauda twin towers during our set-up phase and started enabling and foundation works during the same month. Our planned completion is during the third quarter of 2010 and we are well on schedule," he added.

Niki Lauda twin tower was branded, marketed and sold by ACI Real Estate, an affiliate of Germany-based Alternative Capital Investments, which is developing Michael Schumacher Business Avenue and Boris Becker Business Tower.

The company is made up of nine specialised departments, which include development, finance, construction, sales and marketing, legal affairs, administration and government relations, facility management, human resources and information technology.

"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."

Kandil said there is still a lot of opportunity in the Dubai market. Define plans to expand its reach to other emirates and neighbouring countries, Kandil said. The company will also enter joint ventures and announce three more projects soon.