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Dheeraj East Coast's investment in Jumeirah Village crosses Dhs1bn with two new projects

06 Mar 2008
Dheeraj & East Coast L.L.C (DEC), the joint venture between the Mumbai-based leading property developers, Dheeraj Group and the UAE-based East Coast Group, today unveiled their two new projects-The Gardens and The HQ-to be built at an investment of over Dhs700m in Jumeirah Village.

With the launch of the latest projects, DEC's investment in Jumeirah Village crosses Dhs1 bn. DEC's upcoming five phased-development in Jumeirah Village-the Lawns is being built at an investment of over Dhs300m.

Unveiling the two projects, Mr. Dheeraj Wadhawan, Managing Director of Dheeraj & East Coast L.L.C., said: 'The announcement of our two new projects comes in the backdrop of a strong investor enthusiasm towards our previous project in Jumeirah Village-the Lawns, with 100 percent of the project already sold-out. We believe we have been able to establish our credentials and generate immense customer interest in all our projects.

Our latest projects will benefit from our reputation of delivering modern, sophisticated, customer-oriented and yet competitively-priced and value-driven realty solutions. Furthermore, Jumeriah Village is one of the most attractive master-developments coming up in Dubai and we are thus confident that our projects and investors will additionally benefit from this choice of location,' Mr. Wadhawan added.

The Dhs300m Garden Heights is a freehold residential project with ground floor dedicated to retail space. With a built-up area of over 231,000 square feet, the development includes four floors of basement parking and 24 floors of mixed-use space. The development offers 280 residential units including two-floor of 31 three-bedroom duplexes, 65 one-bedroom apartments, 36 two-bedroom apartments and 146 studios.

The Garden Heights incorporates high functionality with various lifestyle features that include a roof deck gardens, play area for children, separate swimming pools for children & adults and leading chain of restaurants, cafes and supermarkets in its retail space. The project is scheduled for completion in the third quarter of 2011.

The Dhs400m HQ is a purely commercial project with a built-up area of 300,000 sq feet providing modern and sophisticated office space with higher degrees of functionality along with cutting-edge communication facilities. Slated for completion in the third quarter of the 2011, office space in the HQ has been very competitively priced.

Commenting on the launch of The Garden Heights and The HQ, Mr. Wadhawan said: 'The launch of The Garden Heights and The HQ confirms our confidence in the property market of Dubai which continues to boom. We believe that the growth potential for new freehold property developments, both residential and commercial, is strong with considerable new interest from resident as well as regional and international investors driving the demand upsurge.'

'Apart from asset creation in the long-term, the freehold property market of Dubai continues to be highly favoured by international investors thanks to impressive rental returns in the range of 10-14% a year, which is very attractive, compared to 2-3% in many global property markets. Coupled with this is the new interest from end-users in Dubai which includes companies and home buyers, who are convinced of the rationale of returns and asset creation by investing in their own commercial and residential units rather than paying rent,' he said.

Currently, DEC has 18 upcoming projects in Dubai, with an investment cost of over Dhs4.5bn. The company's diverse portfolio of developments includes unique retail, commercial and residential projects that feature global culture, mixed-use living, combinations of modern and old world charm, and business. Prominent among the company's projects are its flagship ventures - DEC Towers and Marina Wharf I and II, which are located in the prestigious Dubai Marina. DEC Towers is a semi-mixed-use real estate project, while the Marina Wharf features residential living including themed restaurants, boutiques and even a bowling alley, while The Harbour Residence, at the Dubai Marina, is designed to be a luxurious serviced apartment block.



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