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SHEFFIELD'S REAL ESTATE CONTRACT AWARDED TO TEPE AKFEN

Monday, 18 Aug 2008

Marina 101: the flagship project for Sheffield Real Estate FZC and part of their Dhs7bn project portfolio in Dubai's freehold real estate space - which includes projects of commercial realty and retail - covers 1.65 million square feet. The hotel comprises the first 32 floors, with 58 floors of hotel apartments and property in Dubai offering amenities on a further 11 floors. Investors are being offered 252 1BR, 204 2BR and 42 3BR elegant apartments, as well as eight luxury duplex penthouses.

They aim to have it completed by the end of 2010 and have awarded the building contract of Dhs1.1bn to a division of TAV, a Turkish construction company, Tepe Akfen (TAV) construction. Sheffield is one of the leading Dubai-based private developers; they also pioneered the money-back idea in Dubai's real estate. With prudent management, they will generate significant returns from Marina 101, which is conceived in line with Dubai's ambitious growth push in the tourism sector of property in Dubai.

TAV construction was established in 2003, and quickly became a leading contractor of property in Dubai. They made a name for themselves through numerous select and architecturally challenging developments across the area and have offices in Georgia, Tunisia, Egypt, Quatar and UAE.

Mr. Abu Ali Malik Shroff, managing director of Sheffield Real Estate says: “Work on the project is on at full swing and we have already completed the casting of the raft. We are confident to complete the project with the support of TAV Construction.” Mr Shroff adds: “Dubai is a global tourist destination and Marina 101 will gain from the Government's efforts at increasing tourist inflows by offering an elegant apartment and hotel to accommodate them.”

Marina 101 is amongst the tallest sky-scrapers offering accommodation in Dubai, and this predominant hotel apartment project gives investors the opportunity to gain returns of 75% on managing their property in Dubai.