Reef Real Estate set to raise portfolio by Dh1.5b

DUBAI — Reef Real Estate Investment Company is looking to increase its property development portfolio by Dh1.5 billion for at least the next two years that involves projects across the UAE.

By A Staff Reporter

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Published: Wed 16 Apr 2008, 9:34 AM

Last updated: Sun 5 Apr 2015, 11:40 AM

Shaikh Ahmed Mohammed Zayed Saqer Al Nahyan, the company's managing director, stated this Monday night in preparation for yesterday's launch of Baynonah Business Towers at Jumeirah Village and the Park Residence at downtown Jebel Ali.

"The launch has made available excellent opportunities for forward-thinking investors to book a world-class property at prime locations in Dubai," he said. He added that the projects' cutting-edge design and high-end features would attract more investors.

"Despite massive growth in the real estate sector, the need for commercial space in Dubai is soaring, and industry trends reveal that the demand for residential and commercial properties will continue to outstrip demand until 2010," Reef Real Estate said in a statement.

The company's current portfolio is composed of six projects worth Dh1.3 billion, Shaikh Ahmed Al Nahyan said. The delivery of the two latest projects will be in 2010.

The Dubai-based developer has partnered with Richmond Realty Group for the sales and marketing, and commissioned the services of Erga Progress for the development of the projects with a combined value of Dh900 million.

The Dh500-million twin-tower Baynonahis ideal for multinationals and major business organisations while the Park Residence features landscaped terraces and panoramic views of a nearby park. Investors in the second project may choose from studios or one- or two-bedroom apartments, whose pre-launch selling price was Dh1,700 per sq ft. A purchase requires a five-per cent down payment from individual investors and 10 per cent from bulk bookings.

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