Sunday, 15 June 2008
Friday, 13 June 2008
Tarek Kandil Interviewed by PROPERTY WEEKLY - June 2008 - (English)
Freehold
It's not very often that a developer gets to sell a property off-plan in its entirety. Define Properties has don just that. clearly, its business plan is to create a success story, showing investors and customers how to do the right things the right way ... 49RAISING THE BAR FOR DEVELOPERS
DEFINE PROPERTIES ENSURES PROJECTS ARE ON COURSE EVEN BEFORE COMPANY'S FORMAL LAUNCH
Stella RosatoFreelance Writer
The company came into being last august with a paid-up capital of Dh500 million. While still in the set-up phase, Define Properties sold its first project, since branded as the Niki Lauda Twim Towers, off-plan in its entirety.
Before the sale to ACI was finalised in February, ground had already been broken on the office toers in Business Bay and to date, their completion is, "bang on schedule for the third quater of 2010".
"We wanted to launch Define Properties with the message 'Seeing Is Believing'," comments Tarek Kandil, President and CEO Tarek Kandil at the launch event last week." We decided through our business plan to create a successstoryto show investors and customer how we do the right things the right way."
Ten months after the inception, its portfolio is valued at Dh1.7 billion and includes 12 plots in the Waterfront development, which has been identified as a key development area by the company. "We have a very strong belief in Waterfront for the future of Dubai and we aim to specialise in property development in this area first."
Although the Niki Lauda Twin Towers was sold in bulk, Define Properties plans on being associated through every stage of its future projects, right through to the end-user. "With our first venture, we were still a small team, so, to enable us to give ultimate service, we went with a single buyer," explains Kandil.
The company's structure has been designed to ensure that all aspects of the property business are covered and Kandil sees his hand-picked staff as a key to success: "We have now assembled a team of highly specialised professionals that were individually selected based on their vision and experience in the market. For future projects, 60 professionals through nine departments will enable us to fulfill our mission and objectives to redefine the property cycle from A to Z."
Concentrating on one area and allowing Define's contractors to become familiar with master developers and the building conditions in the area hold the key. "When we accomplished all we can in one area we will identify another that we feel has excellent investment potential. Becoming experts in our chosen area of development is crucial for us."
Kandil feels the current woes facing several developers lie with them promising too much too soon. "Many simply do not do their homework and start selling their properties at the initial concept design stage," he states. "However, it is only at the development design stage, six or seven months further on from concept that you can get an idea of crucial details such as cost.
"Selling too early on in the process brings many challenges and that is why a lot of developers get into trouble."
Even outside factors - shotrage of key building materials and labour and the consequent cost overruns - that many developers cite as reasons for not being able to deliver should not be a problem if they do their homework. "As long as you have your main contractor on board and you are not trying to sell something you don't already have, no developer should face shortages on anything - and that situation will certainly will not happen with us."
The company's structure has been designed to ensure that all aspects of the property business are covered and Kandil sees his hand-picked staff as a key to success: "We have now assembled a team of highly specialised professionals that were individually selected based on their vision and experience in the market. For future projects, 60 professionals through nine departments will enable us to fulfill our mission and objectives to redefine the property cycle from A to Z."
Concentrating on one area and allowing Define's contractors to become familiar with master developers and the building conditions in the area hold the key. "When we accomplished all we can in one area we will identify another that we feel has excellent investment potential. Becoming experts in our chosen area of development is crucial for us."
Kandil feels the current woes facing several developers lie with them promising too much too soon. "Many simply do not do their homework and start selling their properties at the initial concept design stage," he states. "However, it is only at the development design stage, six or seven months further on from concept that you can get an idea of crucial details such as cost.
"Selling too early on in the process brings many challenges and that is why a lot of developers get into trouble."
Even outside factors - shotrage of key building materials and labour and the consequent cost overruns - that many developers cite as reasons for not being able to deliver should not be a problem if they do their homework. "As long as you have your main contractor on board and you are not trying to sell something you don't already have, no developer should face shortages on anything - and that situation will certainly will not happen with us."
FACT BOX
Define Properties is currently in the evaluation stage with several financial institutions to offer mortgage solutions."We have already finalised schematic designs for three projects in the Waterfront and escrow accounts have already been opened with HSBC and Dubai Islamic Bank," reveals Tarek Kandil.
Following on from the local market, the company plans to expand in the region by means of joint ventures and long-term partnerships. "Within the next five years, Define Properties will be seen as the most competent developer in the Middle East," predicts Kandil.
Tuesday, 10 June 2008
Sunday, 8 June 2008
Thursday, 5 June 2008
Tarek Kandil Interviewed by GULF TODAY - June 2008 - (English)
Define Prop. Plans Waterfront Projects
BY OUR BUSINESS BUREAU
NEWLY Launched property development company, Define Properties, has entered the market with a flying start after selling their entire first project Nikhi Lauda, off plan, before either company or building launched.During its launched, Define Properties made its presence known with the announcement of early achievements and its future plans and goals.
Initiated with a paid up capital of Dhs500 million, after acquring different plots land in Dubai, Define Properties' assets today are valued at Dhs 1.7 billion which include 12 plots in the Waterfront and 1 plot in Business Bay.
President and CEO Tarek Kandil said that the company's first project Niki Lauda is already under construction.
"We have decided through our business plan to create a succes story and show how we do the right things the right way! We sold our Niki Lauda twin towers during our setup phase and started enabling and foundation works during the same month. Our planned completion is during the 3rd quarter of 2010 and we are well on shedule." Kandil said.
"We provide distinctive partnership opportunities, brands, investment, houses and individuals who are looking for profitable capital investments and have engaged in both joint veatures and long tem partnership opportunities. With the systems we have in place, we are able to ensure ur partners are offered a plan that provides higher returns on their investments and are able to remain fully secured," Kandil added.
The Company structure has been carefully designed to ensure that all aspects of the property business are covered.
"We have assembled a team of highly specialized professionals that were indivually selected based on their vision and experience in the market to fulfill our mission and objectives and to redefine the propertty cycle from A to Z," said Kadil.
The company is made up of mine specialized deparments which include Development, Finance, Construction, sales and Marketing, Legel Affairs, Administration & Goverment Realations, Facilty Managements, Human Resources and Information Technology, each including a full team capable of carrying out is activities to the highest standards.
"We have already finalizedschematic designs for three projects in the Waterfront and ascrow accounts have already been opened with HSBC and Dubai Islamic BAnk. said Kandil.
Wednesday, 4 June 2008
Tuesday, 3 June 2008
Tarek Kandil Interviewed by ZAWYA ONLINE - June 2008 - (English)
New Developer Enters Market with Sales of full "Landmark" Project
Define Properties launched with total asset of AED 1.7 Billion
Dubai UAE 03, June 2008: Newly launched property development company, Define Properties, has entered the market with a flying start after selling their entire first project Niki Lauda, off plan, before either company or building launched.
During its launch press conference held yesterday at Burj Al Arab, Define Properties made its presence known with the announcement of early achievements and its future plans and goals.
Initiated with a paid up capital of AED 500 million, after acquiring different plots of land in Dubai, Define Properties' assets today are valued at AED 1.7 Billion which include 12 plots in the Waterfront and 1 plot in Business Bay.
President and CEO Tarek Kandil said that the company's first project Niki Lauda is already under construction.
"We have decided through our business plan to create a success story and show how we do the right things the right way! We sold our Niki Lauda twin towers during our setup phase and started enabling and foundation works during the same month. Our planned completion is during the 3 rd quarter of 2010 and we are well on schedule." Kandil said.
"We provide distinctive partnership opportunities to companies, brands, investment houses and individuals who are looking for profitable capital investments and have engaged in both joint ventures and long term partnership opportunities. With the systems we have in place, we are able to ensure our partners are offered a plan that provides higher returns on their investments and are able to remain fully secured," Kandil added.
The Company structure has been carefully designed to ensure that all aspects of the property business are covered.
"We have assembled a team of highly specialized professionals that were individually selected based on their vision and experience in the market to fulfill our mission and objectives and to redefine the property cycle from A to Z," said Kandil.
The company is made up of nine specialized departments which include Development, Finance, Construction, Sales and Marketing, Legal Affairs, Administration & Government Relations, Facility Management, Human Resources and Information Technology, each including a full team capable of carrying out its activities to the highest standards.
"We have already finalized schematic designs for three projects in the Waterfront and escrow accounts have already been opened with HSBC and Dubai Islamic Bank," said Kandil.
Define Properties' future plans will provide financial solutions and attract joint ventures as well as long term partners in future projects.
"Far from its competitors, Define Properties' plans will cover all aspects of the property business to secure the supply chain and insure delivering what we promised; our business covers construction, project management and real estate. We are currently evaluating the possibility of engaging financial institutions to provide mortgage funds for our end users and to expand into other countries in the region by engaging both joint ventures and long term partnerships," Kandil said.
Dubai UAE 03, June 2008: Newly launched property development company, Define Properties, has entered the market with a flying start after selling their entire first project Niki Lauda, off plan, before either company or building launched.
During its launch press conference held yesterday at Burj Al Arab, Define Properties made its presence known with the announcement of early achievements and its future plans and goals.
Initiated with a paid up capital of AED 500 million, after acquiring different plots of land in Dubai, Define Properties' assets today are valued at AED 1.7 Billion which include 12 plots in the Waterfront and 1 plot in Business Bay.
President and CEO Tarek Kandil said that the company's first project Niki Lauda is already under construction.
"We have decided through our business plan to create a success story and show how we do the right things the right way! We sold our Niki Lauda twin towers during our setup phase and started enabling and foundation works during the same month. Our planned completion is during the 3 rd quarter of 2010 and we are well on schedule." Kandil said.
"We provide distinctive partnership opportunities to companies, brands, investment houses and individuals who are looking for profitable capital investments and have engaged in both joint ventures and long term partnership opportunities. With the systems we have in place, we are able to ensure our partners are offered a plan that provides higher returns on their investments and are able to remain fully secured," Kandil added.
The Company structure has been carefully designed to ensure that all aspects of the property business are covered.
"We have assembled a team of highly specialized professionals that were individually selected based on their vision and experience in the market to fulfill our mission and objectives and to redefine the property cycle from A to Z," said Kandil.
The company is made up of nine specialized departments which include Development, Finance, Construction, Sales and Marketing, Legal Affairs, Administration & Government Relations, Facility Management, Human Resources and Information Technology, each including a full team capable of carrying out its activities to the highest standards.
"We have already finalized schematic designs for three projects in the Waterfront and escrow accounts have already been opened with HSBC and Dubai Islamic Bank," said Kandil.
Define Properties' future plans will provide financial solutions and attract joint ventures as well as long term partners in future projects.
"Far from its competitors, Define Properties' plans will cover all aspects of the property business to secure the supply chain and insure delivering what we promised; our business covers construction, project management and real estate. We are currently evaluating the possibility of engaging financial institutions to provide mortgage funds for our end users and to expand into other countries in the region by engaging both joint ventures and long term partnerships," Kandil said.
Tarek Kandil Interviewed by THE NATIONAL - June 2008 - (English)
Define to invest Dh8bn in Dubai
Designs finalised for three Waterfront developments
Angela Giuffrida
Define Properties, a Dubai-based property developer that launched yesterday, plans to invest Dh8 billion (US$2.1bn) in a mix of commercial and residential projects in the next six months.The company has bought 13 plots of land in Dubai - one in Dubai Properties' Business Bay, on which it is developing a commercial building endorsed by former Formula One racing champion Niki Lauda, and 12 at Nakheel's Dubai Waterfront.
The design for two residential and one mixed-use development at Dubai Waterfront has been finalised, although the company declined to reveal who its partners were, or disclose any further details on the project.
"We will launch the projects and begin construction in the next five months," said Tarek Kandil, the chief executive of Define.
The remaining nine plots at Dubai Waterfront will be developed by Define itself, or with joint venture partners.
Define's entry to the market comes at a time when building materials are in short supply and cost overruns and project delays are weighing on developments.
However, the company believes it can turn this to its advantage.
"Our aim is not to have the biggest, largest share - we need to be the most credible developer in Dubai," said Mr Kandil.
He said the current market did not present too many challenges to a new business.
"Business is all about taking risks, it all depends on supply and demand. The Dubai property boom has not been affected by the global property crisis. I believe the demand for property in Dubai has not yet been fulfilled," he added.
Walid Abdel Latif, the director of sales and marketing at Define, said developments would not be sold until the schematic design had been finalised and a detailed construction plan was in place.
"Now is the time for serious players in the market, not inexperienced ones," he said.
"We have gathered a strong team of project managers and directors to help us achieve our vision."
Mr Latif added that allowances for price hikes of materials would be covered in its contracts with construction firms. "We will try to help contractors manage their risk, while they will help us by completing our projects on time."
Define is also in talks with mortgage lenders and potential partners for future projects, in the UAE and overseas.
"We are currently evaluating the possibility of engaging financial institutions to provide mortgage funds for our end users.
"And we plan to expand into other countries in the region by engaging both joint ventures and long-term partnerships," said Mr Kandil.
agiuffrida@thenational.ae
Tarek Kandil Interviewed by GULF NEWS - June 2008 - (English)
Define Properties finalises Dh8b Waterfront venture
Construction of the building will begin within seven months
by suzanne fentonstaff Reporter
Define Properties joins the Dubai market with a capital of Dh500 million. The company already has 12 plots in dubai waterfront and one plot in Business Bay. Define Properties' assets are worth about Dh1.7 billion.
President and chief executive officer Tarek Kandil said the company's Dh600 million project in Business Bay is underway.
"We sold our Nikki Lauda twin towers during our set-up phase and started enabling and foundation works during the same month. Our planned completion is the third quarter of 2010." Kandil said.
Although Define Properties are the developers of the nikki lauda twin towers, German investment company ACI real Real estate later bought the Project.
Road ahead
Kandil said the Define properties is finalising three projects in Water front with a combined value of Dh8 billion.
The launch and construction of these will begin within seven months, he said.
Walid abdul latif, director of sales anda marketing at Define Propertws, said.
Towering high
Define properties' Nikki Lauda twin towers as they will look upon completion. The project was bought over by Geran investment company ACI Real Estate.
"Of the three projects in Waterfront, one is redential and the other two will be mixed-use."
Kandil said the company will focus on Dubai and in the Future will expand to the rest of the UAE and the wider region.
"It depends on the demand and supply, Dubai's population has been booming and the industry has not been affected by the global property crisis. The (Dubai) market will be strong untill the demand has been filled, And according to figures, it willtake awhile to fulfil the demand," he said.
The first three projects are valued at Dh8 billion untill December this year. Next year, this figure "may be the same of possibly double," according to Kandil.
Tarek Kandil Interviewed by EMIRATES BUSINESS 247 - June 2008 - (English)
Define plans Waterfront projects
DUBAI
"We will soon launch one residential and two mixeduse projects in Waterfront. We have finalised schematic design 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 cmpany, which has been promoted by four UAE based business, 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 shedule," 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 developments, finance, construction, sale and marketing, legal affairs, administration and goverment relations, facility management, human resoursec 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 ther is stil a lot of opportunity in the Dubai market. define plans to expand its reach to other emirates and nieghbourin countries, Kandil said. The company will also enter joint ventures and announce three more projects soon. (Parag Deulgaonkar)
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