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 fenton
staff Reporter

Dubai The latest contender in Dubai's competitive real estate industry is Difine Properties, which entered the market with 1.3 plots already acquires and their first three projects worth around Dh8 billion.
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.