Tarek Kandil Interviewed by AL SADA - June 2008 - (Arabic)

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 ... 49

RAISING THE BAR FOR DEVELOPERS

DEFINE PROPERTIES ENSURES PROJECTS ARE ON COURSE EVEN BEFORE COMPANY'S FORMAL LAUNCH

Stella Rosato
Freelance Writer

It's NOT often a real estate developer has its first venture neatly sewn up well before its own formal launch. But in a clear statement of intent to the industry, Define Properties has done just that.
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."

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.

Tarek Kandil - Interview - June 2008 - Arabian Business (Arabic)

Tarek Kandil - Comments on RERA Regulations by EMARAT ALYOUM - June 2008 - (Arabic)

Niki Lauda - Constuction Release by AL BAYAN - June 2008 - (Arabic)

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.

Tarek Kandil Interviewed by AL WAHDA - June 2008 - (Arabic)