Cirrus eyes Dh20b Dubai realty portfolio by year-end

Dubai: Iranian developer Cirrus hopes to see its Dubai property portfolio rocket to a staggering Dh20 billion by the end of 2008.

Behnam Eshragh, chief executive officer of Cirrus, said the company is mainly focusing on Dubai, because the new escrow account laws makes Dubai's development market a fair playing field.

"The laws make developers obey the rules and makes competition healthier and more attractive.

"I see Dubai as the best place to be as a developer. Demand is great, infrastructure is growing and everything the developer can dream of is offered here," said Eshragh.

He said that according to reports, by 2011 demand for property will still outstrip supply.

"There will be a demand of 240,000 and a supply of only 180,000," said Eshragh. He also said that the biggest problem in Dubai is a lack of planning and that by starting construction on time can reduce the risk of later delays.

Eshragh said that Cirrus plans to develop around 10 million square feet of land in Dubai this year, including Waterfront and Downtown Jebel Ali, bringing their total portfolio "close to Dh20 billion" by the end of 2008.

Celestial Heights was their first development launched in Dubai and has a current value of Dh1 billion. Cirrus has an Iran-based portfolio reaching Dh4 billion to Dh5 billion.

Aquarius Gate, the company's newest project, a Dh3 billion residential and commercial building in Dubai waterfront, will be launched tomorrow.

It is the first development at Waterfront to have commercial and residential units, gain full technical approval from Nakheel, have a trust account operational and have approval to sell from the Dubai Land Department before starting off-plan sales.

The development has undergone a Traffic Impact Study to consider the requirements of the RTA (Roads and Transport Authority) and an Environmental Impact Study which aims to achieve Leed (Leadership in Environmental Design Green Building Rating System) Gold accreditation.

Aquarius Gate comprises two towers - one residential and one commercial - and is located in Madinat Al Arab, the premier beachfront community in the Waterfront.

It is conveniently close to beaches, the metro station, shops, restaurants, parks and other amenities.