Dubai: Dubai-based Sternon Group, which has been active in local and international property sector for the past 20 years, has unveiled plans to develop real estate projects in Dubai with an investment of Dh300 million.
Sternon Developers, the newly set up division of the group, will execute a number of mixed use projects across Dubai over the next few months. Its first project 'Sternon Tower', a 16-storey mixed-use development in Jumeirah Village South, will begin construction in June 2008.
Located near Dubai Autodrome, Sternon Tower will house residential units comprising studio, one, two, three and four-bedroom penthouse apartments, a retail segment and offices, all boasting high-end amenities and world-class construction standards. All units will be freehold, and come with residence visa.
"So far in Dubai, Sternon had focused on promoting and underwriting properties of other developers, but now we are going to develop our own real estate projects, backed by our expertise in executing high-end residential and commercial projects in the United States and India," announced Hussaini Nalwalla, managing director.
"The amazing vibrancy of Dubai is reflected in the robust real estate growth of nearly 35 per cent annually. People who booked in Dubai projects promoted by Sternon have seen appreciation of 25 to 35 per cent in just one year. This has prompted us to get into full-fledged property development, and we have moved much of our staff from the United States to Dubai in order to use their proven expertise for our new projects in Dubai."
The construction of Sternon Tower Dubai is due to begin in June 2008, and will be completed by December 2009. Plans for the other projects are being finalised.
