Define Properties, a newly launched property development company in Dubai, has announced the sale of its entire first project Niki Lauda, off plan.

During a launch press conference at Burj Al Arab, Define Properties president and CEO Tarek Kandil said the company, initiated with a paid up capital of Dh500 million, already has assets valued at Dh1.7 billion which include 12 plots in the Waterfront and one plot in Business Bay.

The Niki Lauda project 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 third 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. -TradeArabia News Service