Dubai-based Define Properties has announced the launch of 'Define Essence,' a Dh1.5 billion ($408.2 million) residential tower located in Madinat Al Arab in the Waterfront, Dubai.

The 42-storey tower, with a built up area of 653,908 sq ft, is Define Properties' second project after the official launch of the company in June 2008.

Speaking on its decision to launch a new project amid current economic fears, Define Properties president and CEO Tarek Kandil said that while some investors are hesitant due to the global conditions, the situation here in the UAE and the Gulf in general continues to remain positive.

“It is important to stress that we are in an emerging market and that the rules and trends are different than those of the rest of the world,” he said.

“As a property developer, we are finding that there are a lot of investors and people who have lost their faith in the foreign markets, and are looking at Dubai to cover their losses.”

“Just last week the chief executive of Merrill Lynch confirmed this with the announcement that the bank was expanding into the region and it’s this sort of positive encouragement, combined with the UAE Government annual budget announced last week, which will help to sustain the Gulf’s unique position,” Kandil pointed out.

As announced last week, the UAE Government adopted an annual budget of Dh42.2 billion for 2009 with zero deficit.

“As an investor I find this very reassuring as it proves that the UAE is on course and that there are still a lot of opportunities to be found,” said Kandil.

The towers will hold a total of 381 apartments, including studios, one, two, three and four bedroom suites, with retail outlets located at the ground level.

'Studio apartments at the lower levels of the towers provide efficient yet comfortable living spaces, while the large three and four bedroom units at the upper levels come with spacious living, dining and bedroom zones, as well as panoramic sea views.'

Kandil said that usually residential towers are designed in a way that the elevator is located in the middle of the floor, which “essentially obstructs the view of apartments on one side of the tower.

'What we have done in this project is design the floors in a way that the elevator and hallway are located at the back of the building, which means that the higher level apartments get a full sea view while the lower levels enjoy water views, thereby experiencing the Essence of life on the Waterfront.

Keeping in line with Define Properties’ initial promise to not launch a project before work has begun, soil testing for Define Essence has been completed and enabling works have already started.

“When we first launched our company we promised that we will always strive to do the right things the right way, and here we have made sure that the soil is tested and the enabling works were well on their way before launching this project. We will be signing with the foundations contractor next month.” Kandil added.

The Define Essence launch comes four months after the official launch of Define Properties, and the company aims to launch two more projects before year end.

These projects will be announced as soon as the initial construction starts, as is the strategy of Define Properties.

“We aim to be the only private developer to have construction underway on all of our launched projects within six months of our corporate launch” says Kandil.-TradeArabia News Service