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Iris launches Dh100 million development

DUBAI — Iris, the Middle East arm of Indian developer Sheth, has launched its second residential project in the Middle East, Iris Amber.

The Dh100 million nine-storey residential tower is strategically located within Culture Village. It will offer 75 luxury apartments comprising 23 studios, 38 single-bedrooms and 14 double-bedroom units and is due for completion in December 2009.

Atkins, the award winning global design firm, is designing the project, touted as a "building for senses". It is designed to capture the light of the rising sun and beam it into the complex's interior. The Arabesque style of the project and its quality will make it the architectural equivalent of a well-crafted item of the Arabian jewels, or a finely cut piece of amber, said Ashwin Sheth, CEO of Iris and managing director of Sheth. He also said the development "will appeal to the young and socially engaged at Culture Village".

Iris is in talks with Dubai Islamic bank to provide home loan options to its customers and to open the guarantee (escrow account) for the project, as is required by Dubai's Real Estate Regulatory Agency (RERA).

Iris' first project, Iris Blue in Dubai Marina, is due for completion in December. Its second project is a moon-shaped commercial building in Business Bay. According to the company, all its buildings adopt "green" building practices that result in energy-efficient, healthier and environmentally sustainable residential and commercial properties.