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Sheth launches second project at Business Bay

Indias leading property developer, Sheth, has launched its second project in Dubai called Iris Bay,

A half-moon-shaped commercial building located in Business Bay and facing Shaikh Zayed Road.

Vimal Agrawal, general manager of Iris, said on Tuesday that units in the 40-storey commercial tower are almost sold out, and that those who have bought spaces there already enjoy 30 per cent to 70 per cent appreciation on their investment.

He said, meanwhile, that construction of Iris Blue, Iris' first Dubai project located in Dubai Marina, is ahead of schedule and will be completed before end-2007.

A 34-storey residential tower, Iris Blue made Sheth's debut in Dubai through Iris, a brand of futuristic real estate projects that was launched in Dubai in 2005. Iris Blue and Iris Bay, whose completion is in December 2008, have a combined budget of Dh1.5 billion. Officials said Sheth's third and fourth projects would be residential buildings in Dubai's Cultural Village.

Agrawal said Iris Bay is designed by Atkins, the world's fourth largest design company whose various projects include the seven-star hotel Burj Al Arab. In a statement, Ashwin Sheth, CEO and managing director of Sheth Group, expressed confidence that his company would make a mark in Dubai's booming real estate industry. "The Iris brand, which we developed for Dubai, embodies rich heritage of a visionary approach, focused on aesthetic architecture and value-added services to create a quality lifestyle for our customers," Sheth said.