The Sun and Sand Developers Group has announced the completion of Suntech Tower, its latest office project in Dubai Silicon Oasis (DSO), specifically designed to meet the needs of Small and Medium Enterprise businesses in the UAE.
Suntech Tower is being inaugurated by distinguished officials from the Real Estate Regulatory Authority (RERA) and Dubai Silicon Oasis Authority. The commissioning ceremony was attended by Mr Marwan Ahmed Bin Ghalita, CEO of RERA and Mr Muammar Al Katheeri, Senior Vice President, Dubai Silicon Authority on Thursday (7 April 2011) at 1 pm.
Strategically located on Emirates Road, DSO has easy access from Sharjah, Jebel Ali and Dubai and it is only 15 minutes from Dubai World Trade Center. The project boasts all hi-tech amenities that suit businesses from all sectors.
Sailesh Israni, Director, Sun and Sand Developers Ltd., said, “We are an SME and property development is our core business. We have a long term vision for Dubai and are inspired by its iconic leadership.”
Suntech Tower has announced a 5-year easy payment scheme, which is like paying rent for 5 years and owning the office space at the end of that period.
Says Israni, “We believe that SMEs are the backbone of the UAE economy and one of their biggest challenges is finding office space with a reasonable price tag.”
“In 2009, when the market was down, we saw an opportunity in the fact that construction costs had gone down,” continues Israni. “Our land was also purchased at its original low price. Thus, the two cost components of our business – land and construction – were at their lowest. So we decided to proceed with the project, despite no bank finance and no pre-sale, investing Dhs60m of our own equity.”
Sun Sand Developers Group also announced that it is providing a complete office with tiling, ceiling, light fittings and other value additions to reduce the costs on tenants. This makes the office ready to move in start business from day one.
The other highlight of the contract is an attractive exit clause. In an emergency, if the customer needs to vacate the premises, he can do so with limited liability. Even the deposit is returned. “We are aware that it’d take another nine months to market the building. However, having delivered the project without any liability, we can afford to be creative and offer attractive schemes for the end users,” says Israni.
The exit clause – and indeed the entire easy payment plan – has been designed to encourage Small and Medium Enterprises to opt for their own office space rather than make do with rented premises, so that over a period of time, the property becomes an addition to their assets.
Sun and Sand Developers have been active in real estate development for over 25 years, perfecting a business model across the cities of Mumbai and Pune in India and Dubai in the UAE. The model follows a finely tuned process, beginning with creating a land bank, planning and executing the project and marketing it. The management comprises of civil engineers who understand the business, while an in-house contracting company handles all construction. Keeping it close-knit helps achieve the highest quality control, cost efficiencies, timely completion and delivery of the project. The ultimate benefits, of course, are passed on to the customer. This is how the Group can complete their projects with no financial liabilities and yet offer unimaginably friendly finance plans to customers.
The Sun and Sand Developers Group has big plans for Dubai and is here for the long term. The company possess 10 plots in Dubai and we are committed to develop them in sequence, again, with zero liabilities. This ambitious project is one of the cornerstones of the Group that it has achieved complete self-sufficiency and integration, which is how it offers the highest quality standards while keeping prices under check.