A memorandum of understanding cementing the deal was signed between the two parties on 25 July, 2013, enabling Orion Holdings to manage a total of 41,853 square feet of the project.
Located in Dubai Sports City, a stone’s throw away from the canal, Rufi Waterfront Residency has been conceptualised as a state-of-the-art project, measuring 16 storeys and valued at a total of Dhs76m. With a targeted delivery by the last quarter of 2014, the residential tower will offer studio, one and two bedroom luxury apartments that boast the latest amenities and service offerings.
Samir Munshi, Managing Director of Orion Holdings, said: “Rufi Real Estate has been in the business of property development for decades now, and they have the right fundamentals needed to realize a massive project such as Rufi Waterfront Residency. With this agreement, we have initiated a phased buy-out of the project, based on market demand and other factors. Needless to say, we believe the acquisition is a valuable addition to our current portfolio in Dubai Sports City.”
Orion Holdings recently inked a deal with Memon Investments to acquire property worth over Dhs22m of the Frankfurt Tower 1, also located at Dubai Sports City.
Mehroz Manzoor Rufi, Group Director of Business Development, Rufi Group of Companies, said: “The Rufi Waterfront Residency boasts the same elevated level of quality and superior living experiences, which we have delivered previously in projects across Dubai. With Orion Holdings on board, we believe the roadmap for increasing the success of this project has been magnified to a large measure. Orion’s expertise in sales and proven investor confidence stand testament to the value they bring to this deal. We look forward to extending our partnership with them in the future.”
The Rufi Group is one of the leading developers in Dubai Sports City, with a portfolio including five projects under construction, as well as two plots to be developed. In addition, the company is seeking to expand its operations to develop residential projects in other areas in Dubai and Abu Dhabi, over the next three years.
Orion Holdings is predominantly involved in four major areas of the real estate business: buying and selling of residential, commercial, and rental properties, acquiring unfinished developments, as well as providing liquidity to developers in the event of fund deficits for existing projects.
Silver Heights, the sales and marketing arm of Orion, is responsible for ensuring the seamless flow of sales and purchase transactions across a vast portfolio of developments including Business Bay, Jumeirah Village Circle, International City, Dubai Silicon Oasis, Jumeirah Golf Estates, and Emirates Hills.
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