The founder of Tulip Business Developers, Masoud Sangi, is a self made man who comes from a family rooted in business. He made his personal fortune in trading and became a millionaire at a very young age. Mr Sangi founded Tulip Business Developers in Dubai to capitalize on the tremendous growth of the region and to be a part of the visionary developments taking place here.
Tulip's first project Westside Dubai Marina is an important milestone for Mr Sangi, whose vision of intimate community-based residential projects is at the heart of Westside. "Westside was our first project in Dubai," explains Mr Sangi. "We were not sure of the market reaction towards an individual private community. Our angle was to go for an exclusive, special level of quality, to develop Westside as a brand name for Tulip. We have taken each detail into consideration."
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| Mr Masoud Sangi, CEO Tulip Business Developers |
In a neighborhood of high rises and steel towers, Westside Dubai Marina is a 7 storey building facing the waters of the marina. When asked for the motivation behind constructing a smaller building compared to its neighbors, Mr Sangi replied that he preferred intimate residential buildings that promoted a sense of community. "A lot of people do not like high rises. They want small family [oriented] communities that allow you to know your neighbors."
Westside has been designed by world renowned architects John R. Harris and Associates. The firm is responsible for Dubai World Trade Center and Wafi Shopping Mall. "We felt that they were the right choice to design Tulip's first project in the UAE. John R. Harris is experienced with the market and is associated with landmarks in Dubai. They are a combination of modern and old, using eastern style with postmodern architecture," said Mr Sangi.
Tulip is currently considering new opportunities to add to their UAE portfolio. The company is set to launch both commercial and residential buildings in the near future, with plans for the development of an upcoming project in the Dubai Business Bay and investments in Palm Deira and Dubai Pearl.
Mr Sangi is a strong proponent of the UAE Federal Property Law, expected to be announced by the end of this year. According to him, the property law is a crucial issue for the booming leasehold and freehold market, not just for home buyers but also for developers. "It is important to have a property law in place so as to protect the interests of the developers as well," stated Mr. Sangi. "Without a property law developers cannot approach banks for mortgage or financing as the land is not registered in their name. It is important to have a property law so as to get backing for finance of developments."
Expressing his confidence in the market, Mr Sangi stated, "I believe that the property law will benefit investors and will be of great help to developers. It will also help the economy and continue the market's boom."
Tulip's Westside Dubai Marina is set to open in October 2005. The company will shortly be announcing the launch of its 20-storey project in Business Bay.
