Indian developer ventures into luxury property development in Dubai
Defying real estate industry glut, ISO certified developer eyes more projects in the MENA region
Pacific Real Estate Development LLC announced today the launch of its first property venture in Dubai, the 28-storey luxury tower Pacific Waterfront in Tecom Media City.
The announcement is welcome news to the Dubai real estate sector, where development have either stalled or slowed down as a result of a lingering economic crisis.
“We are very positive about the real estate market here. Everywhere in the world, the business environment is currently going through upheavals, but we are confident that Dubai will remain a key investment hub for serious property investors who will appreciate the value of a Pacific Waterfront property,” said Parvez Khan, Founder, Pacific Real Estate Development LLC.
According to Khan, whose company boasts an impressive 100% timely completion record in India, Pacific Real Estate Development is sufficiently capitalised and has the necessary resources to complete projects it has started.
“By 2015, we would have completed our first luxury property development in Dubai, and it will be first of many projects we envision for this market and the rest of the MENA region as newer projects on tourism, education and healthcare are announced and completed which will open up anew a demand for residential and commercial development. It makes more business sense to position ourselves now than later when the market is bound to pick up again,” he added.
In addition to its plush amenities and sophisticated design, Pacific Waterfront will be a mixed use luxury development that utilises solar technology for most of the buildings energy requirements. “It will be the lowest maintenance residential luxury apartment to invest in. Everything starting from the walkways to the gyms to the lights in the building will be maintained through solar technology hence the residents will not be paying a heavy maintenance that they do otherwise for most constructions here or in India,” Khan explained.
Pacific Real Estate Development LLC has a track record of completing similar projects in India, and as a result has earned a sterling reputation in developing luxury properties known for high quality and eco-friendly features.
According to the latest Ernst and Young report, the year 2013 will see an additional 60,000 units to Dubai Dubai’s property market, which currently has a residential supply of around 300,000 units.
Pacific Real estate development is also in the process of acquiring new projects in the upcoming Business bay area and Dubai sports city along side Pacific Waterfront in Tecom.
Yet, Pacific Real Estate Development is eyeing even more developments as part of its long-term strategy in the region. “This is just a beginning to step into the MENA region soon after our project is half way into completion in Dubai,” Khan ended.
- END -
About Pacific Real Estate Development:
Pacific Real Estate Development LLC is an internationally acclaimed developer of commercial, residential, retail, hospitality and mixed-use properties. In collaboration with world class architects and design professionals Pacific Real Estate Development LLC. creates properties distinguished by sophisticated design, efficient floor plans and first class amenities.