Thursday, October 19, 2006

Two residential brands move to overseas

Two of Dubai’s coveted residential brands, Green Community and Uptown, could be recreated in select overseas locations, according to the developer, Union Properties. It will also represent the next logical step for the company’s push to widen its top-line growth. “A move overseas will be the next step — but our role will not be confined to being the investors. We will come with the full package,” says Simon Azzam, Chief Executive Officer. “It means bringing the know-how, technology and making sure that our brands are well protected. The look and feel of any such venture will have to be true to what is there in Dubai.”

Portfolio of projects
A decision on the timing of the overseas move has not been decided. Union Properties has got a full portfolio of projects on hand in Dubai, including the Motor City development and those in Dubai International Financial Centre.

There has been speculation for some time now that some investor groups were interested in tying up with Union Properties for overseas projects. It was in the late 1990s that Union Properties launched Green Community (in joint venture with Dubai Investments) and followed it with the Uptown in Mirdiff. More recently, there was the launch of the Green Community West, with all units put up for sale being snapped up by investors in a matter of hours.

This is a fact not lost on Azzam. “We know both Green Community and Uptown have found a standing in the local market and will be an easy sell. This, we believe, can be translated to new markets as well. “But Dubai is still the primary market at the moment — the need is to focus on delivering the many projects we have already launched. The launch is always the easy part; delivery is where all the hard work takes place.”

And I can truly say that a Green Community has both the green and community aspects to it. It is not just there in the name. “The fact there is relatively limited selling of our units on the secondary market confirms we are on the right track.”

[Source - Property Weekly]

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