Saturday, February 16, 2008

Al Barakah announces aggressive expansion plans

Al Barakah, the latest real estate developer to enter Dubai property market, with a portfolio of Dh.3bn to Dh.5 bn, is on an aggressive expansion plan, aiming to be one of the top ten developers in the region, within the next couple of years.

According to Imran Khan, the Chief Executive of the company, the company has established new values to the property industry. Now, with the new RERA regulations in place, it has been developed into a level playing field, wherein all developers require being transparent and accountable.

The first acquisition of Al Barakah was the Sanali business tower in Dubailand, worth Dh.1.3bn, covering a floor space of one million square feet and a retail space of 100,000.

According to Khan, 80 percent of the office space, was sold in a three-day period in January, with an average price of Dh.1,150 to Dh.1,200 per square foot. Dubai, being the cheapest place in the world, will have to buy real estate per square foot. With more investors coming in, particularly from the Europe and US, at present, Al Barakah has more confidence in the market.

Groundbreaking for their first residential development, Crimson Court, at the Emirates City in Ajman, will begin in April, and is due to be complete by mid-2010. The project value is Dh.150 million, and covers 381,000 square feet of residential space.

The first series of project will begin in the next three to six months, with a total amount of Dh.3bn to Dh.5bn.

Khan mentioned that with Ajman, catching up at a rapid pace with Dubai, at half the price, Al Barakah can offer affordable high-quality housing for the low income group, with easy access to Dubai.

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