Friday, May 30, 2008

New global realty firm Property House launched in Dubai

A new $1billion global realty firm, Property House, which aims to establish itself as one of the top five realty companies in the region, was launched in Dubai last week.

With a landbank of about six million square feet in Dubai and Ajman, Property House plans to launch several new projects in UAE this year.

The Chief Executive Officer and Managing Director of Property House, Mohammad Nazir, said "Dubai is a market brimming with high yield potential. It has been said that development is the only constant thing in the real estate market, and Dubai, no doubt, is the best examples of this theory."

The General Project Manager of Property House, Amit Kochar, revealed that among the projects to be launched, the first two projects will be one residential and one commercial, out of which, one will be launched in Dubai next month.

The first residential project, will be worth Dh.250mn to Dh.500mn.

Property House has also invested heavily in the 115-acre Al Helio Downtown City of Ajman. This mini-city will be based on Chicago's and New York's grid system and aims to house 32000 residents and attracts an additional 24000 for work purposes.

Developed by South Korean developer, DSECO, the construction of the mini-city will commence this year and will be complete by 2013.

The company also announced future expansion plans to the rest of UAE.

1 comment:

Anonymous said...

Could somebody please enlighten on the Property House Dubai updates and what has really become of them to date and where Mr. Mohammed Nazir is likely to be and the staffs that use to work for this Real Estate Company, I would be grateful for any responses, thanks.