New real estate firm launches in Dubai

Dubai: A new global real estate firm, Property House, launches on Tuesday in Dubai, aiming to be one of the top five real estate companies in the region, starting out with a capital of $1 billion.

Property House already has a landbank of around six million square feet in Dubai and Ajman.

Amit Kochar, general project manager, Property House, said that the company has plans to launch several projects this year in the UAE.

"The first two projects will be one residential and one commercial. One of them will be launched in Dubai in the next month," Kochar said.

Kochar said that the first residential project will be worth between Dh250 million and Dh500 million.