Business | Property
Property House aims to be one of top five realty firms
A new global real estate firm, Property House, was launched on Monday in Dubai, aiming to be one of the top five real estate companies in the region, starting out with a capital of $1 billion.
- By Suzanne Fenton, Staff Reporter
- Published: 00:21 May 20, 2008
Dubai: A new global real estate firm, Property House, was launched on Monday 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.
Mohammad Nazir, chief executive officer and managing director of Property House, said: "We have acquired land assets to the tune of six million square feet in Dubai and Ajman.
It is a market brimming with high yielding growth potential. It has been said that development is the only constant in the real estate market and Dubai, for sure, is one of the best examples of this theory."
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 Dh250 million to Dh500 million.
Property House has also invested heavily in the 115-acre Al Helio Downtown city in Ajman. The mini-city will be based on grid system, similar to that of Chicago and New York and is aiming to house 32,000 residents and attract an additional 24,000 for work purposes.
Developed by South Korean developer, DSECO, construction on Al Helio will begin this year and has an ambitious completion date of the end of 2013.
Kochar said the company plans to expand into the rest of the UAE in the future.
The first two projects will be one residential and one commercial. One of them will be launched in Dubai in the next month."
Amit Kochar
General project manager of Property House
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