Property | UAE

Tasweek to invest Dh800m this year in UAE

Tasweek’s villas to cost Dh650,000-Dh1.3 million

  • By Himendra Mohan KumarStaff Reporter
  • Published: 16:30 April 18, 2013
  • Gulf News

  • Image Credit: Abdul Rahman/Gulf News
  • Masood Al Awar, CEO of Tasweek, shows the model of their 'The Haven' residentikal project in Malaysia during an interview with Gulf News at their pavilion at the last day of Cityscape Abu Dhabi 2013 at ADNEC.

Abu Dhabi

Abu Dhabi-based real estate developer Tasweek currently has $250 million (Dh919 million) worth portfolio of investments spread across the UAE, Malaysia and Morocco and it plans to invest at least Dh800 million in the UAE this year, the company’s chief executive told a news conference in the capital on the sidelines of Cityscape Abu Dhabi.

“We will be investing Dh500 million in community housing — we plan to build 400 villas in the UAE with prices ranging between Dh650,000-Dh1.3 million,” Masood Al Awar told reporters, adding the finance for the project has been raised and construction of the villas should start by December with delivery scheduled within two years of the start of the project. “The sales will start in October.”

“With the other Dh300 million, we are going to buy assets in Abu Dhabi’s free zones — Reem Island and Saraya. We are looking at finished apartments in mix-use developments that can generate income immediately. Negotiations and due diligence are on,” Al Awar added.

The company is looking at Iraq, Lebanon and Greece as potential markets to grow its international portfolio. He said Tasweek, which is a private joint stock company with 50 shareholders, may list its shares on the Abu Dhabi Securities Exchange in the foreseeable future upon approval from its Board.

Separately, Tasweek said in a statement that it had signed a Memorandum of Understanding (MoU) with Beyttürk Inc, a group of companies with a mission of enhancing commercial relations between Turkey and GCC countries.

The agreement will allow Tasweek to market strategic real estate projects under Beyttürk’s wings to the Middle East and North Africa (Mena) region, acquire investment assets, and engage in joint venture development. Beyttürk, on the other hand, will constantly feed marketing and investment opportunities to its new partner and provide the necessary support to facilitate business, according to Tasweek.

“The company has been involved in various housing projects and began its particular focus on promoting local developments to Gulf states in 2008 in line with the vision of Turkish Prime Minister Recep Tayyip Erdoğan. It has been marketing a number of projects formed in cooperation Gulf companies through its subsidiary, KhaleejTurk Property,” Tasweek added.

The initial focus of Tasweek under the partnership is the promotion of Beyttürk’s ‘Dreamland’ project, a picturesque 44-unit, 26,000-square metre villa complex arising in the northwestern city of Yalova. Located at the Termal district, an area famous for its hot springs, Dreamland is strategically located just an hour away from Turkey’s three largest cities – Istanbul, Bursa and Izmir, the statement added.