AMIS Development gets first tranche of Dh5b funding from Singapore’s First APAC Fund

Dubai-based AMIS Development has successfully received the first tranche of funding from the First APAC Fund VCC, a leading Singaporean investment fund. In November 2024, the Fund signed a Memorandum of Understanding (MoU) to invest up to Dh5 billion in AMIS.

The deployed funds will be allocated to ongoing and upcoming projects, including strategic land acquisitions in key locations such as Meydan and Dubai Islands. The capital injection aims to accelerate the company’s growth, enhance its project pipeline, and provide even more high-value developments to meet the increasing demand for luxury residential properties in the UAE.

“This significant investment will allow us to continue developing world-class residential communities and further expand our land acquisitions in Dubai,” says Neeraj Mishra, Founder and CEO of AMIS Development. “Our strong growth momentum reflects the strength of our portfolio and the trust that investors have in our ability to deliver outstanding luxury real estate.”

Darrell Lim, Founding Shareholder and Director of First APAC Fund, adds: “We are very excited to commence capital deployment in AMIS Development, and the release of this first tranche of funding represents a significant milestone in our collaboration. We have great confidence in AMIS Development’s leadership and its ability to continue delivering outstanding, high-quality real estate projects in Dubai. We look forward to working together to unlock further potential in the region.”

AMIS Development’s portfolio includes the Woodland Residences project, which was sold out in January 2024 for Dh425 million, and the ongoing Woodland Terraces project, with completion expected by the first quarter of 2027. The company has also launched the Woodland Crest project, with completion scheduled for the second quarter of 2027. In addition to these developments, AMIS has secured prime land in Meydan and Dubai Islands for future luxury residential projects.

With the first tranche now deployed, AMIS Development and First APAC Fund look forward to future capital deployments, which will be released according to the progression of AMIS’s growing portfolio and expanding project pipeline.

First APAC Fund is incorporated in the Republic of Singapore that may form multiple sub-funds, each of which constitutes a separate sub-fund of the Fund (Sub-Fund). The Fund is managed by Pilgrim Partners Asia (PPA), a Singaporean fund management company licensed by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services License number CMS100612-1 for fund management under the Securities & Futures Act (SFA), and is also an Exempt Financial Adviser under the Financial Advisers Act (FAA).

PPA has appointed Greenback Capital Limited, a CAT 3C firm incorporated as a private company in the Dubai International Financial Centre (DIFC), Dubai, UAE, as the Sub Investment Manager (GBCL) to provide sub-investment management services to the Fund Manager, in respect of the Sub- Fund.  GBCL will aid in evaluating and structuring the transaction on behalf of the Sub-Fund.

– In association with AMIS Development