Dubai: One Dubai-based property company is not into picking up real estate assets in the US – it actually wants to build there.
Sweid & Sweid, which owned the Oracle building in Internet City, will build 372 one- and two-bedroom apartments in Austin, Texas. ‘Double Creek II’, as it is known, is the developer’s second project in the US, and will feature three buildings within a 15-acre expanse.
It follows the delivery of ‘The Haywood’, which is due to deliver its first units this May. It also features 372 residences and located adjacent to the Double Creek II site.
"With Double Creek II, we are delivering a product that meets the requirements of the residential market in South Austin, which is currently undersupplied, due in part to some hugely significant recent corporate relocations," said Maher Sweid, Managing Partner of Sweid & Sweid.
For its office properties, Sweid & Sweid's tenant base includes Visa, Oracle, Redbull, Snapchat, SAP, Tesco, FUJITSU, GlaxoSmithKline, SABIC, Bristol-Myers Squibb, McGraw Hill, and Johnson Controls, among others.
Look who's coming
Giga Texas, a Tesla Giga-factory, is scheduled to complete towards the end of the year, while an Apple Campus (with the capacity to accommodate 15,000 employees), as well as Amazon, Google, Facebook, and the new Oracle headquarters are all headed the Texas way. In the last 12 months, more than 36,000 jobs were created in Austin, and the city’s unemployment rate of 5.3 per cent is the lowest anywhere in Texas. With the creation of 44,000 jobs forecast during 2021, employment prospects for Austin look set to remain robust.
"With Austin continuing to grow from an economic and demographic perspective, Double Creek II is well positioned to capitalize on the strength of this market by delivering the right product at the right time," said Sweid.
We are delighted with how well Double Creek II has been received by all stakeholders, who see the value generation potential created by the market and the Sweid & Sweid strategy and execution capabilities," said Tom Arnold, Managing Director of Sweid & Sweid America. "This project is a real milestone for Sweid & Sweid as we continue our expansion in the US, providing exclusive investment opportunities for our partners."