Dubai: Giga Group, the Dubai-based diversified business conglomerate, is to announce a major expansion of its property portfolio with a number of new projects, a top official said.
The group, one of the region's largest bullion trader and refiner as well as a leading property developer, will soon roll out a number of projects, to the tune of Dh1.2 billion in Dubai and Ajman.
"Currently we have 13 projects under various stages of development with a combined value to the tune of Dh2 billion," Amir Haji Ameen, vice-chairman of Giga Group, told Gulf News recently.
"Of these, three towers are being developed in the Jumeirah Lake Towers while 10 buildings are coming up in Ajman. We are completing five projects in Ajman and will begin handing over by the end of this month."
Goldcrest Dream, its fourth project under the Goldcrest series, with 1,600 units will be put to tender soon.
"About 80 per cent of them are sold out, while the five companies have already bid for the main construction package, which will be awarded shortly," he said. The development value of the project is Dh700 million.
Giga Group was founded in 1956 by a Pakistani businessman, Haji Mohammad Rafiq Giga, who through a successful bullion trade, steered it to its current position.
A few years ago, the group entered the real estate market with three projects under the Goldcrest branding.
"The Goldcrest projects are already sold out and we are going to complete the projects as per our commitment," he said.
The company entered Ajman's real estate market when it was just about to open up to foreign ownership.
"Today, due to the government's land ownership law allowing expatriates to own properties and our initiatives, prices in Ajman are appreciating fast," he said.
The Giga Group is also developing 4,000 housing units in Pakistan through a joint venture with Emaar Properties. "Currently, a $400 million piling contract is being executed at the Goldcrest DHA Islamabad project," he added.
The Giga Group last year commissioned its Dh300 million gold refinery at the Dubai, which is running in full capacity. "We are looking at expansion of the refinery as it is running in full capacity at the moment," he said. "Details of the expansion has not been worked out as yet."
He said gold consumption in the UAE has been around 550 metric tonnes, of which jewellery represents 250 metric tonnes.
