Dubai: Even with most of the GCC realty markets back to launch mode with projects, regional investors still have the time and funding to look overseas.
Invest Group Overseas (IGO) has confirmed plans to launch a massive mixed-use development — named The Gate and set on 40.95 acres (16.5 hectares) of a greenfield site — in Frisco, Texas, one of the fastest growing cities in the US. This is scheduled to take place in Mach next, followed by the launch of construction in May. And given how realty sales take place in the US, the developer will hold back on sales closer to, or on, completion of the project.
The time line as things stand now is for work to be complete in four years. It will cost $700 million (Dh2.6 billion).
Other investors
“We bought the land two years ago and bought in some of the best names — such as Gensler — for the masterplan, which is being shown at Cityscape,” said Dr Anas Kozbari, Managing Partner and CEO of IGO, which is also the overseas investment arm of the MAG Group. The location is 25 minutes from Dallas.
“It’s too early to say whether we plan to bring in other investors into the development phase.”
Despite how its economy has been faring, US real estate has been a magnet for overseas investors, with the Chinese in particular. In the recent past, Bahrain-based Investcorp had been involved in a few transactions there.
IGO had flagged its interest in the Frisco project for some time, according to Maher Maso, Mayor of the City of Frisco, Texas. “Frisco has seen a lot of relocations — the latest is Dallas Cowboys — and that’s one of the reasons for the momentum in the property market. An average of 2,000 new homes is added each year and the pipeline is getting absorbed.”
