Thursday, April 6, 2017

Pakistan Invests Heavily In Dubai Projects

Gemini Property Developers, a boutique real estate developer, is set to tap high potential investment from Pakistan as more and more Pakistani investors buy properties in the UAE.

Pakistanis are the third largest non-Arab expatriate group investing in Dubai real estate, according to the Dubai Land Department (DLD).

Around 3,372 Pakistani nationals purchased Dh4.4 billion ($1.2 billion) worth of properties in Dubai in 2016 and Dh8 billion in 2015, DLD statistics show.

Gemini Property Developers ran a major marketing campaign in Pakistan at the Abad-Jang Expo 2017 at the Pakistan-China Friendship Centre in Islamabad from March 24-26. Pakistani expatriates form the second largest foreign nationality in the UAE with more than 1.2 million overseas Pakistanis contributing in the UAE economy.

“As we are on target to deliver our first project in the first quarter of 2018, we want our Pakistani buyers to benefit from the great location”, Sudhakar R. Rao, Managing Director of Gemini Property Developers, said.

The construction of the Gemini Splendor luxury residential project marks Gemini Group’s foray into the region’s real estate market. The high-end project is scheduled for completion in the first quarter of 2018.

The G+8-story residential building is being built at Sobha Hartland within the Mohammed Bin Rashid City and is in advanced stage of construction. The project with a built-up area of over 320,000 square feet will include 134 residential units comprising spacious one, two and three-bedroom apartments, penthouses and townhouses equipped with state-of-the-art amenities. Apartment units range from 780 square feet to 3,400 square feet. The community will also have comprehensive retail, shopping and entertainment facilities, along with much needed green spaces.

“Dubai is an attractive place for investment and real estate provides the best investment opportunity,” Sudhakar R. Rao, says. “The layout and design of the Gemini Splendor will make the Pakistani and South Asian families more comfortable and make them feel at home.”

The project is located at the center of Sobha Hartland – a new mixed-use development located between Al Khail Road and Meydan – and is close to the downtown of the future – the massive mixed-use project that has become a major destination. The project will border Meydan One on one side, MBR city – District One on the other and Meydan Grandstand at the backdrop.

“As the surrounding developments take shape, Sobha Hartland will become the most sought after destination for people to live due to its strategic location with strong road and rail connectivity embedded with great lifestyle, self-contained community, leisure and entertainment. It is already surrounded by two highways while two new rail networks are expected to pass by the development,” Sudhakar R. Rao said. “As more and more people begin to settle down, value will appreciate manifold. In addition to the location, our projects will create a new benchmark for quality and amenities. It will create a new signature of quality in real estate development.”

Gemini Splendor is conceptualized by renowned consultants, Aedas which is one of the five largest international architectural firms, while detailed designs were carried out by Dubai Consultants. The project, once completed, will offer excellent views of the Dubai skyline via two expressways as well as nearby Ras Al Khor bird sanctuary.

The project is self-financed by the group as well as funded by banks and the construction of the project is not linked to off-plan sale of the units.

Synonymous with trust and credibility, Gemini Property Developers is building on the strong legacy set by Gemini Group that has 30 years of successful business operations in various fields, including Testing, Inspection and Certification (TIC) services, trading and allied fields for the energy sector. Founded in 1986 by Sudhakar Rao, the group has an established presence in India and Middle East.

Prabhakar Raghavendra, Gemini’s Jt. Managing Director, said the project is being constructed at a time when Dubai’s real estate market is witnessing signs of upturn. “This is a very good time for investment as the lower pricing of properties will widen the margin when sold at a later stage when prices jump ahead of the Dubai Expo 2020. “This causes for optimism as we also have seen a renewed interest among buyers as we construct Gemini Splendor.”

Dubai’s Roads and Transport Authority (RTA) has already planned a new purple metro line running under the ground at Hartland. Another rail line has been planned to run near the project. Sobha Hartland is the only luxury community development located on the Dubai Water Canal.

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