Pacific Ventures in bid to move Dubai projects
01 July 2012
INDIA-BASED Pacific Ventures is looking to increase its focus on the Middle East, having recently acquired two key projects in Jumeirah Village Triangle in Dubai, UAE.
The two projects, renamed as Pacific Residencia and Pacific Edmonton Elm, have been acquired under Dubai Land Department’s Tanmia initiative, which aims at attracting investors to complete stalled projects across the emirate. In addition, the developer is close to acquiring another project in Business Bay and aims to pursue other developments under the initiative.
Pacific Ventures is also looking at moving into other markets in the region such as Bahrain and Kuwait in the long term.
“The growing choice of real estate investments in the Middle East means that the diversity of needs can now be met in terms of assets, risk exposure, liquidity and definite expected returns. It is a market that will never be allowed to die,” says Parvez Khan, chairman of Pacific Ventures. “Tanmia and Real Estate Regulatory Agency (Rera) have jointly helped overseas investors to take over the projects in an extremely legalised format of which I am very satisfied.”
The company entered the regional market two years ago and has been quietly studying the momentum before deciding that the time was ripe to invest. “I believe in the market is going to rise again very soon,” he says.
“We are extremely optimistic about the real estate market in Dubai and are confident that the emirate will always be a key investment hub for serious property investors who will appreciate the value of Pacific Ventures newly introduced affordable properties,” he adds.
An added advantage for buyers at the Jumeirah Village Triangle projects include easy payment plans by Pacific Ventures, says Khan.
The company, which boasts an impressive 100 per cent completion track record in India, is securely funded and has the necessary resources to complete projects it has undertaken in the Middle East market today, he points out.
Khan says work on both the Dubai projects is in progress and will be completed in 18 to 24 months, paving the way for the company to undertake further assignments.
“By 2014, we would have completed our first set of developments here in Dubai, which will be the first of many projects we envision for this market and the rest of the Mena (Middle East and North Africa) region,” he comments.
Pacific Ventures is an internationally acclaimed developer of commercial, residential, and mixed-use property. In collaboration with renowned design professionals, the company creates properties distinguished by chic and affordable designs, efficient floor plans and top line amenities added to its infrastructure.
The company has earned a reputation in developing luxury properties known for high quality and eco-friendly features back in India and has also responded to the economic challenges by leveraging cost-effective and buyer-friendly features.
