India-based Pacific Real Estate Development has announced its first property venture in Dubai, the 28-storey luxury tower at Tecom Media City.
Announcing the launch, Parvez Khan, founder, Pacific Real Estate Development said, “We are very positive about the real estate market here. Everywhere in the world, the business environment is currently going through upheavals, but we are confident that Dubai will remain a key investment hub for serious property investors who will appreciate the value of a Pacific Waterfront property.”
According to Khan, Pacific Real Estate is sufficiently capitalised and has the necessary resources to complete projects it has started.
‘By 2015, we would have completed our first luxury property development in Dubai, and it will be first of many projects we envision for this market and the rest of the Mena region as newer projects on tourism, education and healthcare are announced and completed which will open up anew a demand for residential and commercial development,’ he stated.
‘It makes more business sense to position ourselves now than later when the market is bound to pick up again,” Khan said.
In addition to its plush amenities and sophisticated design, Pacific Waterfront will be a mixed use luxury development that utilises solar technology for most of the buildings energy requirements.
“It will be the lowest maintenance residential luxury apartment to invest in. Everything starting from the walkways to the gyms to the lights in the building will be maintained through solar technology hence the residents will not be paying a heavy maintenance that they do otherwise for most constructions here or in India,” Khan explained.
Pacific Real Estate, he said, has a track record of completing similar projects in India, and as a result has earned a sterling reputation in developing luxury properties known for high quality and eco-friendly features.
According to the latest Ernst and Young report, 2013 will see an additional 60,000 units to Dubai Dubai’s property market, which currently has a residential supply of around 300,000 units.
Pacific Real estate development is also in the process of acquiring new projects in the upcoming Business bay area and Dubai sports city along side Pacific Waterfront in Tecom, he added.
