Opportunity coming out of Africa, developer predicts

A major developer is looking to Africa as the next emerging market which is fresh and full of opportunity.

Kensington Real Estate, a Dubai-based developer, says it is targeting the continent for future projects.

The company is planning major projects worth $5bn by 2011 across different locations including Qatar, Morocco, Australia and India, said company director Ashish Thakkar.

It has completed two residential and commercial projects in Africa with a third project underway. It is soon to announce a 'very large' fourth project in Africa, according to Thakkar. Its investments in Africa will top $272m by the end of 2008.

'Africa is where our aggressive focus is. We're looking at hotel and development projects there. It's the next big thing. What India and China were five years ago is what Africa is today. Unfortunately the media creates a very negative perception,' said Thakkar.

'The political uncertainty in Africa is over hyped. For example, Uganda hosted the Commonwealth Heads of Government Meeting last year and 55 leaders visited. It is an emerging market and these markets are fresh and offer new opportunities,' he added.

The company is looking beyond the obvious locations in Egypt and Morocco. 'The whole of Africa is booming. We're trying to create a brighter, more positive impression of Africa as a whole and we're driving it through the private sector,' he said.

Its African flagship is Kensington Luxury Heights, a residential community in Uganda where England footballer Rio Ferdinand has bought a house. The 150-houses township is the company's third project in the continent.

Contemporary architecture, high-end finishes and international concepts tailored to the local market have become the trademark of all Kensington projects. The Company believes that quality is vital especially in the current Dubai market where its Kensington Krystal 36-storey commercial tower is the first to offer state-of-the-art amenities including a spa, fitness centre, and swimming pool to office workers.