Indian developer announces two new property projects for Dubai

Pacific Residencia and Pacific Edmonton Elm will be completed within 18 to 24 months and the company is considering other projects related to tourism, education and health. ‘We are extremely optimistic about the real estate market in Dubai as it is an economy which cannot be allowed to fall down completely. Everywhere in the world, the business environment is undergoing upheavals and changes, but we are confident that Dubai will always be a key investment hub for serious property investors who will appreciate the value of Pacific ventures newly introduced affordable properties,’ said Parvez Khan, founder of Pacific Ventures. ‘By 2014, we would have completed our first set of developments here in Dubai, and it will be first of many projects we envision for this market and the rest of the MENA region,’ he added. No specific details were given in the statement about the two new developments but Pacific Ventures is a developer of commercial, residential, and mixed use properties which says it believes in building affordable homes for the upper middle classes. However, not everyone is looking ahead to new projects. Kuwait based developer Al Mazaya Holding Company plans to reduce its business in Dubai. ‘We want to reduce our exposure in Dubai because of difficulties with existing infrastructure and master developers,’ said chief executive officer. He told Bloomberg news that the company was doing well from an operational point of view but the decline of its assets in Dubai is having an effect and growth in 2012 will depend on the value of assets at the end of the year. The company isn’t planning any projects until 2013 and is occupied with existing projects, mainly in Dubai and after that plans to focus on Saudi Arabia’s residential market, where it sees strong demand. However, it has signed construction resumption contracts for some of its projects in Dubai that were put on hold.