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Dubai-based business conglomerates EssKay Holdings and Peace Home Real Estate have joined hands to set up a new venture, Empire Developments, in the UAE, that will focus on building ready-to-move-in affordable homes across the emirates.
Announcing the launch, Empire Developments said the duo combines residential and hospitality experience with construction and property brokerage background to offer quality property assets and competitive returns, translating them into affordable luxury.
Empire Developments aims to build mid-luxury yet affordable homes starting from Dubai with its project meeting all global standards with regard to design, build and lifestyle.
The new firm aims to position itself as a ready-to-move-in and affordable residential developer in wake of growing interest among investors, it stated.
Empire Developments revealed that its first project, Empire Residence, located in Jumeirah Village Circle (JVC) is currently in the final phase of handover.
CEO Kamran Ghani said: "Launching our first project reflects our commitment to investors and end-users, demonstrating our long-term presence. The property market in Dubai is currently at its peak, but the rising interest rates are becoming a challenge for developers and end-users."
"We believe it is the right for our properties to expand and consolidate our property portfolio. Our first project, Empire Residence, which got sold out within days of its launch last year, is a reflection of how our assets are seen by investors," he stated.
He said the key details of its inaugural project, Empire Residence, will soon be unveiled along with its other projects in the pipeline this year as well as its regional expansion strategy.
Peace Home Real Estate Group CEO Ahsan Rasheed said: "Empire Developments shall aim to focus on the affordable housing sector to cater to the expanding mid-income and salaried expatriate population in Dubai, facilitating their transition from renting to owning their own homes."
"Our key objective is to build the highest quality projects which are luxurious, and are on par with the international standards in terms of design, build and living, but yet affordable, thus catering to the growing population of Dubai which is mostly mid-income level," he added.-TradeArabia News Service