The Giga Group of Pakistan is planning to launch three mixed-use projects in the UAE this year, with Dubai, Ras Al Khaimah and Umm Al Quwain being the primary investment targets.
“Although we have two more plots in Ajman, we will be concentrating on Dubai, RAK and UAQ,” Amir Pardesi, Vice-Chairman of Mazyood Giga International, told Emirates Business.
The company, through Star Giga, a joint venture between Mazyood Giga and ETA Star, has launched projects worth Dh3.9 billion in the UAE, with Ajman getting the lion’s share of Dh2.7bn and the remaining being invested in Dubai. Earlier this month, Star Giga launched the Dh360 million Goldcrest Business Vistas in Ajman (pictured above). The commercial tower will be built in Emirates City and will have 29 floors with open-plan offices ranging from 78.5 square metres to 144 square metres. Enabling contracts will be awarded during the first quarter.
“Ajman is the best place for investment for the middle-class segment. Even the cost of construction and price of land is cheap for us. What one can buy in Dubai for Dh1,200 per square feet, you can get for Dh400 in Ajman. Although our profit margins are low, we believe in the volume game and so far have launched 10 towers in the emirate,” said Pardesi.
Many developers have launched affordable housing units in Ajman. However, land prices have shot up by 30 per cent after plans were announced to build an airport in the emirate. Now the government is planning to introduce the guarantee account law to protect and safeguard investors.
Giga Group is in talks to acquire a plot at Dubai Waterfront, where it plans to develop a mixed-use project. “We are still negotiating for the land,” Pardesi said.
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