ACW Holdings to invest Dh20bn in three years
The total investment portfolio of ACW Holdings, a British-managed real estate company, will reach Dh20 billion in three years' time across the UAE from the current Dh5bn, a top company executive said.
"Our total investment in properties will touch Dh20bn in the next three years. Although we are open to joint ventures and other opportunities, our emphasis is on developing our own properties," Ian Pask, General Manager, ACW Holdings, told Emirates Business.
The company, which is backed by British and European investors, has two offices in the UAE and two in the UK – its head office in Leeds and a newly built sales office in London. It moved into property development in October 2006 when it launched Knightsbridge Court – its first project – in Jumeriah Village South.
"We were selling properties of other developers and selling them very quickly. When an opportunity came up, we took plots in Jumeriah Village South and decided to launch our own projects," he said.
According to Pask, the company sold the Knightsbridge Court project within three months of its launch to UK-based investors with a guarantee of eight per cent return on its original price. After that it launched Kensington Manor residential apartments and Hanover Square serviced apartments.
Building on this success, ACW Holdings launched The Light Commercial tower and Platinum One and Platinum Two serviced apartments in 2008, located in Arjan district in Dubailand.
The company plans to launch a Dh1.3bn resort on Al Marjan Island in Ras Al Khaimah by year-end.
"We expect to launch the resort, which will have 1,500 rooms – besides apartments and townhouses – in October. We have began making people aware of it and are finalising our business plans."
When asked why he chose Al Marjan Island over other waterfront projects in Dubai, Pask said he believed Ras Al Khaimah was more likely to flourish as a tourist destination, as Dubai was fast becoming a business hub. "You have to pay less to go to RAK. Besides, Al Marjan Island is promoted as a tourist destination not just in the UK, but across the world."
ACW Holdings is in talks with a major resort operator for its Al Marjan island resort and buildings in Dubai.
"We have a big portfolio of buildings, which is quite attractive for major operators. We are in talks with a company and they seem to be quite interested in operating our assets," Pask said.
The company is looking at Ajman, with plans of launching two high-rise towers by next year. "Our customers tend to buy one or two units and since prices in Dubai have shot up, Ajman is the best alternative. Moreover, the emirate has introduced new regulations and we expect our investors to make good returns," he said.
The company is no longer selling its projects in the UK, but is looking to sell them across the world. "We will be showcasing our projects in Africa in August, followed by Moscow in October. We are now looking outside of the UK as we build and launch large projects," he said.
The company is undertaking a major recruitment drive for brokers. "We are recruiting brokers to help us sell projects not just in the UAE but outside, as well."
An issue that Pask wants UAE authorities to tackle at the earliest is something related to residence visas. "What I see as an issue is that the market was led to believe a visa was going to come with every property. Authorities should inform clearly on the visa regulations. And the issue should be addressed quickly," he said.
PROFILE: Ian Pask, General Manager of ACW Holdings
As General Manager, Pask heads the team at ACW Holdings. Pask has been in the property business for more than 20 years.
Originally from the UK, he started work as an apprentice trainee for AC Frost and Co in England. Later, following the purchase of the property division of Prudential Corporation, he was promoted as Group Manager and was responsible for offices in West London and Middlesex, he specialised in new developments.
After being involved in the sale and development of commercial, residential and retail towers in Jumeirah Lake Towers, Dubai, Pask opened a property brokerage in 2006 and moved into development. He is responsible for the development of the businesses and acts as Head of Planning and Development. He controls finance, planning and land acquisition as well as building investment concepts and facilities management.