Limitless to announce multi-billion project
Limitless, a real estate development arm of Dubai World, is set to announce a multi-billion dollar master development in Malaysia , a senior official said yesterday.
“We soon plan to announce a mega development in Malaysia. Apart from that, we are also working on several other projects there,” Philip Atkinson, regional director, South East Asia, Limitless, told Emirates Business 24|7.
He, however, declined to give details of the project.
To strengthen its position in southeast Asia’s booming real estate sector, the company was officially due to open a regional office in Singapore today to study, analyse and hunt for land and suitable opportunities. “We are working on launching developments in Indonesia, the Philippines, Thailand, Vietnam and Singapore,” he said.
Limitless has already formed and registered subsidiaries (special purpose vehicles) in Singapore, Vietnam and Malaysia for its projects, said Atkinson. Also, the company will form joint ventures with local developers, develop projects on a stand-alone basis or develop and construct project for parties who have secured land rights.
Limitless is developing a $220 million (Dh807m) residential and tourism project in Vietnam and a ground-breaking ceremony will take place on Wednesday.
Atkinson said the company was still negotiating for the acquisition of a stake in a subsidiary of Indonesia’s biggest property developer.
In October, media reports said Limitless agreed to buy a 30 per cent stake in PT Bakrie Swasakti Utama, a unit of PT Bakrieland Development.
Bakrieland Development posted a net profit of Rp89bn (Dh35m) in the first nine months of 2007, up 168 per cent from a year earlier.
Sales jumped 116 per cent to Rp507bn (Dh200m) from Rp235bn (93m).
Limitless, lead by Chief Executive Saeed Ahmed Saeed, has established Limitless World China in Hong Kong and Limitless Consultancy Company in Shanghai to act as operating and holding companies for its future project developments in China, according to reports.
The total development portfolio of Limitless in Dubai and overseas has touched $100bn (Dh367bn) since its creation in July 2005.
It employs more than 300 people worldwide and has launched billion dollar projects in Saudi Arabia, India and Pakistan.
“We are also considering projects in European countries, including the United Kingdom,” said Limitless spokesperson Rebecca Rees.
In Dubai, Limitless has announced a $61bn (Dh223bn) project to build a 75-kilometre canal and an extensive waterfront development.
The Dubai-based company said The Arabian Canal will flow inland from Dubai Waterfront in Jebel Ali and pass to the east of the Dubai World Central development before turning back towards the Palm Jumeirah.
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