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21 February 2024

HK firm buys into Dubai Pearl

By Parag Deulgaonkar

A Hong Kong-based company has purchased property assets worth Dh6.8 billion in Dubai Pearl, a 20 million square feet development.

Pearl Dubai, the developer of the project, said in a statement it has sold of prime property assets valued at Dh6.8 billion to the Hong Kong-based Chow Tai Fook Endowment Industry Investment Development (Group) Ltd (CTFE).

The purchase includes high-end residences and serviced apartments and two 5-star hotels.

The mixed-use development, located in the Dubai Technology and Media Free Zone, overlooking Palm Jumeirah, consists of 5 star hotels, a shopping mall, offices and branded and serviced apartments and entertainment downtown in Dubai Technology and Media Free Zone.

CTFE is a diversified, Hong Kong-based company focusing on developing Chow Tai Fook districts in various cities of China, and is the exclusive development partner of China’s Ministry of Civil Affairs, the China Endowment Development Foundation.

This transaction forms a part of the firm’s corporate strategy to deliver large multi-use development projects in China and other key strategic overseas markets.

The assets purchased within the Dubai Pearl will be used in part for the company, and partly will be resold to Chow Tai Fook Endowment high-end clientele in the Far East.

Santhosh Joseph, Chief Executive Officer, Pearl Dubai, told Emirates 24|7: “Work had never stopped… we will be increasing work force gradually over the next three months.”

He added: “This is a landmark transaction which brings quality international funds on board as our partners in the delivery of the Dubai Pearl vision.

“Chow Tai Fook Endowment will bring complementary experience and expertise to the development.  We are delighted with this opportunity to tap into the considerable potential of endowment funds from China.”

Joseph confirmed the company was working on another similar transaction of bulk sales.

Abdul Majeed Al Fahim, Chairman of Pearl Dubai, added:  “As one of the region’s preeminent developers, we have always been strong believers in the sustainable future of Dubai. We are proud to be creating a landmark development which will strengthen Dubai’s reputation as leading global destination for business, retail, leisure and tourism”

According to the company website, the estimated development sales value is over $6 billion (Dh22 billion). There will be 15,500 parking spaces in a five level podium with 35 per cent of the project area will be landscaped.