Hong Kong group buys Dh6.8b assets in Dubai Pearl

Pearl Dubai has sold prime property assets valued at $1.9 billion (Dh6.8 billion) in its 20-million-sq-ft Dubai Pearl development project to the Hong Kong-based Chow Thi Fook Endowment Industry Investment Development Group (CTFE).

The purchase includes high-end residences and serviced apartments and two five-star hotels. This is the largest bulk asset sale for the development, which is fully owned by Pearl Dubai.

Project components
The mixed-use Dubai Pearl development will consist of five-star hotels, a shopping mall, offices, branded and serviced apartments, and entertainment venues in the Dubai Technology and Media Free Zone.

The assets purchased in the Dubai Pearl project will be used in part for the company, and partly will be resold to CTFE's clientele who are seeking good rental returns as well as property value appreciation.

Santhosh Joseph, CEO of Pearl Dubai, said: "This is a landmark transaction, which brings quality international funds on board as our partners in the delivery of the Dubai Pearl vision. CTFE 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.

"This transaction brings us closer to making Dubai Pearl a fully funded project. Once complete, Dubai Pearl will be one of the jewels in the crown of Dubai; a revolutionary project, which sets new standards in world-class, sustainable development."

Landmark development
AI Fahim, Chairman of Pearl Dubai, said: "We are proud to be creating a landmark development, which will strengthen Dubai's reputation as a leading global destination for business, retail, leisure and tourism. We are grateful for the continued support from His Highness Shaikh Mohammad Bin Rashid AI Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and our master developer, Tecom.”

Jason Chen, Chairman of Chow Tai Fook Endowment, said: “We selected Dubai Pearl as our destination partner to develop Chow Tai Fook District internationally. because of the vision and quality of their project offering. We are proud to be part of the project and looking forward to a long and prosperous relationship."


Source: Property WeeklyPW


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