Orion Holdings to kick start expansion plans in Dubai

Orion Holdings to kick start expansion plans in DubaiImage Credit: Supplied

Orion Holdings has created a real estate development division, Orion Real Estate Development (Ored), which will focus on developing residential offerings in Dubai. Around Dh500 million has been earmarked for at least five new projects to be undertaken this year by the new division.

Ored has also acquired a land bank on which the new projects will take shape.

''We are excited to enter the property development sector, especially at a time when Dubai is witnessing excellent growth across all core industries,'' said Raghav Sadana, Vice-Chairman of Orion Holdings. ''Our team has experienced the highs and lows of the local real estate market, and we are confident that our efforts towards establishing this new venture will yield good results.''

Ored will initiate its project pipeline at Jumeirah Village Circle (JVC). With access to Mohammad Bin Zayed Road and Al Khail Road, the development also offers high investment potential owing to its proximity to the upcoming Mohammad Bin Rashid City.

JVC is also in the neighbourhood of Dubai World Central, the venue of the World Expo 2020.

''With Ored, our primary focus is on securing investor interest and ensuring their peace of mind. As part of this priority, we aim to launch the sales of any project only after completing 30 per cent of the construction,'' said Sadana. ''This will especially benefit mid-level buyers who can easily book a property with existing capital by utilizing the 30-70 per cent payment plan on offer.

''The remaining amount can be paid on completion of construction, through financing tools that are easily available for finished properties.''

Source: Property Weekly, gulfnews.com


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