Hong Kong firm buys $1.9bn Pearl Dubai property
Dubai, February 3, 2014
UAE-based Pearl Dubai has sold $1.9 billion prime property assets within its 20 million sq ft Dubai Pearl development project to the Hong Kong-based Chow Tai Fook Endowment Industry Investment Development (Group).
The purchase includes high-end residences and serviced apartments and two 5-star hotels. This is the largest bulk asset sale for the development, which is 100 per cent owned by Pearl Dubai FZ LLC, a consortium of investors led by the UAE's Al Fahim Group.
The transaction represents a significant new milestone for Dubai Pearl, which will ultimately deliver a fully-integrated, mixed-use development consisting of 5 star hotels, a shopping mall, offices and branded and serviced apartments and entertainment downtown in a prime location overlooking the Palm Jumeirah Island in the heart of the Dubai Technology and Media Free Zone, the Dubai firm said in a statement.
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 newly-acquired assets purchased within the Dubai Pearl project 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 seeking good rental returns as well as a property value appreciation, the statement added
“This is a landmark transaction which brings quality international funds on board as our partners in the delivery of the Dubai Pearl vision," remarked Santhosh Joseph, the CEO of Pearl Dubai FZ LLC.
"Chow Tai FookEndowment 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," he said.
“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,” he stated.
Al Fahim, the chairman of Pearl Dubai FZ LLC, said: "As one of the region’s pre-eminent 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 leadingglobal destination for business, retail, leisure and tourism."
Jason Chen, the chairman of Chow Tai Fook Endowment, said: “We selected Dubai Pearl as our destination partner to develop Chow Tai Fook District internationally starting with Dubai, 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.”-TradeArabia News Service