Tasweek plans projects in Thailand, Indonesia
Abu Dhabi, August 26, 2014
Abu Dhabi real estate company Tasweek has announced plans to start key projects in Thailand and Indonesia during the first half of 2015.
Tasweek’s expansion into Thailand and Indonesia follows residential and hospitality developments in Malaysia; the Haven Lakeside Residences - a three-tower residential project co-developed with Malaysian property group Superboom Projects - and luxury resort Casabrina Vacation Villas, said the company in a statement.
The new South East Asian projects will both be hotel apartments in a mixed-use hospitality development, it added.
CEO Masood Al Awar said the company was wrapping up discussions with partners in each of the two Asian countries. Tasweek will be launching its initial public offering (IPO) later this year.
Al Awar is targeting a fourth quarter listing on the Abu Dhabi Securities Exchange (ADX) or the Dubai Financial Market (DFM) and said the company could list as much as 65 per cent.
Tasweek boasts of a $250 million property portfolio spread across the UAE, Malaysia and Morocco.
The firm had previously announced plans to expand into Lebanon and Iraq "but due to current geopolitical instability, those plans are now on hold, said Al Awar.
The company is now looking to launch projects in Egypt and Saudi Arabia with preliminary discussions underway with local partners, Al Awar said.-TradeArabia News Service