|Singapore-listed Pacific Star Development (PSD) and Dubai’s DAMAC International have become partners in jointly developing luxury properties across key cities in Southeast Asia over the next five years.
That paves the way for DAMAC International’s entry into Southeast Asia where both partners share a positive outlook on the increasing demand for high-end properties in this market.
The two developers are jointly targeting projects in Malaysia and Thailand as primary markets, followed by Vietnam, Indonesia and Singapore.
They will jointly develop residential, hospitality and retail projects in prime locations.
-- Glen Chan,
CEO and MD,
Pacific Star Development.
He was recently named “2017 Malaysia Real Estate Personality of the Year” at PropertyGuru Asia Property Awards (Malaysia) 2017. We are looking at a broad spectrum of development opportunities that capitalize on Southeast Asia’s rising urbanisation, favourable demographics and increasing tourism. DAMAC's strengths are a clear advantage in these markets where it has demonstrated leadership in developing world-class projects, creating innovative sales and marketing strategies and optimizing cost effective delivery approaches.”
DAMAC International is part of DAMAC Group, which develops luxury real estate in the Middle East and has delivered over 19,000 units in the region.
DAMAC Group’s current development portfolio has more than 44,000 units, including 13,000 hospitality units, in various stages of development.
“DAMAC International’s partnership with PSD will create significant expansion opportunities where both developers can leverage each other’s strength to bring innovative, high-end real estate products to new markets in Southeast Asia,” said Hussain Sajwani, Chairman of DAMAC.
“DAMAC International has been one of the most successful developers in the Middle East over the last 15 years, and we aim to take that capability to international markets with leading partners like PSD.”
PSD has a proven track record of international standards in the high end real estate sectors and an in-depth understanding of the local markets.
In addition, PSD will leverage its capabilities to secure prime land parcels in Southeast Asia by utilizing its network of established value chains in the region.
|The DAMAC Group’s diverse portfolio of real estate developments includes branded real estate, hospitality and serviced hotel apartments in the Middle East and the United Kingdom.
It has successfully collaborated with global brands such as The Trump Organization, Tiger Woods Design, Versace Home, Fendi Casa, Paramount Hotels & Resorts, Roberto Cavalli Group and Bugatti to deliver award-winning signature properties over the last 15 years.