Developer commits Dh2B in Dubai
Dubai-based property developer Invest Group Overseas (IGO) will invest Dh2 billion in new real estate projects leading up to 2020, its CEO said.
The group on Monday launched a Dh500 million freehold residential tower in cluster K of Jumeirah Lakes Towers (JLT), comprising 449 one, two, and three-bedroom apartments, and plans a few more residential projects by 2020, said Dr Anas Kozbari, managing partner and CEO of IGO.
“IGO 101 will redefine the affordable luxury segment. We intend to increase the inventory and plug a gap in the market for premium homes at affordable prices,” he said.
With construction set to begin in December 2017, the IGO 101 tower will include G+39 floors and is scheduled to complete in Q4 2020.
Starting prices for one, two, and three-bedroom apartments are Dh795,000, Dh1.69 million and Dh2.94 million respectively.
IGO has delivered projects valued at more than Dh4.5 billion in the last five years. Projects by IGO include the Polo Townhouses and Residences, The Eighth Gate, Murooj Valley and Al Thuraya Towers.
“We handed over Polo Townhouses last year and are now in the process of handing over the last group of apartments at Polo Residences in Meydan. We have additional projects that will add Dh2 billion worth of investments up to 2020. Two projects will be launched during the course of the years. They are
there is no city in the Middle East which has the same infrastructure as Dubai. It is a safe haven for investments Dr Anas Kozbari, managing partner and CEO of IGO
likely to be residential towers,” he noted.
Kozbari said Dubai’s real estate market is not saturated as there is still ample space for new projects and the emirate is growing strong on the back of its state-of-the-art infrastructure.
“We have projects in other parts of the world as well but are focused here. Dubai is comparable to London, New York and Paris. It is not a common city anymore. There is no city in the Middle East which has the same infrastructure as Dubai. The city is a safe haven for investments,” Kozbari added.
The group is currently developing a big project in Dallas, Texas. Including projects in the pipeline, the company sees its portfolio exceeding $3 billion.
— waheedabbas@khaleejtimes.com