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Dubai's FIVE Holdings to launch two new projects worth $816mln
18 June 2017
Dubai-based real estate development and hospitality group FIVE Holdings is working on designs for projects worth a total of three billion dirhams ($816.544 million), the company’s CEO said.
FIVE Holdings, previously known as SKAI Holdings, launched a 2.1 billion UAE dirham Real estate investment trust (REIT) last week, believed to be the region’s first hospitality-focused REIT and the largest to date.
The two new projects are expected to be included as assets within the REIT, in addition to FIVE Holdings’ existing Viceroy Palm Jumeirah project and its Viceroy Dubai Jumeirah Village project, which is due to open next year, the company said in a statement.
“We have two other hospitality projects on the drawing board right now actively,” Kabir Mulchandani, chairman and CEO, FIVE Holdings, told Thomson Reuters Projects in a phone interview last week.
“The land has already been acquired and (we are) actively designing,” he said, adding that one of the projects is expected to be announced in September.
Mulchandani declined to specify the location of the new projects.
“(For) one, construction will definitely start this year, and one will start next year, so that’s potentially four projects we already have in the pipeline for the REIT,” he said.
Piling works for the project that is expected to launch this year will be tendered in August or September, he added. “The main construction tender (will be issued) no later than November.”
Tenders for the second project are expected in 2018, Mulchandani said.
The total value of both projects is about three billion UAE dirhams, he added.
FIVE Holdings’ $2 billion real estate portfolio also includes projects in Jumeirah Village Circle and Jumeirah Beach Residence.
© Zawya Projects News 2017