Invest Group planning Dh2 billion foray into Dubai real estate

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Invest Group Overseas (IGO), the leading property developer based in Dubai, will be pumping in a sum of Dh2 billion into new real estate projects over the next few years. This information has been confirmed by the CEO at IGO, Dr. Anas Kozbari. The Group has launched a freehold residential tower worth Dh500 million in the Jumeirah Lake Towers. This comes with 440 units spanning 1, 2 and 3 bedroom apartments. Two more residential projects are planned by the year 2020 according to Kozbari.

According to Kozbari, Polo Town Houses were delivered successfully last year and the company is now engaged in handing over the last batch of apartments in the Polo Residences project at Meydan. There are additional projects that will be adding Dh2 billion of investments till 2020 according to him. Two projects will also be launched in this year and are likely to be residential towers according to Kozbari. The IGO 101 towers in JLT are expected to be finished in the fourth quarter of 2020 and will come with amenities like saunas, showers, a squash court, health club, Jacuzzi, outdoor swimming pools, sundeck, loungers that overlook the lake, food, beverage and retail outlets and a playing zone for children.

Kozbari stated that the Dubai real estate was not saturated yet since there remained ample scope for new realty projects. He also added that the Emirate was witnessing tremendous growth backed by top-notch infrastructure. The starting prices for the 1, 2 and 3 bedroom apartments at this latest project at Dh795,000, Dh1.69 million and Dh2.94 million respectively. Kozbari added that the company already has several projects across the globe but remains focused majorly on Dubai. Dubai, according to Kozbari is akin to New York, London and Paris and is not any common city. There is no city with the same infrastructure in the Middle East like Dubai, which includes economic, political and physical infrastructure. Dubai is also a safe bet in terms of investments according to Kozbari.

Experts have estimated that around 30, 402 homes will be completed by the end of this year in Dubai. This will encompass 24, 259 apartments and 2, 365 townhouses in tandem with 3, 778 villas as per information garnered from consultancies, developers and sub-contractors alike. The Invest Group Overseas is presently building a premium project located at Dallas, Texas. With big projects coming up, the company is forecasting an increase in its portfolio, surpassing $3 billion.

 

Resident Editor