Monday, February 03, 2014

Pearl Dubai Sells $1.9bn Assets To Hong Kong Property Group

Property developer Pearl Dubai announced that it has sold assets valued at $1.9 billion (Dhs6.8 billion) to Hong Kong-based Chow Tai Fook Endowment Industry Investment Development (CTFE).

The sale includes high-end residences and serviced apartments and two five-star hotels, and is the largest bulk asset sale within the 20 million sq ft Dubai Pearl development, the company said in a statement.

CTFE, a diversified company, is the exclusive development partner of China’s Ministry of Civil Affairs. This transaction is part of the firm’s corporate strategy to deliver large multi-use development projects in China and other key strategic overseas markets, the statement said.

The newly-acquired assets will be used in part for the company, and partly will be resold to Chow Tai Fook Endowment high end clientele in the Far East, it added.

Jason Chen, chairman of Chow Tai Fook Endowment, said: “We selected Dubai Pearl as our destination partner to develop Chow Tai Fook District internationally starting with Dubai, because of the vision and quality of their project offering.”

Santhosh Joseph, CEO of Pearl Dubai, added: “This transaction brings us closer to making Dubai Pearl a fully funded project.”

The Dubai Pearl project, 100 per cent owned by Pearl Dubai, overlooks the Palm Jumeirah Island and is an integrated mixed-use development including five star hotels, a shopping mall, offices and branded and serviced apartments and entertainment. The development is backed by a consortium of investors led by Abu Dhabi’s Al Fahim family.

Initial handover is scheduled to commence during the end of 2017. When complete, the development is expected to house approximately 9,000 people, and offer a workplace for 12,000.

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