Gemini targets Pakistani investors with Dubai project
Dubai-based developer to tap into growing outward investment from Pakistan with Gemini Splendor in Sobha Hartland community
Gemini Property Developers is targeting Pakistani buyers and investors with its new residential project, the Gemini Splendor, located within the Sobha Hartland community in Dubai’s upcoming Mohammed Bin Rashid City.
The Dubai-based developer said in a statement that its decision is based on figures that show the high potential of investment from Pakistan as more and more Pakistani investors buy properties in the UAE. It added that Pakistanis are the third largest non-Arab expatriate group investing in Dubai real estate, according to the Dubai Land Department (DLD).
Around 3,372 Pakistani nationals purchased Dh4.4bn ($1.2bn) worth of properties in Dubai in 2016 and Dh8 billion in 2015, DLD statistics show, and Gemini said that based on these figures it has decided to run a major marketing campaign in Pakistan at the Abad-Jang Expo 2017 to be held at the Pakistan-China Friendship Centre in Islamabad from March 24-26.
“As we are on target to deliver our first project in the first quarter of 2018, we want our Pakistani buyers to benefit from the great location,” said Sudhakar R. Rao, managing director of Gemini Property Developers. He added that the company believes there is a substantial market within the Pakistani community in the UAE, as expatriates from the South Asian country form the second largest foreign nationality in the UAE with more than 1.2 million overseas Pakistanis contributing in the UAE economy.
The construction of the Gemini Splendor luxury residential project marks Gemini Group’s foray into the region’s real estate market, said the company. The G+8-storey residential building, being built at Sobha Hartland within Mohammed Bin Rashid City, is in an advanced stage of construction. It has a built-up area of over 320,000 square feet will include 134 residential units comprising one, two and three-bedroom apartments, penthouses and townhouses.
Apartment units range from 780 square feet to 3,400 square feet, the developer said, adding that the community will also have comprehensive retail, shopping and entertainment facilities, along with much needed green spaces.
“Dubai is an attractive place for investment and real estate provides the best investment opportunity,” Rao said. “The layout and design of the Gemini Splendor will make the Pakistani and South Asian families more comfortable and make them feel at home.
“As the surrounding developments take shape, Sobha Hartland will become the most sought after destination for people to live due to its strategic location with strong road and rail connectivity embedded with great lifestyle, self-contained community, leisure and entertainment. It is already surrounded by two highways while two new rail networks are expected to pass by the development. In addition to the location, our projects will create… a new signature of quality in real estate development.”
The developer said that Gemini Splendor is conceptualised by the consultant Aedas, which is one of the five largest international architectural firms, while detailed designs were carried out by Dubai Consultants. The project, once completed, will offer excellent views of the Dubai skyline as well as the nearby Ras Al Khor bird sanctuary.
The project is self-financed by the group as well as funded by banks and the construction of the project is not linked to off-plan sale of the units, Gemini added.
