They are introducing a real estate development firm by the name of Empire Developments, which will be positioned as an affordable and ready-to-move-in residential developer in light of increasing interest.
A formal announcement about Empire Developments is expected by the end of this month through an official press launch.
It will share some key details, such as their regional expansion plans, new projects they intend to introduce this year and the readiness for occupancy of their first residential project.
The first residential project of Empire Developments is located in Jumeirah Village Circle (JVC) and has been named Empire Residence and it is in its final phase.
Empire Developments will release details of the inaugural project, along with its sales performance, at their official launch.
The CEO of Empire Developments, Kamran Ghani, said that the hospitality and residential experience has been combined by Empire Developments.
He added that they can provide competitive returns and high quality property assets, thanks to their property brokerage and construction background, thereby delivering affordable luxury.
He went on to say that their first project was a reflection of their commitment to end-users and investors, which highlights their long-term presence.
According to the CEO, Dubai has seen its real estate market reach a peak, but end-users and developers are facing challenges due to rising interest rates.
He added that it was the right time for them to consolidate and expand their property portfolio. Mr. Kamran said that Empire Residence had been their first project that had been launched last year.
But, it had taken just days for it to be sold out, which showed how investors view their assets. He concluded that it was all due to their commitment and professional approach.
The aim of Empire Developments is to introduce a combination of affordable and mid-luxury projects in Dubai.
The projects are in accordance with international standards of build, design and lifestyle. As mentioned earlier, the official launch is scheduled for August 2023.
It will be during this launch that details like the number, value, location and type of projects will be unveiled.
Peace Home Real Estate Group’s CEO, Ahsan Rasheed, also talked about Empire Developments. He said that it was focusing on the affordable housing sector.
According to the chief executive, this was for catering to the salaried and mid-income expatriate population in Dubai, which is on the rise.
He added that Empire Developments would be able to help them in making the transition from renting properties to becoming owners.
Peace Home Real Estate was founded in 2014 and its headquarters are located in Dubai, while EssKay Holdings was founded almost 20 years ago and their head offices are also located in Dubai.
The two business conglomerates own a number of projects in the city.