EssKay Holdings and Peace Home Real Estate groups are collaborating to initiate numerous projects. Given the escalating interest rates, the developer will concentrate on the affordable housing sector.
Dubai-based EssKay Holdings and Peace Home Real Estate business conglomerates jointly venture into UAE’s real estate market and set to launch Empire Developments, the real estate development company. Empire Developments aims to position itself as a ready-to-move-in and affordable residential developer in the wake of rising interest.
An official press launch by the end of August 2023 will entail a formal announcement of the newly established Empire Developments. The announcement will provide key details such as the readiness for occupancy of their inaugural residential project, their plans to launch new projects in 2023 and regional expansion.
Empire Developments is currently in the final phase of handing over its first residential project, Empire Residence, which is located in Jumeirah Village Circle (JVC). Project details and sales performance of the inaugural project will be released at the official launch of Empire Developments.
Kamran Ghani, Chief Executive Officer of Empire Developments, said: “Empire Developments combines residential and hospitality experience with construction and property brokerage background to offer quality property assets and competitive returns, translating them into affordable luxury. Launching our first project reflects our commitment to investors and end-users, demonstrating our long-term presence.”
“The property market in Dubai is currently at its peak, but the rising interest rates are becoming a challenge for developers and end-users. We believe it is the right for our properties to expand and consolidate our property portfolio. Our first project, Empire Residence, sold out within days of its launch last year is a reflection of how our assets are seen by investors. All based on our professional approach and our commitment.,” concluded Mr. Kamran.
Empire Developments aims to build mid-luxury yet affordable projects starting from Dubai. The project meets the international standards of design, build, and lifestyle.
The number of projects, type, value, and location of projects will be unveiled during the official launch this month.
“Empire Developments shall aim to focus on the affordable housing sector to cater to the expanding mid-income and salaried expatriate population in Dubai, facilitating their transition from renting to owning their own homes.”, revealed Ahsan Rasheed, Chief Executive Officer of Peace Home Real Estate Group.
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