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Dubai: Dubai-based property management company Aspire has branched out into real estate development with the Dh530 million Jehaan residential project in Jumeirah Village South.
The low rise cluster of 12 blocks is scheduled to bring more than 1,000 studios and one- and two-bedroom units onto the market by December 2008. Construction work is set to start in June 2007, although a contractor has yet to be appointed.
Aimed at mid-income buyers in a real estate market dominated by new luxury property launches, prices range from Dh275,000 for studios to Dh750,000 for two-bedroom apartments.
"About 95 per cent of the projects in Dubai target the high end market, which is out of the price range of most of the people living in here," said Harshit Kantaria, Aspire's managing director. The move represents a shift in business strategy for Aspire, which entered the Dubai property market two years ago as a leasing, sales and property management company.
Its current Dh3.5 billion investment portfolio consists of projects it manages, as well as several which were launched as joint ventures with established property developers.
"It was always our plan to move into property development, where there are better profit margins. By 2007 we aim to expand our portfolio by Dh7 billion, starting with a commercial project in Jumeirah Village South, which we aim to launch in less than a month's time."
Joint venture opportunities in South Africa, India, Rumania and Morocco are all on the cards, they say.
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