Hong Kong property group purchases $1.9bn stake in Dubai Pearl
A landmark transaction for the multifunctional development
Chow Tai Fook Endowment Industry Investment Development, a Hong Kong-based property group, has purchased a $1.9bn stake in the Dubai Pearl project.
The Hong Kong property company has attained assets including high-end properties and apartments from the project owned by Pearl Dubai FZ LLC.
The development was initially scheduled for completion in 2013, however last year the site's lead project engineer revealed it was far from completion.
According to Santhosh Joseph, CEO of Pearl Dubai FZ LLC, the recent purchase "...is a landmark transaction which brings quality international funds on board as our partners in the delivery of the Dubai Pearl vision."
Overlooking the Palm Jumeirah, the project is estimated to cost $6bn, and will feature apartments, retail and leisure facilties, offices, seven 5 star hotels, 60 resturants and a theatre made up of 1,800 seats.
The latest information reveals the project handover is expected to begin at the end of 2017. The completed project will offer a home for an estimated 9,000 people as well as commercial offices and units for approximately 12,000.
Chairman of Chow Tai Fook Endowment Jason Chen 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. We are proud to be part of the project and looking forward to a long and prosperous relationship."