Dubai is known to have a new developer. This developer has been associated with the sector indirectly for 40 years. Shapoorji Pallonji (the India construction giant) aims at having a development portfolio of 5 million square.
The first project will be done at Downtown and others will be done through joint ventures. The most interesting information about this construction giant is that they been a contractor but never moved into real estate.
Jacob Varghese (Director- Development at SP International Property Developers) said. “It’s not that we didn’t consider such a plan — but land prices at the time were too high to make it worthwhile,” “Now, land values have turned more realistic, and [in] hindsight it was better to wait”.
He also added “Our construction side will assume all of the developmental work the property side takes on. That’s part of the game plan and will work well on managing costs”.
The construction giant is also known for development works such as business parks, real estate’s etc. They ae also currently working on 9 Rove Hotels.