Published On: Mon, Jun 19th, 2017

Dubai’s FIVE Holdings Group to Launch Two New Projects

Five Holdings a Dubai-based real estate development and hospitality group formerly SKAI Holding last week launched a 2.1 billion UAE dirham Real estate investment trust (REIT) belived to be the region’s first hospitality focused REIT and the largest to date.

FIVE Holdings  is now working on designs for two new  projects worth a total of three billion dirhams ($816.544 million), the company’s CEO said.

The two projects are expected to be included as assets within the REIT, in addition to FIVE Holdings’ existing Viceroy Palm Jumeirah project and its Viceroy Dubai Jumeirah Village project, which is due to open next year, the company said in a statement.

They  have two other hospitality projects on the drawing board right now active, said  Kabir Mulchandani, chairman and CEO, FIVE Holdings.

The land has already been acquired and they are actively designing, of which  one of the projects is expected to be announced in September.

The  construction work on one of the project will definitely start this year, and the other will start next year, so that’s potentially four projects they already have in the pipeline for the REIT, Mulchandani said.

Piling works for the project that is expected to launch this year will be tendered in August or September, he added. The main construction tender will be issued no later than November.

Tenders for the second project are expected in 2018. The total value of both projects is about three billion UAE dirhams.

FIVE Holdings’ $2 billion real estate portfolio also includes projects in Jumeirah Village Circle and Jumeirah Beach Residence.

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