Pakistanis are the third-largest non-Arab expatriate group investing in Dubai real estate, according to the Dubai Land Department (DLD). Around 3,372 Pakistani nationals purchased AED 4.4 billion ($1.2bn) worth of properties in Dubai in 2016 and AED 8 bn in 2015, DLD statistics show.
Gemini Property Developers will run a marketing campaign in Pakistan at the Abad-Jang Expo 2017 to be held at the Pakistan-China Friendship Center in Islamabad from 24 to 26 March. Pakistani expatriates form the second-largest foreign nationality in the UAE with more than 1.2 million overseas Pakistanis contributing to the economy.
Gemini Splendor construction
“As we are on target to deliver our first project in the first quarter of 2018, we want our Pakistani buyers to benefit from the great location”, Sudhakar R Rao, managing director of Gemini Property Developers, said. The construction of the Gemini Splendor luxury residential project marks Gemini Group’s foray into the region’s real estate market. The high-end project is scheduled for completion in the first quarter of 2018.
The G+8-storey residential building is being built at Sobha Hartland within Mohammed bin Rashid City, Dubai and is in advanced stage of construction. The project with a built-up area of over 320,000 sq. ft will include 134 residential units, comprising spacious one, two and three-bedroom apartments, penthouses and townhouses equipped with state-of-the-art amenities.
The community will also have comprehensive retail, shopping and entertainment facilities, along with green spaces. “Dubai is an attractive place for investment and real estate provides the best investment opportunity,” Rao, said. “The layout and design of the Gemini Splendor will make the Pakistani and South Asian families more comfortable and make them feel at home.”
The project is located at the center of Sobha Hartland – a new mixed-use development located between Al Khail Road and Meydan – and is close to the downtown of the future – the massive mixed-use project that has become a major destination. The project will border Meydan One on one side, MBR City – District One on the other and Meydan Grandstand at the backdrop.
Gemini Splendor is conceptualized by renowned consultants Aedas and detailed designs carried out by Dubai Consultants. The project, once completed, will offer excellent views of the Dubai skyline via two expressways as well as nearby Ras Al Khor bird sanctuary. The project is self-financed by the group as well as funded by banks and the construction of the project is not linked to off-plan sale of the units.
Prabhakar Raghavendra, Gemini’s joint managing director, said the project is being constructed at a time when Dubai’s real estate market is witnessing signs of upturn. “This is a very good time for investment as the lower pricing of properties will widen the margin when sold at a later stage when prices jump ahead of Dubai Expo 2020,” he said.