Dubai 9 eyes real estate sector in three countries

Dubai 9 eyes real estate sector in three countries


DUBAI-BASED property developer Dubai 9 is assessing investment opportunities in the real estate sector in China, India and Malaysia, managing director Hayan Merchant said.

“We are still in the early stages of seeing what we can offer these markets, including the Iskandar Development Region (IDR).

Whatever we do has to fit into our business model of developing residential, commercial and real estate for tourism activities,” he said yesterday.

Several Middle Eastern groups have made commitments to develop real estate at IDR.

Property prices are expected to rise further in Asian cities and developers that are able to capture new lifestyle trends stand to win in markets away from their home turf.

Hong Kong’s Shui On Group chairman and chief executive Vincent H.S. Lo said developers needed ideas that catered to the needs of the younger generation.

DLF Ltd chairman Kushal Pal Singh said there was a huge gap in demand and supply in India’s office and residential units.

He cautioned that while there was huge scope for foreign companies to invest in India, there was a need to select the right partner.

Merchant said the boom in construction activities and real estate in Dubai was sustainable although a bubble was predicted a few years ago.

“The bubble will not burst but minor corrections can be expected in the property sector,” he added.

Hong Leong Group executive chairman Kwek Leng Beng said he would continue to invest in Singapore on expectation of further upside in the property market.

“Singapore is becoming a global city with many people buying high-end condominiums,” he said.

Macau continues to face challenges from emerging casinos but Melco International Development Ltd chairman and CEO Lawrence Ho said the group had a strategy in place to ensure Macau remained the region’s gaming hub.