Canadian developer eyes 'iconic' Dubai projects

A Canadian developer on Sunday announced plans to open an office in Dubai, saying it was looking to build "iconic properties" in the emirate.

Empire Communities, a major builder of homes in Canada for two decades, said it also aims to introduce GCC customers to the many investment opportunities in Canada's real estate market.

"We want to develop iconic properties in Dubai," said Daniel Guizzetti, president and CEO of Empire Communities.

"We sense that the market is recovering and now is the opportune time. Meanwhile, the Canadian real estate market presents excellent real estate development opportunities.

"By opening our Dubai office, we want to demonstrate that we are long-term players and will be available locally to help with the evaluation and buying process and to develop strategic relationships," he added.

Canada's real estate market has long attracted investors from around the world.

Major high-end international retailers have identified Toronto as a key market, among them Prada, Escada, Louis Vuitton and US retail giant Target and, soon, Nordstrom. In the latest global ranking of cities from Price Waterhouse Cooper, Toronto emerged as the third best place to live and work.

Empire's newest development, Eau du Soleil, will be one of the tallest residential towers in the country, with one of the two planned towers soaring 66 storeys.

Empire also has more than 12 additional developments in the Greater Toronto Area (GTA) that they will eventually market in the GCC, a statement said.

"Empire believes in building more than great new homes and new condos," said Guizzetti. "We're building great neighbourhoods for people to live in. We make sure that 'feeling at home' goes beyond the walls of your new Empire home, and extends into your surrounding community."