The current bull run in the Dubai real estate market is not only attracting well-heeled investors from around the world, but is also acting as a strong catalyst for cash-rich business groups such as the city-based Indian jewellery group Pure Gold to enter the sector with aggressive investment plans.
The group’s realty venture arm – Pure Gold Living – is currently finalising three mega projects in the sector, besides its maiden AED100 million PG Upper House residential project in Furjan, one of Dubai’s most popular residential districts.
But Karim Merchant, the charming and dynamic second generation in the Pure Gold Jewellers promoter family, said he was not entering to ‘ride the wave’, but wanted to redefine the basic – full commitment to timely delivery, besides bringing in the exquisite design and purity of their gold business to the often-maligned real estate sector.
“Our business model is not timed to ‘ride the wave’. It is strategic and focused on on-time delivery, attention to detail and realisation of dreams,” Merchant, chief executive officer of Pure Gold Living, told Arabian Business.
“We don’t want to tout success in numbers and sales graphs. What we will be bringing to the sector will be the same dedication to quality, dependability and assurance of a worthwhile deal that has marked more than thirty years of success for our parent company, the renowned Pure Gold Jewellers retail chain,” he said.
Merchant revealed that the new venture already has three more ambitious projects in the pipeline, but said: “We are not measuring success by how fast we sell out the first one and move to the next. We want our success to be measured by how steadfastly we keep our promise of value, quality and on-time delivery.”
He, however, did not reveal the details about location or investments in the new projects.
“We are not looking to become the largest developer but are certainly aiming to be the most respected private developer in the UAE,” Merchant said.
Unit prices at Pure Living’s maiden residential project PG Upper start from AED699,000.
The fully self-financed project is scheduled for handover in June 2023.
Merchant said the group’s decision to foray into the realty sector was based on the fast gaining ‘inclusiveness’ of the sector.
“Post-Covid, Dubai is no longer just an investors’ paradise, but is fast becoming ideal for the end-users as well. It is truly international in its outlook and the real estate options [in Dubai] are endless across the spectrum – from value to luxury,” he said.
Merchant said it was a natural step in the right direction for Pure Gold, a group with a legacy for excellence and making dreams come true, to add to the ‘Dubai dream’ for its customers and join them on their aspiration journey.
The company’s focus target group for its first project – PG Upper House in Furjan – will be the first-time home buyers.
Merchant said the company would focus on Dubai for its property projects for the time being.
“At this juncture we are looking to become a solid developer who completes every project they undertake on or before time as promised to customers. We will let our customers decide the fate of our expansion,” he said.
Merchant said investment was not an issue for the group as it entered the sector only after putting together sufficient resources – financial, in-house expertise, right partners – to ensure its commitment on quality and timely delivery.
“Our strategy for Pure Gold Living is simple – deliver on promise of value, quality and completion date,” he said.
“Some might say it’s basic. But sometimes basic elements are the ultimate expression of trust and value,” Merchant said.
Merchant said the company would soon be installing a countdown board to handover date at the PG Upper House project site for everyone to monitor.
“That’s how sure we are about delivering on our promise,” he said.
Merchant said their first project is currently ahead of schedule with a handover date of June 30, 2023.
The project has one bedroom and one bedroom-cum-study apartments, featuring common facilities such as a dedicated area for yoga, infinity pool, kids pool and jacuzzi, BBQ area and a golf simulator.
Follow us on
