Orion Holdings, a Dubai-based privately-owned residential and commercial property group, hasannounced the launch of a real estate development division.
The company, which has amassed a portfolio of properties through strategic acquisitions from developers, said it will begin work on at least three new projects in 2014 under the new division called Orion Real Estate Development (ORED).
“The announcement to launch development operations is in line with Orion’s strategy to increase its footprint in Dubai through property offerings that promote luxury living experiences and reflect the city’s growth strategy,” the company said in a statement.
With AED500 million ($136 million) earmarked for at least five new projects in 2014, Orion Real Estate Development said it aims to focus on developing residential offerings in upcoming community living areas in Dubai.
Raghav Sadana, vice chairman, Orion Holdings, said: “We are excited to enter the property development sector, especially at a time when Dubai is witnessing excellent growth across all core industries.
“Our team has experienced the highs and lows of the local real estate market, and we are confident that our efforts towards establishing this new venture will yield good results.
“With Orion Real Estate Development, our primary focus is on securing investor interests and ensuring their peace of mind. As part of this priority, we aim to launch sales of any project only after completing 30 percent of the construction.”
Orion Real Estate Development said it will initiate its project pipeline in Jumeirah Village Circle.
Sadana added: “The location of projects was one of the most important factors taken into consideration to start our development operations. Jumeirah Village Circle is certainly the place to look out for in 2014 as a value-added investment prospect that can bring good returns. Within this space, we will deliver properties that feature bespoke designs and spaces and truly define urban upscale living.”
Orion Holdings also has land assets in Business Bay, International City, Dubai Silicon Oasis, Jumeirah Golf Estates, and Emirates Hills.
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