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Tue 15 Jan 2019 02:08 PM

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Dubai developer plans new projects as new shareholders join

Virtue Properties has expanded its shareholder base and is set to announce new residential and hospitality projects

Dubai developer plans new projects as new shareholders join
Virtue Properties' maiden project, City Apartments.

Virtue Properties, a Dubai-based real estate developer, has expanded its shareholder base and is set to announce new residential and hospitality projects in the emirate.

The addition of KG Group to the shareholder base will help the company to grow faster by undertaking new development projects, company officials said in a statement.

“With the restructuring of the company’s board, Virtue Properties will soon announce new residential and hospitality projects in Dubai,” said Youssef El Kurdi, CEO of Virtue Properties.

“I welcome the new shareholders - chairman K Gupta and vice chairman Rohit Gupta - to the board of Virtue Properties who will now help the company to grow. The new shareholders do not only bring new resources to the company, but will also bring years of expertise in real estate development business," he added.

Virtue said it is currently planning to develop one hotel and one residential building within the land bank of Dubai Holding and one tower in Jumeirah Village Circle (JVC), where it delivered its maiden project, City Apartments.

“The success of the City Apartments as well as a few other villa projects and our ongoing Virtue projects has inspired us to develop more projects in Dubai and with the expansion of our board, we are ready to spearhead the development of the new projects,” he said.

Rohit Gupta, CEO of KG Group, said: “The decision to invest in Dubai’s real estate sector comes from our firm belief in Dubai’s property sector which is now the most regulated real estate sector in the region and which showed signs of maturity. The current market situation provides ideal market opportunities for new investors like us and we are very excited about this.”

Despite the challenging current market situation, Gupta sees opportunities and remains hopeful of the market recovery.

“Real estate business goes in cycles and there are ups and downs. We are currently at the bottom of the cycle and we all expect the market to go up from here,” he added.

Virtue Properties delivered the AED75 million project, City Apartments, last year and features 67 one-bedroom apartments.