RP Global, a subsidiary of the RP Group of Companies, today unveiled two new projects in Dubai, worth over AED5.5 billion ($1.5 billion), including plans for the second tallest tower in the city.
RP Heights (below), its first project in Downtown Dubai, is a multi-storey residential tower within two minutes walking distance from The Dubai Mall. It will feature 268 luxury residences in a mix of studio, 1, 2, and 3-bedroom apartments.
Second project RP One will be an iconic mixed-use development on Sheikh Zayed Road, which will be unveiled in the second half of 2015, and will include plans for the second tallest tower in the city. This AED4 billion development will be situated right behind the Business Bay Metro Station, and will feature a spectacular mixed-use tower, which the company claims "will define the Dubai city skyline."
Ravi Pillai (pictured below), chairman and CEO of RP Group of Companies, said: “We are constructing RP Heights in Downtown Dubai on land owned by RP Global and using our own internal financial resources. This demonstrates our commitment to delivery and to establishing our distinct identity in Dubai’s property development sector.”
The group has executed over 130 projects for clients including Saudi Aramco and its affiliate SATORP, SADARA Petrochemicals, YASREF, SABIC and its affiliates, Qatar Gas, Ras Gas, ADNOC, Abu Dhabi Oil Refining company, Sipchem, Shell, Exxon Mobil, Total Refinery, Dow Chemicals, Qatar Petroleum, Oryx GTL, Dolphin Energy and Kuwait National Petroleum.
Pillai said that the group’s decision to expand to property development in Dubai is led by the robust growth and economic fundamentals of the city. “With the current population of over 2 million expected to grow to 3 million by 2020, and the city’s status as a business and leisure hub, the property sector of Dubai has strong growth prospects.
“The strategic growth initiatives announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, has boosted international investor confidence. Today, Dubai is one of the world’s best investment destinations for property compared to Singapore or Mumbai,” he explained.
For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.