Pearl Dubai seeks international funds for USD4 billion Dubai project
14 March 2010
Property developer Pearl Dubai, owned by a consortium of investors led by Abu Dhabi’s Al Fahim Group, has said that it is seeking international investment, with particular interest from the Far East, for its $4 billion development in Dubai, the Dubai Pearl, Zawya Dow Jones has reported.
The company said it is marketing its residential units for pre-sale to international investors or occupiers while also considering a future funding strategy for phase two of the development.
Dubai Pearl, designed by German architect Peter Schweger, which will house residential apartments as well as arts and leisure centres, is due for delivery in 2013 and will be completed in two phases.
The first phase of building begins Thursday and will cost $2.5 billion, funded by equity, promoter’s loans and concluded pre-sales, the company said.
The company said it has already secured Baccarat, Bellagio, MGM Grand and Skylofts as international leading brands and more than 500 residences have been pre-sold to date, which accounts for 95% of the initial release of units.