Project proponent Pearl Dubai says the purchase includes three million sq ft of high-end residences and service apartments and a 500,000-sq-ft five-star hotel. The transaction represents the largest bulk asset sale at the development, which is 100 per cent owned by Pearl Dubai.

 

It says the Hong Kong firm intends to deploy some of the purchased premises for its own use and offer the rest for sale to its  high-end clients in China and overseas investors in search of good rental returns and property value appreciation. CTFE is a diversified group focussing on developing Chow Tai Fook districts in various cities of China, and is the exclusive development partner of a unit of China’s Ministry of Civil Affairs, the China Ageing Development Foundation.  This transaction forms part of the firm’s corporate strategy to deliver large multi-use development projects in China and other key strategic overseas markets.

 

“This is a landmark transaction which brings a leading international investor on board as our partners in the delivery of the Dubai Pearl vision. CTFE will bring complementary experience and expertise to the development.  We are delighted with this opportunity to tap into the considerable potential of endowment funds from China,” says Pearl Dubai CEO Santhosh Joseph. “This transaction brings us closer to making Dubai Pearl a fully funded project.  Once complete, Dubai Pearl will be one of the jewels in the crown of Dubai; a revolutionary project which sets new standards in world-class, sustainable development."

 

CTFE chairman Jason Chen says the quality of the Dubai Pearl development project is a primary consideration in the group’s investment choice. “We selected Dubai Pearl as our destination partner to develop Chow Tai Fook District internationally because of the vision and quality of their project offering.  We are proud to be part of the project and looking forward to a long and prosperous relationship,” he says.