Pearl Dubai FZ LLC has announced the successful sale of prime property assets – including high-end residences and serviced apartments and two five-star hotels – valued at US$1.9 billion within its 20 million sqft Dubai Pearl development project to the Hong Kong-based Chow Tai Fook Endowment Industry Investment Development (Group) Ltd (CTFE).
The transaction represents a significant new milestone for Dubai Pearl, which will ultimately deliver a fully-integrated, world-class, mixed-use development consisting of five-star hotels, a shopping mall, offices, serviced apartments and entertainment downtown in a prime location overlooking the Palm Jumeirah Island in the heart of the Dubai Technology and Media Free Zone. In this context, Santhosh Joseph, CEO of Pearl Dubai FZ LLC, observes, “This is a landmark transaction bringing quality international funds 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. Moreover, this transaction brings us closer to making Dubai Pearl a fully funded project.”
“We selected Dubai Pearl as our destination partner to develop Chow Tai Fook District internationally starting with Dubai, 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,” adds Jason Chen, chairman of CTFE.
“As one of the region’s preeminent developers, we have always been strong believers in the sustainable future of Dubai. We are proud to be creating a landmark development that will strengthen Dubai’s reputation as leading global destination for business, retail, leisure and tourism. We are grateful for the continued support from His Highness Sheikh Mohammed and our master developer, TECOM,” remarks Al Fahim, chairman of Pearl Dubai FZ LLC.