- Holding company RP Group enters real estate market in Dubai with AED 5.5 bn (US$1.5 bn) projects through RP Global
- US$4 billion RP Group draws on its construction business expertise to bring economies of scale and superior build quality to the projects developed in own land in Dubai
- Defined by aesthetic excellence and a superior location, RP Global unveil’s RP Heights, its first project in Downtown Dubai
- The second iconic mixed-use development project on Sheikh Zayed Road to be launched in H2 2015
Dubai, UAE: RP Global – part of RP Group of Companies, a global business conglomerate with an annual turnover of over US$4 billion – broke ground on its new multi-storey residential tower project RP Heights marking its entry into the real estate market in Dubai.
RP Global will initially develop two prestigious projects in the heart of the city with a total development value of over AED 5.5 billion (US$ 1.5 billion). RP Heights, the 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, in addition to luxurious penthouses on the upper floors.
RP One, the second project, will be an iconic mixed-use development on Sheikh Zayed Road, which will be unveiled in the second half this year. This AED 4 billion (US$ 1.1 billion) development is situated right behind the Business Bay Metro Station, and will feature a spectacular mixed-use tower, which will define the Dubai city skyline.
“Our expansion to real estate development complements our core competencies in construction and infrastructure projects,” said Dr. Ravi Pillai, Chairman & Chief Executive Officer of RP Group of Companies. “The key differential of RP Global is our group’s ability to bring unmatched development synergies through our own construction firm, Gulf Asia Contracting. This will ensure strong economies of scale, the highest standards in construction and a firm delivery schedule. We will pass on this additional value to our customers, who will become part of truly world-class developments built to the highest standards of quality and sustainability.”
Dr Pillai added: “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.” With a geographical footprint across the Middle East, Asia, Africa and Australia, the RP Group of Companies is one of the largest employment providers in the region and has over 85,000 employees, which is set to increase to 100,000 by end-2015. The Group has executed projects worth over US$25 billion globally, and has 26 business entities in 20 cities across nine countries, with a track record in heavy civil and building works over the last 20 years.
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.
Dr. 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,” Dr. Pillai explained.
“RP Global’s vision is to be one of the most innovative and trusted developers of distinctive real estate concepts globally by creating innovative lifestyle concepts distinguished by excellent design, superior build quality, timely delivery and delightful after-sales experience,” he continued. He added that the two RP Global projects will have optimal floor area ratios, high ceilings and large balconies that add to the quality of life of residents. “We are committed to delivering the highest service standards to our customers across all touch points. Already, there is significant demand for our projects, which is a mark of investor trust in RP Group’s strong industry credentials.” RP Global’s approach to real estate development is highlighted in its mission – ‘Live Beyond.’
Customers can look forward to a lifestyle that is beyond what any other developer may offer and well beyond their expectations. “RP Global projects will uphold high standards in sustainability with a focus on promoting energy use efficiency. It will also draw on the latest in technologies including high-speed connectivity to reflect the Smart Dubai vision,” said Dr. Pillai.
RP Group of Companies has a strong presence in six high-growth sectors including property development, construction & infrastructure development, education, healthcare, hospitality and trading. Their areas of expertise include oil and gas, petrochemicals, ferrous and non-ferrous plants, heavy industrial buildings, high‐rise buildings and infrastructure facilities. With a presence of over 40 years in the GCC region, it is also further scaling up its hospitality business in the UAE with two new hotels in Dubai Marina and Bur Dubai.