Shapoorji Pallonji Group To Sell Dubai Luxury Properties

Shapoorji Pallonji (SP) Group, is looking to sell some of its luxury real estate assets in the emirate. This is in line with the group’s move to monetise some of its assets to fund growth plans and stabilize its financial health, impacted by the economic downturn during the Covid outbreak. The group is currently in talks with international investors for the sale of the luxury premium realty assets in Dubai and is looking to raise up to $375 million from the sales. Arabian Business has contacted the company for its comments on the issue. Imperial Avenue is among the Dubai luxury real estate said to be on the sale list of the group. Significantly, the SP Group’s move on monetising some of its properties comes at a time when the real estate sector is on an upswing in the UAE, riding on the country’s faster than expected economic recovery post-pandemic “The Dubai market has a strong correlation to luxury properties, and the right luxury products draw fairly consistent investor interest, including HNI (high net worth individual) interest,” Shajai Jacob, CEO-GCC, Anarock Group, a leading Indian property consultancy in the Middle East, told Arabian Business. “The golden visa program and the Dubai Expo have once again put this vibrant market on centre stage as a pre-eminent luxury destination,” Jacob added. Several analyst reports have said that Dubai real estate prices have rebounded strongly in recent months from a record low at the end of 2020. The SP Group was the first Indian construction company to enter the Middle East about five decades ago when it bagged the global tender for the palace of Sultan Qaboos of Oman.