Shapoorji Pallonji Real Estate is planning to develop about 5 million square feet of property in Dubai as part of its first wave of expansion outside of India.
The Mumbai-based company has begun piling works on the US$350 million, 45-storey Imperial Avenue residential tower in Business Bay but the development director, Jacob Joby, said that it is in talks with master developers with a view to creating joint ventures to build more schemes.
“We are looking at a target of at least 5 million sq ft. We can showcase at least five-to-six towers. That gives us the portfolio to take it across the rest of the region,” he said.
Mr Joby said that the company has already held negotiations with three major developers of masterplanned communities in Dubai with a view to forming joint ventures.
“At an appropriate time there will be an announcement of a strategic relationship. We are evaluating the best opportunities,” he said.
He said that it will probably work with more than one developer and seek sites in prime locations. “This [Business Bay] is a strategic location that Dubai has created. The Palm is another one. The Dubai Canal could be interesting for us,” he said.