Pegasus Realty sets up operations in Bahrain to tap the emerging freehold market
Dubai based realty firm Pegasus Realty LLC, on Tuesday announced the setting up of Pegasus Realty WLL, their full fledged company in Bahrain to tap the fast growing real estate market there. To fuel its ambitious plans, Pegasus has entered in an exclusive 50:50 partnership with Dadabhai Group, the Bahrain based diversified business conglomerate.
Realty has also become the first Dubai based company to set up operations in Bahrain to promote Dubai real estate to that market. In the very first few days of its operations in Bahrain, Pegasus Realty WLL successfully bagged the sole selling and marketing rights to Abraj Al Lulu, the most prestigious freehold residential project in Bahrain. The project is valued at around AED 1 billion and is pegged as private sectors biggest residential project in Bahrain.
Announcing these new developments, Mr. Imtiaz Panjwani, Managing Director, Pegasus Realty LLC said, “The huge demand for real estate in the Bahrain propelled us to commence operations there. The market in that region has acknowledged this sector as a lucrative investment option. Moreover, Bahrain is strategically located with investments flowing in from neighbouring countries like Kuwait and Saudi Arabia. We are looking at bridging the demand supply gap by providing rewarding options and delivering value to our investors.”
Commenting further, Mr. Panjwani stated, “We will leverage our strong holding on the Dubai real estate market by promoting it to investors in Bahrain, which we believe will be a very active market for the next three to five years. With the able support of Mohammed Dadabhai, Chairman - Dadabhai Group and the Abraj Al Lulu project in our portfolio, we could not have asked for a better start.”
Real Estate is booming in the GCC. The UAE in particular is looking up with Real Estate and business services account for 9% of the total GDP. Growing domestic population and a continuous influx of expatriates has been one of the primary growth levers for real estate development in Dubai. Adding further Mr. Panjwani confirmed “Bahrain on the other hand has also witnessed a boom in land values with a host of prime locations. Bahrain’s planned future economic growth with projects such as the man-made Amwaji Island, Durrat Al Bahrain, the Bahrain Qatar causeway, Shaikh Khalifa port, the F1 international circuit, Al Areen Resort Development and the recently announced Bahrain Financial Harbour project will lay a thrust on Real Estate demand”.
Promoted by Pearl Real Estate Development Company, a consortium of Bahraini, Saudi and UAE investors, the Abraj Al Lulu is just a 20-minute drive from the Saudi causeway and 10 minutes away from the Bahrain International Airport. The project covers an area of 200,000 square feet and will comprise of three multi-storey residential towers that will house over 860 luxurious apartments and will be complemented by a four-storey car park that will be able to accommodate over 1100 cars.
Pegasus Realty is one of the most prominent names in the real estate arena in this region. Head-quartered in Dubai and with offices in London, Nice and Monaco, Pegasus boasts of an impressive portfolio of over 200 prime properties holding keys keys to the best and most luxurious residences worldwide.
The corporate positioning of Pegasus - `Converting Dreams to Reality’- envisages offering investors a one-stop-shop for straight-up deals. Its strategy is to offer investors a transparent one-to-one deal and obviate the need for potential property customers to go through multiple brokers and end up acquiring properties at unrealistic prices.