ASEAN real estate developer Pacific Star Development Limited (PSD) has reached an agreement with DAMAC International, a property developer from the Middle East, that will see the 2 companies develop luxury properties across Southeast Asia during the next 5 years.
Malaysia and Thailand will be the primary markets that the partners target but projects in with Vietnam, Indonesia, and Singapore also be considered. The 2 companies are expected to collaborate on finding prime locations in key cities that are suitable for residential, hospitality, and retail projects.
“The partnership with DAMAC International is a perfect fit for PSD as both our goals for the Southeast Asian markets are aligned, and we are excited to find common grounds with such a well-established and respected player in the real estate industry,” says Glen Chan, CEO and Managing Director of PSD, in a press release.
PSD has experience building in Asia and currently has 2 projects on hand, Puteri Cove Residences and Quayside in Malaysia, as well as a joint-venture development in Thailand. The Thai capital will be a focus of PSD’s new partnership with DAMAC International.
“One of the priority cities for the strategic partnership is Bangkok, where it continues to attract strong buying interest from foreign investors at the high-end condo market segment. We are looking at a broad spectrum of development opportunities that capitalize on Southeast Asia’s rising urbanisation, favourable demographics and increasing tourism,” says Glen.
The DAMAC Group has experience developing real estate projects in the Middle East and the United Kingdom. The company has built branded real estate, hospitality, and serviced hotel apartments and has more than 44,000 units in its portfolio. It will use its experience to help the new joint venture.
“DAMAC’s strengths are a clear advantage in these markets where it has demonstrated leadership in developing world-class projects, creating innovative sales and marketing strategies and optimising cost effective delivery approaches,” says Glen.
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