Dubai, UAE - Virtue Properties, a Dubai-based real estate developer, has expanded its shareholder base with the inclusion of Mr. K. Gupta, the new chairman and Mr. Rohit Gupta, Vice-Chairman of the company.
The expansion of the shareholder base will help the company to grow faster by undertaking new development projects, company officials said.
“With the restructuring of the company’s board, Virtue Properties will soon announce new residential and hospitality projects in Dubai,” Mr. Youssef El Kurdi, Chief Executive Officer of Virtue Properties, said.
“I welcome the new shareholders to the board of Virtue Properties who will now help the company to grow. The new shareholders do not only bring new resources to the company, but will also bring years of expertise in real estate development business.
“We are currently planning to develop one Hotel and one residential building within the land bank of Dubai Holding and one Tower in Jumeirah Village Circle (JVC), where we have already delivered our maiden project, City Apartments.
“The success of the City Apartments as well as a few other villa projects and our ongoing Virtue projects has inspired us to develop more projects in Dubai and with the expansion of our board, we are ready to spearhead the development of the new projects.”
The partnership between KG Group and Virtue Properties reflect in the growing investor confidence in Dubai’s real estate. This will help Virtue Properties undertake ambitious real estate and hospitality projects that in turn will help Dubai economy.
Mr Rohit Gupta, CEO of KG Group and Vice-Chairman of Virtue Properties, said, “The decision to invest in Dubai’s real estate sector come from our firm belief in Dubai’s property sector which is now the most regulated real estate sector in the region and which showed signs of maturity. The current market situation provides ideal market opportunities for new investors like us and we are very excited about this.
“KG Group celebrates 30 years of business growth in the UAE and we also grew in this country along with its economy. It is therefore, a logical expansion of our portfolio and we are proud of our partnership with Virtue Properties.”
Despite the challenging current market situation, Mr Gupta sees opportunities and remains hopeful of the market recovery.
“Real estate business goes in cycles and there are ups and downs. We are currently at the bottom of the cycle and we all expect the market to go up from here,” he says.
“The year 2019 should be better as Dubai’s world-class infrastructure and connectivity continues to expand and the recent new Government initiatives will attract investment from different parts of the world.
“Dubai is the most connected city in the world – in terms of air connectivity. Besides, it’s one of the safest cities in the world. The quality of life is good. The real estate market in Dubai is the best regulated property market in the Middle East.
“So, I believe, this is the right time to launch new projects and we will be in a position to sell and deliver them when the market picks up.”
Virtue Properties, has delivered the Dh75 million project, City Apartments at the JVC earlier last year.
City Apartments complex hosts 67 one-bedroom apartments that come with covered car parking, swimming pool, health club and three retail units including an anchor store. The layout of the apartments offers optimum use of space for families to be able to store goods and still have ample space to move around and live.
“The architectural design of the project is so good that each one-bedroom apartments offer a guest toilet in addition to the big bathroom attached to the bedroom, a kitchen, a terrace or balcony, “CEO Youssef says. “Besides, in the living room, you have enough space for dining and home entertainment, something that you do not see in a 850-square feet apartment.”
The project is self-funded by the company Virtue Properties, ran by two siblings – Youssef El Kurdi and Ayman El Kurdi, Managing Director. The business of Virtue Properties originated in 2001 when the two brothers had started a small real estate brokerage business in Dubai long before the freehold property market took off.
“We have come a long way in the UAE’s real estate market. We started off with a small brokerage and then moved into constructing villas,” Youssef El Kurdi, says. “We started out small but steady. When the global financial crisis of 2008-09 hit the UAE’s property market, we ventured into facilities management, owners’ association and small construction activities.”
About Virtue Properties
Virtue Properties is a Dubai-based boutique real estate development company, established in 2001 by Youssef El Kurdi and Ayman El Kurdi, two expatriate entrepreneurs as a real estate brokerage business.
Virtue Properties has delivered its maiden project, the Dh75 million City Apartments project at the Jumeirah Village Circle (JVC) in 2018. City Apartments complex hosts 67 one-bedroom apartments that come with covered car parking, swimming pool, health club and three retail units including an anchor store.
Following the delivery of its maiden project, Virtue Properties has embarked on a moderate growth and development path, undertaking the development of a number of small and mid-sized projects that are currently in different phases of delivery and development.
About KG Group
Established in 1968, KG international FZCO is a leading Bearing company with ISO 9001:2015 certification. KG is preferred for its quality products, services and efficient supply chain. Its products are used in automotive industry, agricultural, steel, textile, materials handling, logistics, cement and mining industries across more than 50 countries.
Today, KG International has a presence spanning five continents in more than 50 countries. The company, established by Kedar Nath Gupta in 1968, is also associated with ISO/TS 16949:2004 certified manufacturing factories in Asia, with proven stringent quality controls to meet the specific needs of our global customers.
Its head office and distribution facility, spread over an area of 300,000 square feet is located in Jebel Ali Free Zone, Dubai, to offer world class logistics support to our global customers.
For more information, please contact:
Virtue Properties Pan Asian Media
Name Mr Youssef El Kurdi Shayaree Islam
P.O. Box P.O. Box 25400 Sharjah, UAE P.O. Box 39865, Dubai, UAE
Tel +9714 4430480 +9714 2281021
Cell +97155 2888788 +97152 1737484
Email youssef@virtuegi.com s.islam@panasian1.com
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