PHOTO
Mapletree Investments Pte, a Singapore-based property development and management firm, is expanding its global presence with the opening of an office in Abu Dhabi.
Mapletree, a unit of Singapore’s state-backed Temasek Holdings PTE, has reportedly re-hired Khairul Abdullah to lead this Middle East expansion, according to a report by Bloomberg, citing people familiar with the matter.
Abdullah was earlier employed as a vice-president with Mapletree before joining the ADX-listed Aldar Properties.
A spokesperson confirmed to Bloomberg that Mapletree has plans to set up an office in Abu Dhabi as part of the firm’s growth and expansion plans, but declined to provide further details.
The move comes at time as the real estate market in Abu Dhabi maintains a strong outlook for 2024, according to latest data. Thursday’s report by property classifieds firm Bayut indicated that the UAE capital has been experiencing a surge in foreign direct investments in the real estate sector.
“Over the past six months, we have seen the Abu Dhabi real estate market grow, stabilise and then grow again. Recent industry reports by the Abu Dhabi Real Estate Centre (ADREC) confirm that foreign direct investment is at an all-time high in the capital, cementing the emirate’s position as a strong contender among global property markets in the last 18-24 months,” Haider Ali Khan, CEO of Bayut and CEO of Dubizzle Group MENA stated.
According to Khan, the diverse range of off-plan projects currently available in Abu Dhabi have significantly contributed to this heightened interest from international HNWIs and investors, particularly in the luxury segment.
(Writing by Bindu Rai, editing by Seban Scaria)