A view of AYKON City, a luxury freehold development on Sheikh Zayed Road, overlooking Dubai Canal and the city’s most prestigious neighbourhood.
Pacific Star Development’s wholly-owned subsidiary, PSD Singapore Pte. Ltd., has partnered with Middle East developer, DAMAC International, to develop high-end properties in key cities across Southeast Asia over the next five years.
The partnership will see the two companies jointly developing luxury properties across ASEAN countries, with Thailand and Malaysia as primary markets, followed by Singapore, Vietnam and Indonesia.
“Both developers will collaborate on identifying prime locations in key gateway cities where they will jointly develop new residential, hospitality and retail projects,” said PSD in a release.
DAMAC International forms part of DAMAC Group, which develops high-end real estate in the Middle East. The group has delivered more than 19,000 units within the region, while its current development portfolio stands at over 44,000 units, which includes 13,000 hospitality units, in various stages of development.
It has successfully collaborated with various global brands such as Versace Home, The Trump Organization, Bugatti, Paramount Hotels & Resorts, Tiger Woods Design and Roberto Cavalli Group to deliver award-winning signature properties.
PSD managing director Glen Chan described the partnership with DAMAC International as a “perfect fit for PSD” since both of their goals for the Southeast Asian markets are aligned.
“We are excited to find common grounds with such a well-established and respected player in the real estate industry.”
Meanwhile, DAMAC chairman Hussain Sajwani believes their partnership with PSD will “create significant expansion opportunities where both developers can leverage each other’s strength to bring innovative, high-end real estate products to new markets in Southeast Asia”.
“DAMAC International has been one of the most successful developers in the Middle East over the last 15 years, and we aim to take that capability to international markets with leading partners like PSD.”
This article was edited by Keshia Faculin.