Pacific Star Development Limited announces that its wholly-owned subsidiary, PSD Singapore Pte Ltd has partnered with DAMAC International to develop luxury properties in key cities across Southeast Asia over the next five years.
The partnership will see two property leaders jointly develop high-end properties across ASEAN countries with Malaysia and Thailand as its primary markets, followed by Vietnam, Indonesia and Singapore. Both developers will collaborate on identifying prime locations in key gateway cities where they will jointly develop new residential, hospitality and retail projects.
“We are looking at a broad spectrum of development opportunities that capitalise on Southeast Asia’s rising urbanisation, favourable demographics and increasing tourism. 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,” states Glen Chan, CEO and Managing Director of PSD.
He also adds that Kuala Lumpur will be one of the priority cities for the strategic partnership, since the city continues to attract strong buying interest from foreign investors at the high-end condominium market segment.
Meanwhile, according to Hussain Sajwani, Chairman of DAMAC, this partnership will also create significant expansion opportunities by leveraging on each other’s strength to bring innovative, high-end real estate products to new markets in Southeast Asia.