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Pegasus Realty sees rapid growth in freehold commercial office space, concludes major deals

United Arab Emirates: Thursday, April 07 - 2005 @ 14:40

Announcing the details of the freehold commercial office space deals the company has conducted in the Jumeirah Lake Towers, Mr. Imtiaz Panjwani, Managing Director, Pegasus Realty LLC, said that investor interest in Dubai’s freehold commercial office space, despite a sluggish start, was on a high growth curve and that Pegasus continues to get a rising number of inquiries from potential investors from the UAE, the GCC and abroad.

“We have successfully sold over AED 50 million worth of commercial office space in the last two months. This is a clear indication that the real estate market for commercial office space is on the upswing and we are confident that this trend will continue as entrepreneurs are convinced that investing in an office space creates assets when compared to paying rents,” Mr. Panjwani said.

Attributing this to the changed economic environment in the UAE, Mr Panjwani said, “Till now the upturn in the property market was primarily sustained by residential and hospitality related projects. However, in the wake of the rapid growth in the economy of Dubai and the UAE, there is a demand surge for owning freehold commercial office space.”

Further adding, he said, “We are clearly witnessing a move of existing businesses in Dubai towards commercial freehold properties. Another important trend that is driving activity in this space is that new businesses entering the UAE are increasingly opting for freehold properties right from their initial stages of operations” he said.

He said the boom in Dubai’s real estate market, particularly triggered by freehold ownership, is continuing and new investors are thronging the market. “Dubai being a cosmopolitan city which is safe and has sound infrastructure, is attracting the attention of investors across the world, creating an eclectic mix of investors in the property market of the emirate. This is also a reflection of the emirate’s reputation as a friendly city with cutting-edge amenities,” Mr. Panjwani added.

Pegasus Realty has direct acquisition rights to an array of blue-chip properties thus enabling it to offer unprecedented competitive rates without burdening the investors with multiple layers of brokerage fees, which is currently a common feature in the property market.

The corporate positioning of Pegasus – `Converting Dreams to Reality’- envisages offering investors a one-stop-shop for straight-up deals. Its strategy is to offer investors a transparent one-to-one deal and obviate the need for potential property customers to go through multiple brokers and end up acquiring properties at unrealistic prices.

In addition to owning properties in Jumeirah Lake towers, Pegasus Realty LLC owns properties in other leading real estate communities like Emaar, Nakheel and Jumeirah Beach Residence, apart from most private developments within these communities.

Apart from the property portfolio owned by Pegasus Realty LLC, the company can also directly acquire a new property straight from the developer at competitive rates if a potential investor needs, thanks to its reputation in the market place.

The real estate company also has a brokerage division through which the investments are routed. “We make sure that the acquisition of a property through Pegasus Realty LLC is a hassle-free exercise. Our business model rests on single layer transaction so that investors are not confused during the property acquisition process,” Mr. Panjwani said.

Pegasus Realty also recently announced plans to float a one-of-its-kind US$25 million exclusive real estate-focused fund in the UAE.

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Thursday, April 7- 2005 @ 14:40 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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