Local-listed developers have won much interest lately as land banking activities heat up. Sharing the limelight is Pacific Star Development (PSD), which announced its partnership with DAMAC International (DAMAC) on 31 October 2017.
PSD emerged as a new entity in February this year, from a $140 million reverse takeover of LH Group, while, DAMAC International is part of DAMAC Properties Dubai Co PJSC – a public listed company with market capitalisation of US$6.5 billion on Dubai Stock Exchange.
As one of the most prominent property developers in the Middle East, DAMAC Group has successfully collaborated with global brands that include The Trump Organisation, Versace Home, Fendi Casa and Bugatti to deliver award-winning signature properties.
The partnership marks DAMAC’s maiden foray into the Southeast Asian Market and poised to expand PSD’s property development portfolio. Over the next five years, PSD will collaborate with DAMAC to jointly develop high-end properties across the ASEAN region. Currently, PSD has two projects on hand namely, “Puteri Cove Residences” and “Quayside” in Malaysia, and “The Posh Twelve” – a joint-venture development in Thailand.
While no concrete details were furnished, investors should keep a watch on further developments between PSD and DAMAC. For surely, the partnership agreement spells immense growth opportunities in the region’s property space.