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Pacific Star unit partners Mid-East property group to develop luxury properties in region
REGIONAL property developer Pacific Star Development (PSD) announced on Tuesday that its wholly owned subsidiary, PSD Singapore Pte Ltd, has partnered Middle-East property developer DAMAC International to develop luxury properties in key cities across South-east Asia over the next five years.
"The partnership will see the two property leaders jointly develop high-end properties across Asean countries, with Malaysia and Thailand as primary markets, followed by Vietnam, Indonesia and Singapore," PSD's press release said.
"Both developers will collaborate on identifying prime locations in key gateway cities where they will jointly develop new residential, hospitality and retail projects," it added.
PSD is the new entity that emerged from a S$140 million reverse takeover of LH Group in February this year.
DAMAC International is part of DAMAC Group, which develops luxury real estate in the Middle East and has delivered over 19,000 units in the region. DAMAC Group's current development portfolio has more than 44,000 units, including 13,000 hospitality units, in various stages of development.
PSD CEO and managing director Glen Chan said that the company's partnership with DAMAC International is a "perfect fit", as both their goals for South-east Asia markets are "aligned".
"We are excited to find common ground with such a well-established and respected player in the real estate industry," he added.
PSD shares finished unchanged on Tuesday at 18.1 Singapore cents.