Dubai-based Emaar Properties is working on a proposal for a condominium development in Vancouver even as it begins construction on a townhouse project in Surrey in Britain.
The company has set up an office in Vancouver and is scouting for opportunities, the Globe and Mail reported.
It hopes to have about 30 operations across North America within the next decade, the newspaper said.
"The days of big, greenfield developments are largely over. Emaar is more likely to be involved in urban infill projects," Robert Booth, in charge of Emaar's Canadian operations, was quoted as saying.
An Emaar spokesperson in Dubai told Emirates Today: "Canada is one of the key markets for Emaar, and we are evaluating various developmental options in the country. With our expertise in cre ating world-class masterplanned communities, our focus for Canada will also be to build integrated lifestyle neighbourhoods.
"Emaar's expansion to Canada reiterates the commit ment to our Vision 2010 to become one of the world's most valuable companies through geographic expansion and business segmentation." Chairman Mohamed Ali Alabbar has often reiterated this goal. According to the annual report, Emaar has earmarked cash commitments of Dh10.661 billion this year to drive developments in education, retail, hospitality and healthcare in the UAE; and master-planned projects and strategic businesses in new markets such as Canada, France and Lebanon.
In Canada, Emaar which plans to set up divisions in Calgary and Toronto plans to invest in residential, hotel and commercial properties and spend "several hundred million" over the next few years, said Booth.
A market outlook report for Vancouver by property consultants CB Richard Ellis forecasts "tremendous future growth" in office, industrial, retail and investment real estate in the city.
Low interests rates, a probusiness government, the coming 2010 Olympic Games and a steady housing market fuelled interest in the Greater Vancouver market in 2006.
All "buyer profiles" including real estate investment trusts, pension funds, private buyers, syndicators and foreign investors are active in the investment market.
However, the real estate giant is also hunting for other types of properties.
Online news feed
Emaar Properties yesterday said it has launched an online news feed for stakeholders, including investors, business partners and the public. All Emaar stakeholders who subscribe to the news feed at the developer's website, Emaar.com, can receive instant news updates.
Subscribers will receive, in real time, e-mail alerts of all news releases issued by Emaar. They can then click on a link that opens to Emaar's home page, providing further details of the announcement.
Arif Amiri, director of investor relations, corporate governance and business development, said: "Providing our stakeholders with timely, transparent and easily accessible updates about the company's activities is fully in line with our aim to set new benchmarks in both investor relations and corporate governance. Emaar's news alert service allows stakeholders anywhere in the world to access vital information about the company's activities, in real time.
By Parag Deulgaonkar
© Emirates Today 2007
