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PKS Holdings has entered into a 50:50 JV with ACI (Alternative Capital Invest) for a residential development in Majan (Dubailand). This development would combine the strength of ACI's marketing mettle with real estate development and project management expertise of PKS Holdings. ACI is a leading German developer in the UAE and made a mark in the UAE real estate market after the launch of 3 super towers around the three sports legends - Michael Schumacher, Boris Becker and Niki Lauda.
PKS Holdings has entered the real estate transactions and mediation business through acquisition of 50% stake in Realtychek, Earlier this year, PKSH had partnered with Realtychek to form Credence Capital Real Estate, a real estate marketing company. Credence Capital would now be reverse merged into Realtychek. This would help PKSH market its products better and command superior realizations in the market. The move has helped PKSH become a truly integrated real estate firm in the UAE. The real estate development business continue under the umbrella of PKSH holdings and the real estate marketing and agency business continue under the brand of Realtychek.
PKS Holdings has entered into a 50:50 JV with Realtychek to form Credence Capital Real Estate, a real estate marketing company. The new firm would partner with developers to help them market their products better and command superior realizations in the market. Credence Capital aims to get into investment management and fund management in the medium term but would focus on real estate assets currently. The JV is expected to leverage synergies between real estate development & selling capability of PKS Holdings and sale network and transaction management expertise of Realtychek.
PKS Holdings has moved to a bigger office in the Gold & Diamond Park (developed by Emaar). The office was inaugurated on January 15, 2008. According to Mr Pradeep Kumar Singhal, Chairman & MD of PKS Holdings, "We have seen exponential growth in the last 1 year in UAE and moving to this much larger office space would enable us to sustain this growth and move towards the future with much greater confidence". The firm is recruiting actively across various functions as well.
PKS Holdings has signed yet another land deal for a prestigious development project at Dubai Waterfront. The deal is expected to be complete by the middle of February. "This is going to be an ultra-luxurious residential development and should be ready for launch by the middle of April. This project would re-emphasize our commitment to delivering superior quality infrastructure with a promise of unmatched comfort, elegance and opulence" Says Madhur Singhal, Director (Strategy & Corporate finance) at PKS Holdings.
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