Apparel Group forays into real estate with Dubai residential project launch, commercial space next

Dubai, Nov 14 (PTI) The Apparel Group, a leading player in the apparel retail and Food and Beverage (F&B) sectors, has forayed into real estate with the launch of Kora Properties.

As part of its entry into the sector, Kora Properties has unveiled a 40-storey, waterfront residential project -- IL Vento -- in Dubai Maritime City.

The project, at the cost of AED 500 million, would be fully completed in 2029.

"At Kora Properties, our vision is simple -- to create spaces that inspire living. Inspired by the spirit of the wind and the calm of the sea, IL Vento captures the essence of Dubai -- dynamic, elegant, and full of life," Nilesh Ved, Chairman of APPCORP Holding and Owner of Apparel Group, who also takes on the role of Chairman of Kora Properties, said.

Following this debut project, the company plans to launch its second development by the end of December, which will comprise commercial and semi-commercial towers in Dubai, Ved told PTI in an interview.

Ved remains bullish on opportunities across the GCC (Gulf Cooperation Countries) in the real estate sector starting with the UAE and gradually expanding to other global markets.

As part of the expansion, the group also plans to invest in shopping malls in emerging markets, including India, where Ved believes there is significant untapped potential.

"We are looking to invest in shopping malls across emerging markets, including India, and would prefer to do so in partnership with a player that brings strong local expertise," he said.

Apparel Group has a significant presence in the GCC, India, and other markets.

Acknowledging the need for specialised capabilities, he said the company is actively forging alliances to strengthen its foray into new sectors.

Speaking about its India plans, Ved added that Apparel Group has partnered with French retailer Carrefour, which will introduce Carrefour's exclusive brands initially in North India, followed by a nationwide rollout. The first Carrefour locations are expected to open in the NCR region.

Founded in 1996, the group manages a portfolio of more than 85 brands and operates over 2,300 stores across 14 countries spanning the Middle East, India, Southeast Asia and Africa. PTI SP -- DR DR