Thursday, June 22, 2017 3:51 PM

Home / WIG invests Dh2.6bn to develop 2,700 units

WIG invests Dh2.6bn to develop 2,700 units


Western International Group, a diversified business conglomerate with interests in electronics, retail, branded garments, household appliances and shopping malls, is developing 16 residential property complexes involving 2,700 apartments with an investment to the tune of Dh2.6 billion, a top company official told Gulf Property.

“We have already delivered 5 buildings in Ajman hosting 300 apartments and have 18 more plots of land for developing projects,” Nizar T.N., Executive Director of Western International Group (WIG), told Gulf Property at a press briefing organised on September 26, 2016, to celebrate the success of creating a new world record certified by Guinness World Records for the largest continuous concrete pour at the company’s new project, Geepas Tower at Arjan in Dubai.

“Today, we are celebrating a new global record of the world’s largest continuous concrete pour – continuous pouring of over 19,793 cubic meters of concrete for 42 hours with 600 plus skilled workers undertaking the job in multiple shifts that saw the in the construction industry, breaking the previous world record held by Russia since 2014.

“The Dh600 million Geepas Tower will host 684 apartments. We are planning to develop 16 more residential buildings involving 2,000 apartments. In total, we will have an inventory of nearly 3,000 apartments in 18 projects in Dubai and Ajman.

“We have acquired more than 18 plots of lands in UAE and are looking forward to bigger challenges. The massive Geepas Tower project world record achievement and the support of UAE Government, has given us the confidence and strength to develop and deliver bigger planned projects as fast as possible.”

Geepas Tower, with a built-up area of 1.5 million square feet, will have 684 residential units, a fully equipped gymnasium, health club, swimming pool and 730 space car park. With two levels of basement parking, ground floor with a welcome lobby, 40,000 square feet of retail space, and 19 floors of residences, it has been designed to the highest standards of aesthetics and is scheduled for completion in March 2018.   

WIG, which is more known for its flagship electronics and household appliances brand – Geepas – is building the apartments for rent, although Arjan is a freehold property area where developers could build properties to sell.

Nizar ruled out the sale of the apartments. “We are developing these properties as part of our ongoing development and expansion programme. The apartments will expand our income source and create a buffer for the group and help make our business sustainable.”

The company’s investment in real estate is a smart move and reflects a pragmatic thinking by its management that will make the company more sustainable, analysts say.

“The expansion of its real estate portfolio will create new guaranteed revenue stream from new assets and help the company to sustain its growth amid challenging economic environment – should its revenues from core businesses decline,” said a business analyst, requesting anonymity.

“The real estate portfolio will create a financial buffer and help the group overcome tough situation. The extremely profitable group is investing its access liquidity at present to build a strong future of the company.

“Besides, by keeping them in the rental pool will ensure continuous and recurring income for the organisation and reduce its dependence on bank finance for expansion.”

Guinness World Record

The UAE has created 204 Guinness World Records over the last two decades, a senior officials of the Guinness World Records, said.

Gulf Asia Contracting, part of RP Group is the main contractor of the project which along with WIG initiated the record attempt in which concrete was supplied by Unibetton Ready Mix. The project has been designed by Chawla Architectural and Consulting Engineers.

More than 19,793 cubic meters of concrete was poured in 42 hours with 600 plus workers working in multiple shifts round-the-clock. Unibetton Ready Mix engaged more than 300 Transit Mixers making more than 2,500 trips from more than 3 plants to deliver the concrete required for the project. The concrete pouring was carried out by massive installations of 14 concrete pumps on site with an additional 5 pumps on stand-by. More than 3,000 tonnes of steel has been used and 150,000 Man Hours have been put into constructing the raft of the building.

K.P Basheer, WIG Chairman, said: “This successful milestone and achieving a Guinness World Records title has set the brand on an international landscape and it is an overwhelming feeling of victory. We are confident of delivering a truly high-quality residential development that will add to the quality of life of our residents in the country.”

Dr. Ravi Pillai, Chairman of RP Group, said: ‘’This is an impressive feat by GAC which highlights our proven strengths in undertaking complex projects, which demand seamless operational efficiency and top-notch construction expertise.”

PROPERTY FILTER


  •