RP Global, a property developer based in Dubai, UAE, has broken ground on its Dh1.5-billion ($408 million) RP Heights, a multi-storey residential tower project, thus marking its entry into the emirate's real estate market.

Part of RP Group of Companies, a global business conglomerate with an annual turnover of over $4 billion, the developer will initially work on two big projects worth Dh5.5 billion ($1.5 billion) in the heart of Dubai.

RP Heights, the first project in Downtown Dubai is a multi-storey residential tower within two minutes walking distance from The Dubai Mall. It will feature 268 luxury residences in a mix of studio, one-, two- and three-bedroom apartments, in addition to luxurious penthouses on the upper floors.

RP One, the second project, will be a mixed-use development on Sheikh Zayed Road, which will be unveiled in the second half of this year. This Dh4-billion ($1.1 billion) development is situated right behind the Business Bay Metro Station, and will feature a spectacular mixed-use tower, which will define the Dubai city skyline.

Commenting on the launch, Dr Ravi Pillai, the chairman and chief executive of RP Group of Companies, said: "Our expansion to real estate development complements our core competencies in construction and infrastructure projects. The key differential of RP Global is our group’s ability to bring unmatched development synergies through our own construction firm, Gulf Asia Contracting."

"This will ensure strong economies of scale, the highest standards in construction and a firm delivery schedule. We will pass on this additional value to our customers, who will become part of truly world-class developments built to the highest standards of quality and sustainability," he noted.

With a geographical footprint across the Middle East, Asia, Africa and Australia, the RP Group of Companies is one of the largest employment providers in the region and has more than 85,000 employees, which is set to increase to 100,000 by end-2015.

The group has executed projects worth over $25 billion globally, and has 26 business entities in 20 cities across nine countries, with a track record in heavy civil and building works over the last 20 years.

"We are constructing RP Heights in Downtown Dubai on land owned by RP Global and using our own internal financial resources. This demonstrates our commitment to delivery and establishing our distinct identity in Dubai’s property development sector," remarked Dr Pillai.

According to him, the group has executed over 130 projects for clients including Saudi Aramco and its affiliate Satorp, Sadara Petrochemicals, Yasref,  Saudi Basic Industries Corporation (Sabic) and its affiliates, besides Qatar Gas, Ras Gas, Abu Dhabi National Oil Company (Adnoc), Total Refinery, Dow, Dolphin Energy and Kuwait National Petroleum.

Dr Pillai said the foray into Dubai property development was led by the robust growth and economic fundamentals of the city.

"With the current population of over two million expected to grow to three million by 2020, and the city’s status as a business and leisure hub, the property sector of Dubai has strong growth prospects," he noted.

On the new projects, he said the two RP Global projects will have optimal floor area ratios, high ceilings and large balconies that add to the quality of life of residents.

“We are committed to delivering the highest service standards to our customers across all touch points. Already, there is significant demand for our projects, which is a mark of investor trust in RP Group’s strong industry credentials,” he noted.

“RP Global projects will uphold high standards in sustainability with a focus on promoting energy use efficiency. It will also draw on the latest in technologies including high-speed connectivity to reflect the Smart Dubai vision,” added Dr Pillai.-TradeArabia News Service