Apparel Group Enters Real Estate With New Dubai Housing Project

The​‍​‌‍​‍‌​‍​‌‍​‍‌ Apparel Group, a major player in global fashion retail and the F&B sector, has officially diversified its portfolio by venturing into real estate with the launch of Kora Properties, its new vertical. The company marked its foray into the market by unveiling IL Vento, its first residential development, a 40-storey waterfront tower in Dubai Maritime City.

IL Vento, designed as a landmark project, is expected to be built by 2029 and was created with a vision to mirror Dubai's ever-changing face.

"Our vision at Kora Properties is very clear — to build spaces that are life inspirations. IL Vento is a perfect example of Dubai: vibrate, classy, and energetic," said Nilesh Ved, Chairman of APPCORP Holding and Apparel Group, who has been appointed Chairman of Kora Properties as well.

Key Highlights

• Apparel Group enters real estate with the launch of Kora Properties and its first AED 500 million Dubai residential tower, IL Vento.
• Second project coming in December, featuring commercial and semi-commercial towers in Dubai.
• Expansion plans across GCC and India, including mall investments and a new Carrefour partnership for retail growth.

Following this launch, the firm intends to unveil its second project, a commercial and semi-commercial tower area in Dubai, by December. Ved talked about the existence of numerous real estate opportunities in the GCC region and disclosed that they have plans of expanding gradually into international markets.

Further, as part of its expansive growth plan, the company is contemplating mall investments in the emerging market sector such as India. They would, however, prefer to partner with local experts.

In India, the company is elongating its retail presence by entering into a partnership with French retailer Carrefour, which will be the first to launch exclusive Carrefour brands in the North region of India. The first stores will likely open in the NCR region.