Pacific Star Development Limited (PSD), an ASEAN real estate developer, recently announced that its wholly owned subsidiary, PSD Singapore Pte Ltd (PSD Singapore), has partnered with DAMAC International, a property developer in the Middle East, to develop luxury properties in key cities across Southeast Asia over the next five years.
The partnership will see the two property leaders jointly develop high-end properties across ASEAN countries, with Malaysia and Thailand as primary markets, followed by Vietnam, Indonesia and Singapore. Both developers will collaborate on identifying prime locations in key gateway cities where they will jointly develop new residential, hospitality and retail projects.
“The partnership with DAMAC International is a perfect fit for PSD as both our goals for the Southeast Asian markets are aligned, and we are excited to find common grounds with such a well-established and respected player in the real estate industry,” said Glen Chan, CEO and Managing Director of PSD, who was recently named “2017 Malaysia Real Estate Personality of the Year” at the PropertyGuru Asia Property Awards (Malaysia) 2017.
“We are looking at a broad spectrum of development opportunities that capitalise on Southeast Asia’s rising urbanisation, favourable demographics and increasing tourism. DAMAC’s strengths are a clear advantage in these markets where it has demonstrated leadership in developing world-class projects, creating innovative sales and marketing strategies and optimising cost effective delivery approaches.”