The Apparel Group, which is mainly known for its Apparel retail and Food & Beverage (F&B) businesses, is now debuting in the real estate market with the launch of Kora Properties. The group's move to diversify a single business sector is very pronounced by the fact that the sector is one of the creativity of the future, design, and investment potential.
Kora Properties has launched a new residential project IL Vento, a 40-storey waterfront residential building in Dubai Maritime City as the first step of the new enterprise. The project is estimated to cost AED 500 million and the go-to market date is set for the end of 2029. The development plans to combine tradition, modernity, and a high-class lifestyle for its residents while emphasizing the creation of space that the group is committed to.
"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," said Nilesh Ved, Chairman of APPCORP Holding and Owner of Apparel Group, who also takes on the role of Chairman of Kora Properties.
The tower is going to have 330 residential units. Out of these 182, there will be 1-bedroom apartments 93 two-bedroom apartments, 51 three-bedroom apartments, and 4 penthouse suites each with 3 bedrooms. These penthouses, for example, will have a spa area and a swimming pool for exclusive use. Along with the tower, there will be three basement levels, a ground-floor lobby, and five podium levels that will be used for parking.
The company is already working on its next project, which is scheduled for completion by the end of December and will include commercial and semi-commercial towers in Dubai, right after the launch of IL Vento. In an interview with PTI, Ved said that the company was full of hope and confidence about business prospects throughout the GCC (Gulf Cooperation Countries) regions, starting with the UAE and gradually entering other global markets.
Besides Dubai, the group is also considering the Indian market for potential investments, especially in the mall sector. "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," Mr. Ved said, stressing the point on entering new sectors with the right partners who have substantial knowledge.
The ambitions of the Apparel Group in India are becoming a reality as well. The company has entered into a pact with French retailer Carrefour to be the first to launch Carrefour's exclusive brands in North India, which will be followed by a rollout all over the country. The first Carrefour stores are going to open in the NCR region, thus indicating a slow but steady and substantial expansion.
The Apparel Group, which was founded in 1996, is a holding company with more than 85 brands under its belt and over 2,300 stores spread across 14 countries. These countries include the Middle East, India, Southeast Asia, and Africa. With this move into the real estate sector, the group is not only widening its business portfolio but also affirming a visionary that sees the future as a seamless integration of lifestyle, retail, and residential experiences all under one fold.
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