Apparel Group Expands into Real Estate with Iconic Dubai Waterfront Project IL Vento
The Apparel Group, primarily known for its retail and Food & Beverage (F&B) businesses, is making a significant foray into the real estate market with the launch of Kora Properties. This move marks a strategic diversification into a sector that is poised for creativity, design, and investment potential.
Kora Properties has unveiled its first residential project, IL Vento, a 40-storey waterfront residential building in Dubai Maritime City. Estimated to cost AED 500 million, the project is set to be launched by the end of 2029. IL Vento aims to blend tradition, modernity, and a high-class lifestyle, reflecting the group's commitment to creating spaces that inspire living.
"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 serves as Chairman of Kora Properties.
The tower will feature 330 residential units, including 182 one-bedroom apartments, 93 two-bedroom apartments, 51 three-bedroom apartments, and 4 penthouse suites, each with 3 bedrooms. The penthouses will come equipped with a spa area and a private swimming pool. The development will also include three basement levels, a ground-floor lobby, and five podium levels designated for parking.
The company is already planning its next project, which is scheduled for completion by the end of December. This project will include commercial and semi-commercial towers in Dubai, further expanding the group's presence in the real estate sector. In an interview with PTI, Ved expressed optimism about business prospects in the GCC (Gulf Cooperation Council) regions, starting with the UAE and gradually expanding to other global markets.
Besides Dubai, the group is also eyeing the Indian market for potential investments, particularly 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," Ved said, emphasizing the importance of entering new sectors with the right partners who have substantial knowledge.
The Apparel Group's ambitions in India are becoming a reality. The company has entered into a pact with French retailer Carrefour to launch Carrefour's exclusive brands in North India, with plans to expand nationwide. The first Carrefour stores are set to open in the NCR region, marking a steady and substantial expansion.
Founded in 1996, the Apparel Group is a holding company with over 85 brands and more than 2,300 stores across 14 countries, including the Middle East, India, Southeast Asia, and Africa. With this move into real estate, the group is not only broadening its business portfolio but also affirming a vision that integrates lifestyle, retail, and residential experiences.
