Retail and lifestyle conglomerate Apparel Group has made its official entry into real estate, unveiling a new development arm and announcing a flagship residential tower in Dubai’s waterfront zone. The move marks the latest phase in the company’s diversification strategy beyond apparel and hospitality.
The newly formed real estate development entity, Kora Properties (a subsidiary of Apparel Group’s holding company AppCorp Holding), will be chaired by Nilesh Ved, Chairman of AppCorp. Kora is positioned as a “fully integrated real-estate developer” targeting premium residential, commercial, retail and hospitality projects across the UAE and beyond.
The first announced project is IL VENTO, a 40-storey waterfront residential tower located in Dubai Maritime City, with an estimated cost of AED 500 million and completion targeted for 2029. Each unit will feature sea views, generous amenities, and a payment structure where buyers pay 40 % during construction and 60 % upon handover.
Ved commented, “At Kora Properties our vision is simple — to create spaces that inspire living.” The IL VENTO development is said to reflect this mindset, combining design, lifestyle amenities and waterfront living.
Looking ahead, Apparel Group and Kora Properties plan to follow the residential launch with a commercial and mixed-use tower development in Dubai, expected to be announced by end-December. This will mark the group’s extension into office/retail space.
Why It Matters
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Dubai’s real-estate market remains strong and global-investor friendly. The push from a well-known retail group lends further credibility to the region’s development pipeline.
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Apparel Group’s pivot into property signals a broader trend of lifestyle and consumer-brands moving into real-estate assets, leveraging brand strength, customer base and ecosystem advantage.
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For Apparel Group, the move diversifies risk beyond retail cycles and opens up recurring-asset potential (rentals, commercial leasing) alongside transactional retail.
