A subsidiary of RP Group of Companies RP Global has entered the real estate market in Dubai, UAE, with two projects totalling AED5.5bn ($1.5bn).

The first of the new projects is for a multi-storey residential tower in downtown Dubai, which is expected to cost around AED1.5bn ($408.3m).

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The building, RP Heights, is near to the Dubai Mall and will house 268 luxury residences offering a mix of studios, penthouses and one, two and three-bedroom apartments, reported Khaleej Times.

"With the current population of over two million expected to grow to three million by 2020…the property sector of Dubai has strong growth prospects."

RP Heights is anticipated for completion by 2017.

Project two, named RP One, will be a mixed-use development on Shaikh Zayed Road in Dubai to define the city skyline. It will require an investment of AED4bn ($1.08bn).

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RP Group of Companies chairman and CEO Dr Ravi Pillai was quoted by Khaleej Times as saying: "RP One will be the second highest building in Dubai after the Burj Khalifa.

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"We are constructing RP Heights in Downtown Dubai on land owned by RP Global and using our own internal financial resources. This demonstrates our commitment to delivery and to establishing our distinct identity in Dubai’s property development sector.

"With the current population of over two million expected to grow to three million by 2020, and the city’s status as a business and leisure hub, the property sector of Dubai has strong growth prospects."