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Indigo Properties started its operations in 2004 with the launch of Indigo Tower in Jumeirah Lakes Towers (JLT). Since then the developer has completed and handed over more than 14 million sq ft of property in Dubai.
As Indigo Properties celebrates its 10th anniversary, we speak to Dev Maitra to find out his thoughts about the revitalised market and his new projects, including Zen, a newly launched villa community.
• What are main components of the Zen project?
Zen means living in harmony within the natural surroundings. Comprising 346 villas located along gentle, meandering paths and amid free-flowing streams and lush tropical foliage, the community doesn't follow a boxy architectural style commonly seen in Arabian themed villas. Inspired from the best communities and resorts in South East Asia and all over the world, the project is spread across 4.5 million sq ft. The project features retail areas, clubhouses, parks, play areas, jogging tracks, streams, meditation nooks, sunken pavilions and covered outdoor seating.
We plan to start construction in the fourth quarter and plan to finish it in the next 24-28 months. We launched sales during last month's Cityscape Global in Dubai.
• What ara Indigo Properties' other ongoing and upcoming projects?
Indigo's current projects include a 70-villa development called Orange Lake situated in Jumeirah Golf Estates, which is scheduled for completion by the end of the year. Indigo Spectrum 1 and Indigo Optima, located in International City, will also be completed this year. Indigo will also deliver the last 35 per cent of the 171 town houses being developed in Jumeirah Village called Indigo Ville over the next eight months.
• How would you assess the real estate sector in Dubai? Has residential Investment picked up?
The real estate sector in Dubai has been experiencing steady growth in the past ten years. Apart from a short period after the announcement of Dubai's successful bid to host the World Expo 2020, when market was driven by sentiment, the growth in the property market has always been fuelled by macro economic factors.
This year the government has issued more than 400,000 new visas for new residents. The population has grown substantially, which has had a direct impact on the leasing and sale of real estate.
• You are celebrating your 10th anniversary this year. What is the company's biggest achievement so far?
Our attention to design and detail sets our projects apart from others. Our first project, Indigo Tower, won an award as the best-looking tower in JLT from master developer DMCC. Our commercial project, Indigo Central, has attracted tenants of the highest calibre, including the likes of Abu Dhabi National Insurance Company, Etihad, Reem Al Bawadi, Emirates REIT, Abu Dhabi Commercial Bank, Canon, etc. We are proud of the fact that we have weathered the economic downturn and have come out stronger.
We have completed construction and handover of more than 1.4 million sq ft of property in Dubai. We expect to deliver another 1 million sq ft over the next year by completing various developments. We started out with the launch of two towers, but most of our projects now are horizontal, villas and town houses. We are now well poised to launch our next project, Zen by Indigo.
• What are your plans going forward?
At present we are gearing up to launch our largest project to date, Zen by Indigo. We expect to give this project our full attention for the next six to eight months.
Once this project is well on its way, we will then evaluate some of the options that are available to us, which include developing on our current land bank, as well as exploring options in the hospitality sector.
Indigo Properties' projects
Indigo Tower: Reaching 35 floors, Indigo Tower in Jumeirah Lakes Towers (JLT) combines 21st century living space with cutting-edge commercial and retail zones. Sold out entirely off-plan, Indigo Tower is now home to more than 250 families and 65 businesses.
Indigo Icon: Located in JLT, Indigo Icon features 241 offices, each offering views of the surrounding lakes and waterways. The commercial tower was completed in 2009 and offers six high-speed lifts and 24-hour security.
Indigo Central 1-8: Located in Al Safa and Al Manara, on either side of Interchange 3 on Shaikh Zayed Road, the Indigo Central buildings consist of retail showrooms and commercial offices. Built in two phases, the development comprises eight buildings.
Orange Lake: A collection of 70 luxury villas surrounded by golf courses, overlooking the third and fourth holes at the northern end of the Fire course designed by Greg Norman in Jumeirah Golf Estates. The community has four-, five- and six bedroom villas.
Indigo Ville: Located within Jumeirah Village, the development captures the warmth of a friendly neighbourhood. Indigo Ville comprises 117 four-bedroom town houses built over two floors.
Indigo Spectrum 1 and 2: A residential project in International City, Indigo Spectrum features one-, two and three-bedroom apartments.
Indigo Optima 1: This mid-rise building development (G+10) currently provides the only business space solution within International City phase one. It comprises flexi offices with individual pantries and restrooms.
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Source: Chitranti Sengupta, Features Writer, Property Weekly