- Broker Directory
- My Tools
- News & Advice
- Market Trends
- Other GN Sites
The real estate industry in Dubai has always created unique business opportunities for new players. Property Weekly shortlists eight new developers to watch as the market marches ahead for stronger growth.
The developer expects to invest Dh2 billion into developing properties between now and 2025. Six projects are already in the planning stage for Jumeirah Village Circle (JVC) and one for Arjan, ranging from G+4 to G+30. Mahmood Shaikhani, Shaikhani Group Managing Director, aims to redefine the term affordable luxury with its new projects.
Project: The Dh220-million G+4 Gardenia Residency at JVC features a Mediterranean-style architecture, complete with tiled roofs, rustic arches and stuccoed walls. Set in lush gardens, residents will have access to plenty of food and beverage facilities, as well as a pool and spa. Its 133 units, ranging from studios to three-bedroom duplex penthouses, come with designer interiors. Units are priced at around Dh1,000 per sq ft.
Payment plan: 50 per cent is payable during construction and the other half can be paid after handover within a year. A 10-year bank finance package is also available for the latter half.
Expected completion: June 2018
Artar Real Estate Development
Artar is Saudi Arabia's leading real estate development and construction company. Led by CEO Sulaiman Abdulrahman Al Rashid, it is the property development arm of Abdul Rahman Saad Al Rashid & Sons, which has been in the regional construction business for over 50 years. The developer's first premium lifestyle development, Mada Residences in Downtown Dubai. ''We are entering the UAE real estate market for the first time as we see great potential to grow our business in the Emirates,'' says Sulaiman.
Project: Mada Residences is a 36-storey luxury residential building, comprising 193 units. The project will have spacious one-, two-, three and four-bedroom apartments with maid's room — a rare offering in Downtown.
Prices start at 1,650 per sq ft.
Payment plan: 20 per cent on booking, 10 per cent in December 2016 and 70 per cent on completion.
Expected completion: Second quarter 2018
Gemini Property Developers
Gemini is the real estate development arm of Gemini Energy Group, which has about 30 years of successful business operations in the energy and infrastructure sectors. Headed by brothers Sudhakar and Prabhakar R. Rao, Gemini Splendor is the first of a series of high-profile luxury residential projects that the company plans to build in the GCC in the coming years.
''After a series of regulations introduced by the Real Estate Regulatory Agency (Rera) to curb speculation, growth is stabilising now and this is the right time for professional players to enter the market, says Sudhakar, Gemini MD. For us, it has been a natural progression and a strategic move. Our vision is to build trust by delivering happy homes for happy families.''
Project: Gemini Splendor is an apartment building offering luxurious homes in the heart of Dubai. Located in Sobha Hartland within Mohammad Bin Rashid City, it comprises 134 units of one-, two- and three-bedroom apartments as well as townhouses and penthouses. The project also consists of comprehensive retail, shopping and entertainment facilities, and will be surrounded by green parks and vistas, making it ideal for family living. The project will be launched soon and will offer attractive and customer friendly payment plans.
Expected completion: February 2018
Dubai-based Myra Properties is targeting young expats with Crystal Residence, in JVC, a low-rise G+4 apartment building. ''As a developer, our primary focus is quality and timely delivery of our projects. Our current project Crystal Residence has received a good response. We will be launching two more projects in 2017 and are looking to buy new plots for future projects,'' says Akash Kanjwani, Deputy CEO of Myra Properties.
Project: Offering affordable luxury, apartments at Crystal Residence are available from Dh800-950 per square foot. Amenities include a 30,000 sq ft podium containing an oval swimming pool, a tennis court and designer lobby. The building has 225 units, mostly studios (142), followed by one-bed units with duplex option (50), and a few two- and three-bedroom duplex apartments, with terraces or gardens.
Payment plans: The developer has two payment plans. In the first plan, 50 per cent is linked to construction and the other half on handover. The second plan requires 10 per cent on booking, 15 per cent after six months and then 50 monthly payments of 1.5 per cent each payable between January 1 2017 and February 2021.
Expected completion: April 2018
The developer currently has 14 projects on the go, housing some 2,200 units, worth around $2 billion (Dh7.34 billion), in areas including JVC, Downtown and The Palm Jumeirah. Seven of these projects fall under the company's core development portfolio, five into its rental portfolio, and two under its development advisory business.
''We created Ellington as we saw a real opportunity in the property and design space for a boutique player that was design and product led, and very customer focused,'' says Robert Booth, Co-Founder and MD of Ellington Properties. ''We benchmark ourselves against the best developers globally and have extensive global as well as UAE experience.''
Project: Belgravia is a four storey apartment building housing 181 one-, two- and three-bedroom units, set in a garden with pool and children's play area. Buyers can follow its construction progress online via live cameras. A second Belgravia is in the making. A one-bedroom residence starts at Dh850,000.
Payment plan: 50 per cent needs to paid during construction and the rest upon completion.
Estimated completion: December 2016
Vincitore Real Estate Development
Vincitore is the brainchild of Vijay Doshi, a tycoon with more than 25 years' experience successfully running businesses. The developer aims to establish new standards of excellence, quality and style in the emirate's high-end property sector. Vincitore Palacio in Arjan, Dubailand is the developer's flagship project that brings branded quality residences to Dubai. ''Vincitore took the global slowdown as an opportunity to embark on property development and refocus our efforts into creating a niche in Dubai's freehold property market,'' says Doshi, Founder and MD of Vincitore. ''Vincitore Palacio is the first real estate development in the region to be quality controlled by one of the world's most respectable quality assurance organisations, TUV Nord, Germany (ME), which will differentiate our property from the rest.'' Vincitore has already acquired eight land plots under its name and Vincitore Boulevard, a retail and residential mixed project, is already in the pipeline.
Project: 175 branded residences, including spacious studio, elegant one-bedroom and en suite two-bedroom apartments. Buyers get deluxe amenities at affordable prices with studios starting at Dh475,000, one-bedroom from Dh825,000 and twobedroom from Dh1.1 million.
Payment plan: 10 per cent down payment, followed by another 10 per cent on October 31. The remainder is payable on handover.
Expected completion: May 2017
Ghreiwati Property Development
GPD is the real estate development arm of Ghreiwati Group, a Lebanese family business group operating in the UAE since 2012. Managed by CEO Adnan Al Hamly, the developer is constructing its first property, Murano Residences, a midsegment residential project in Al Furjan. ''We had analysed that quality affordable living was not available in the UAE,'' says Al Hamly. ''With Murano, buyers can now live in the apartment with an investment of only Dh440,000.''
Project: Murano Residences consists of five residential mid-rise buildings offering spacious homes. Each tower features one-, two- and three bedroom residences starting at Dh940 per sq ft. One bedroom residences start at Dh625,777, two bedrooms at Dh1,186,930 and three bedrooms at Dh1,890,994.
Payment plan: 40 per cent during construction, 30 per cent at completion, 30 per cent after three years.
Expected completion: Second quarter 2018
Grovy Real Estate Development
Grovy has been operating in the North Indian real estate market for over three decades. Headed by brothers Rohan and Abhishek Jalan, The Alcove by Grovy in JVC is the developer's flagship project in Dubai. ''We were connected with the Dubai realty market and invested in off-plan and completed property in almost every freehold community in Dubai,'' says Managing Director Rohan. ''We wanted to construct a building that would make a statement that even middle income housing can stand out, where buyers don't have to compromise on quality because of the price.''
Project: The Alcove is a low-rise residential development that consists of studios, one- and two-bedroom apartments. It will be Vastu-compliant with studios priced at Dh500,000, one bedroom apartments starting at Dh750,000 and two-bedrooms from Dh1.2 million.
Payment plan: 35 per cent during construction, 25 per cent when 90 per cent of the project is completed, and the remaining 40 percent in two years after the handover.
Expected completion: Third quarter 2017
Source: Hina Navin and Nicole Walter, Special to Property Weekly