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Vincitore Real Estate Development enters the property market in Dubai this year with its first residential apartments project, Vincitore Palacio. Under the umbrella of a successful Indian business tycoon, Vijay Doshi, the brand's aim is to establish new standards of excellence, quality and style in the emirate's high end property sector.
Having invested in the real estate sector in Dubai for over 10 years, Doshi, Managing Director at Vincitore Real Estate, was quick to identify that the branded residences model was missing in this market.
With his company targeting this niche segment, he tells how Vincitore and the newly launched project will add value to the property market in Dubai.
- What will the Vincitore real estate development bring to the Dubai property market?
We have been investing in land and properties in Dubai's real estate sector since 2004. By 2009, we acquired several assets in Dubai and Abu Dhabi. With several years of property investment experience in the UAE, we discovered that people here have to pay high prices to acquire a quality real estate product. We recognized there was a gap in price and quality, and this became the main driving force for us to enter into real estate development.
We identified a niche for branded quality residences in the market and by 2011, we started acquiring land to develop properties. Our goal is to the bridge the space between price and branded quality product. In 2015, we were awarded our first contract, Vincitore Palacio, which will introduce our unique branded real estate concept to this market.
- What are the key highlights of Vincitore Palacio?
The project Vincitore Palacio will bring branded quality homes to the market that will be available to consumers at the price of a regular real estate product. Located at Arjan, Dubailand, the project has 175 units, with a mix of studio (available for Dh475,000), one-bedroom (starting from Dh825,000) and two-bedroom apartments (starting from Dh1.1 million). With a 20-80 payment plan, the project's buyers will make 10 per cent payment on booking, 10 per cent by October 31 and 80 per cent on handover.
We released the first phase of our inventory to the market on April 14, wherein we sold 60 per cent of phase one in just one month. We will probably release phase two of our inventory after summer.
Construction is currently progressing as per schedule. We have cast the third level slab in our G+4 project.
Almost 75 per cent of civil works are completed and overall 21 per cent of the project is now ready. We expect to complete the entire project by August next year.
The Palacio is first-of its- kind project in Dubai with 360-degree, 100 per cent glass fibre-reinforced concrete (GRC) external finishing, which adds to its unique features.
It boasts amenities such as sophisticated double height lobby, ornamental façade, custom-designed elevators, 60-foot temperature-controlled swimming pool, sunlit gymnasium with steam and sauna measuring over 3,000 sq ft, landscaped garden, built-in kitchen and wardrobe, fully fitted bathroom with meticulously selected accessories, water fountain, round-the-clock secured access with video intercom, and a sun deck for each apartment.
- What makes Vincitore unique in the market?
Many conventional developers simply plan to deliver one or two buildings in the market without focusing on establishing themselves as a brand. For them, property development is just an alternate business model to make profit. Therefore, they do not get technically involved in every minute design and construction aspects of the project.
The strength of Vincitore Palacio and all our future projects will be the Vincitore branding, which will set us apart from other developers. The Vincitore brand has established its standards and specifications, with which we will deliver niche products that have quality, style, and functionality.
Moreover, when people say quality development they normally identify it with branded finishing and fittings. While we also have products from a list of reputed names, we have also appointed TUV Nord Germany to do a complete quality check, starting from the ground development until the handover of the project. This means nothing is left untouched without TUV Nord Germany's clearance. We are incorporating minute engineering concepts, which are missing in the UAE, to ensure the cost effectiveness of utility in the long term.
- Vincitore Palacio is offering branded residences at reasonable rates. Who can afford to buy a unit in this project?
We are trying to cater to the upper-mid segment of the market that demands quality lifestyle and homes. It has been a very easy sale for us, 80 per cent of 50 customers that we received became our buyers. So far, people, who have bought in our project, are school principals, air force, and airline industry professionals, the upper mid service class individuals, and single run business proprietors.
While we are selling purely on the net area, many developers market their products (for example, Dh 600-700 per sqft) on gross areas. Some people might initially consider acquiring a studio at Vincitore Palacio at Dh1098 per sqft as a high value product. However, when the total price of the unit on net area is calculated, the unit price comes down to Dh475,000, which is at par with any conventional product available at JVC, Sports City or Motor City.
Affordability is a common statement used in the market these days. However, I do not believe affordable projects, which are currently available in this market, are reasonably priced. In the market, studios are sold at Dh400,000. Here, the size of the unit is reduced, resulting in buyers paying almost the same price of standard projects that are sold for Dh950-1050 per sqft. There are very few genuine affordable plans in the market. Since affordable tag attracts the attention of investors, everybody is trying to use this bracket on their projects.
- What is your group's success formula?
Any business needs a right team for success, so we always believe in creating the right work force. We also believe, you can always drive a business in a market, where you have some control, as we don't believe in speculation.
All our activities are realistic like fire safety engineering and construction, wherein having the proper background for the product and putting right efforts with unique solutions help us achieve results.
We always try to identify and target a niche market. Our team helps us to make it happen and this translates into a success story for us.
- What are Vincitore's future plans for the real estate segment?
Vincitore will keep on delivering projects in the market with the Vincitore brand's quality specification and standards. Our three pillars - quality, style and functionality will help us create the niche segment. Currently, we have nine lands with title deeds in Arjan in a premium location close to the Miracle Garden, where more than one million tourists visit every year. All these projects are in the pipeline. Our second project will be Vincitore Boulevard, which will have a retail area on the ground floor and serviced apartments on level one and two.
- What are your forecasts for the property sector in the UAE?
Even though the global scenario is not very stable, we have noticed that end-users and investors are interested in the rental income and they are willing to pay deposits in order to purchase apartments. I believe the property market is maturing, attracting buyers, who have started to take a long-term investment view. The changes in the market sentiments are coming from people, who earlier tried to make quick money from their real estate investments but have now realised that flipping units are not going to happen in this market anymore. This change is good for the market. The long-term investors are confident that they are investing in a market that will offer them 8 to 10 per cent tax-free rental income, which is the best in the world. High rental prices clearly indicate that there is a good demand with high occupancy levels. Presently, this is a buyer's market but I think it will soon be converted to the sellers' market. Dubai property market has a long way to go and it is here to stay.
Get a glimpse of the apartments launched by DP in Downtown
Source: Hina Navin, Special to Property Weekly