Coldwell Banker Facilitates AED 175M JV For Luxury Dubai Islands Residences
Global leader of realty brokerage, Coldwell Banker recently facilitated a high net-worth joint venture that is poised to redefine the luxury residential landscape in the UAE. Positioned as an upgraded version of the iconic Palm Jumeirah, the project, valued at AED 175 million, will be developed at the much-anticipated Golf Community in the Dubai Islands.
The two developers, Grovy Real Estate and U Square Real Estate signed an agreement to the joint venture through Dharamvir Singh Chauhan, who heads the Commercial department of Coldwell Banker. Co-founded by Abhishek Jalan, Grovy Real Estate is Dubai’s leading boutique developer; and U Square Real Estate, founded by entrepreneurs Muhammad Umeed and Ubaid Ur Rehman Shaikh, is known for high-end luxury villa development.
Supporting the development of luxurious residences at Dubai Islands, Coldwell Banker research suggests that areas like the Golf Community around Dubai Islands will soar as a premium property segment of the UAE. While the project is positioned as an upgraded version of the magnificent Palm Jumeirah, the locality is already on the UAE’s burgeoning realty map with impressive infrastructures like the infinity bridges and lush golf courses. The new project housing 1, 2, and 3 premium bedroom residences will be fully furnished with bookings rolling out in December 2024. The project will house well-proportioned apartments for families, encompassing more than 30 amenities including an infinity pool, jacuzzi, and theatre to heighten the lifestyle quotient. Responding to the rising demand for sustainable and energy-efficient homes,the project will be equipped with an advanced waste control system and,the residences will be designed to minimize heat and maintain a cool environment indoors.
Commenting on the joint venture, Dharamvir Singh, Commercial Sales and Leasing Manager of Coldwell Banker said; “Market insights reveal higher consumer optimism for luxury real estate in the region. Within that frame, international buyers purchasing luxury real estate in Dubai account for 30% of the market until August 2024, showing significant growth and indicating how global consumers continue to see the value in investing in luxury residences in the UAE. We’re confident that this new project will offer all the features ranging from smart homes, and sustainability to the finest amenities to tick all the requirements of their dream luxury home.”
UAE’s luxury real estate sector has always focused on delivering redefined living spaces. Be it smart technologies, lifestyle amenities, or architectural excellence; developers like Grovy Real Estate and U Square Real Estate believe in creating unique value propositions and adapting to changing consumer preferences. The upcoming project is a lucrative investment opportunity offering attractive returns on investment in capital appreciation and rental income. Estimated to grow at CAGR 18-24% through 2022-2027; the UAE’s luxury real estate market will continue its growth momentum accelerated by increased financial prosperity, a resilient and vibrant economy, a robust tourism industry, and favorable government policies.
Mentioning Coldwell Banker’s role in facilitating the joint venture, Abhishek Jalan (Co-founder, Grovy Real Estate Developer) said; “Dharamvir Singh professionally served as an invaluable resource facilitating the joint venture. With his in-depth analysis of the current luxury real estate landscape, buyer economics, consumer interests, and trends helped us find a reliable project partner in U Square Real Estate Developer.”
Echoing similar thoughts, Ubaid Ur Rehman Shaikh of U Square Real Estate Developer said; “This is our first joint venture project that was liaised by Coldwell Banker and it has been a delightful experience. Also, a positive outlook on the luxury real estate sector is encouraging. Our collaborative efforts have developed a holistic perspective for the project prioritizing convenience, privacy, security, sustainability, and smart technology; as few of the non-negotiables for our high-end apartments.”
The joint venture plans to remain steadfast on its vision to develop a premium residential space characterized by infrastructure of exceptional quality, exclusivity, and world-class amenities. The project will attract buyers across consumer segments like those investing in second homes, for rental income and quick buy and sell to optimize profits.
