Dubai: Swank Development, a leading European real estate developer, has officially begun the construction of its latest luxury residential project, “Lua Residences”, in the prestigious District 11, Mohammed Bin Rashid City, Meydan. With a project value of AED 320 million, this initiative marks a significant milestone in the company’s expansion within Dubai's thriving real estate market.

The foundation laying ceremony was attended by prominent figures including Swank Development’s Managing Director and Board Member Moustafa Elsaid, and General Manager Prasenjit Ghosh, alongside representatives from Maravilla Building Contracting and SKOON Architectural Design Consultancy, both key partners in this high-profile development.

This landmark project highlights Swank Development's dedication to delivering premium residential offerings that seamlessly blend the magical European design with Dubai’s rich heritage and world-class amenities, further strengthening its position as a leader in the luxury property market.

“Lua Residences” embodies the essence of European architecture with its holistic vision for creating ideal living spaces that are both functional and luxurious. This exclusive gated community features 37 exquisite villas ranging from 4 to 6 bedrooms, each offering unique interiors and various amenities that elevate the living experience such as private swimming pools, internal elevators, and landscaped gardens, in addition to innovative solutions such as smart technologies and sustainable practices that ensure a healthy and modern lifestyle for the residents. The project also offers many communal facilities such as green outdoor areas, lake, gym, mosque, retail shops, supermarket, school, and medical clinics.

Commenting on this significant achievement, Moustafa Elsaid, Managing Director and Board Member of Swank Development, stated: “Lua Residences represents a bold step in expanding our real estate portfolio by introducing innovative lifestyle concepts that redefine luxurious living in premier destinations like Mohammed Bin Rashid City. At Swank Development, our vision is to elevate the standards of living in the UAE by creating modern, meticulously designed living spaces that offer unparalleled elegance and sophistication, ensuring a truly exceptional living experience for our residents”.

He emphasized that Swank Development’s presence in Dubai’s real estate landscape constitutes a new era of development and innovation which adopts a sustainable approach for future projects, built on a holistic vision with a meticulous attention to detail that goes beyond traditional construction to create unique homes that reflect each resident’s aspirations.

Moustafa Elsaid reaffirmed the company's unwavering commitment to its legacy of excellence. He noted that sales of “Lua Residences” have exceeded expectations, with all villas projected to sell out soon. Additionally, construction is progressing on schedule, ensuring that all residential units will be delivered on time as promised, in the second quarter of 2026.