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Dubai-based property developer AMIS will kick off the tendering process this month for 425 million UAE dirhams ($115.71 million) The Woodland Residences in Meydan, followed by the commencement of enabling works in April or May, Managing Partner Omar Gull told Zawya Projects.
“This well-planned timeline ensures an efficient project execution,” he said, adding that the project is anticipated to be delivered by mid-2026.
Gull also revealed that the company plans to expand its portfolio with four more projects, including developments in Meydan and Wadi Al Safa 4, driven by the sustained growth of the emirate’s real estate sector throughout 2024 and 2025.
Interview excerpts
What market factors compelled you to launch Woodland Residences?
There has been a very high demand for villas in Dubai, especially in Meydan. Prices have risen from AED 9 million to AED 25 million after the pandemic, making it one of the most coveted villa master communities in Dubai. Considering that, it was an obvious choice as a location for The Woodland Residences. It will be gated community containing 30 villas, with each villa equipped with a private pool and an elevator.
Will Automobili Lamborghini branded surfaces be embedded only in wall cladding across common areas?
The Automobili Lamborghini branded porcelain tiles will be embedded in the wall cladding of common areas within the villas, encompassing spaces such as the entrance lobby, living and dining room, show kitchen, and bathrooms. These meticulously designed tiles, bearing the iconic Lamborghini logo, will not only elevate the aesthetic appeal but also reflect Lamborghini’s heritage of luxury and performance. They adhere to the highest standards of quality, durability, and craftsmanship.
When did you acquire the land for the project? is there an upswing in land prices in the master plan?
We acquired the land for the project at the end of 2022. Since then, we have witnessed an upsurge in land prices not only in District 11 but across Dubai. This uptrend in land value reflects the enduring appeal of Dubai’s real estate market and underscores the significance of our timely acquisition, positioning us favourably in a dynamic and competitive landscape.
Will you have to build the infrastructure and utilities for the project?
Tenders for infrastructure works inside and outside The Woodland Residences will be issued simultaneously. Meydan, the master developer, will handle everything outside of this cluster. Meydan’s meticulous urban planning has already shaped this neighbourhood to provide many amenities, including a vast swimmable crystal lagoon, a clubhouse, a community centre and two international schools.
Who is the project’s architect? What is your project’s USP in terms of design?
Whitespace Architects is the architect. Our project’s unique selling point in terms of design includes a temperature-controlled lazy river and two-sided terraces to offer a Burj Khalifa skyline view from all the villas, regardless of their orientation.
How much landbank do you own in the UAE?
Cledor, the managing partner of AMIS, holds a growing landbank across prime locations in Dubai. We are expanding our portfolio with four upcoming projects, including developments in Meydan and Wadi Al Safa 4, as we continue to invest in and contribute to the UAE’s real estate sector.
How do you plan to fund the project?
We have already fully paid for the land and established a fully funded escrow account to cover construction costs. The remaining funding will primarily come from the sales of villa units within the project, reflecting our confidence in the market’s demand for our properties.
Challenges facing the construction industry over the past two years include rising interest rates and supply chain bottlenecks concerning construction materials. What steps have you taken to overcome these obstacles?
Only a small percentage of off-plan properties in Dubai are sold with mortgages, so interest rates don’t have a direct impact. Furthermore, we expect a decrease in interest rates post-2024, reinforcing our confidence in Dubai’s real estate sector.
Are you seeing an increase in construction costs in the UAE?
We do not anticipate a significant price hike, but there will always be inflation. Construction costs in the UAE, like in many parts of the world, are influenced by a myriad of factors, which include the cost of raw materials, labour wages, market dynamics, economic conditions and various external forces.
What is your outlook on the real estate market in the UAE, particularly Dubai, over the next two years?
Our outlook for the UAE’s real estate market, especially in Dubai, is characterised by a transition from the previous era of exponential growth to a more sustainable phase. While we see a moderation in the pace of expansion compared to recent years, we remain optimistic about continued growth throughout 2024 and 2025. This adjustment reflects a maturing market better aligned with economic fundamentals and bolstered by government measures to ensure stability and transparency.
(Reporting by P Deol; Editing by Anoop Menon)
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