PHOTO
Dubai-based The Luxe Developers will appoint the main contractor for their 1.5 billion UAE dirhams ($408.39 million) The Oceano residential project on Al Marjan Island in Ras Al Khaimah, in the third quarter of this year, Managing Director and Co-owner Siddharta Banerji told Zawya Projects.
Enabling works has already started on-site, he said, adding that the 18-storey project is expected to be handed over in the third quarter of 2026.
Although the current focus is bolstering its presence in the UAE market, Shubam Aggarwal, Chairman and co-owner disclosed that the company was assessing opportunities in Saudi Arabia.
Excerpts from the interview:
What market factors compelled you to launch the twin-tower Oceano project -on Al Marjan Island?
Shubam Aggarwal: During COVID, the UAE government was leading the way in recovery and making it easy for businesses to come to the country and contribute to its growth. We recognised the opportunities and the focus on developing a competitive environment to do business, so we worked very closely with various entities in the UAE and, of course, Ras Al Khaimah to make our vision for Oceano a reality.
Ras Al Khaimah has seen tremendous development in recent years, with the emirate’s real estate market witnessing excellent growth thanks to a range of new policies and a focus on diversifying the economy. Figures from the Ras Al Khaimah Municipality revealed land and property transactions in the first half of 2022 topped AED4 billion, including multi-billion-dollar investment deals from firms such as Wynn Resorts, Nobu Hotels, Aldar, Dubai Investments and Abu Dhabi National Hotels.
With the volume of investment and the positive outlook for the real estate market, we wanted to ensure we added The Luxe Developers brand name to the mix and maximise the opportunities afforded by the appetite for a luxurious property in Al Marjan Island from investors in the UAE, the broader Middle East region and the rest of the world.
When did you acquire the land for the project in Al Marjan?
Siddharta Banerji: The Oceano project is valued at over AED1.5 billion ($408.39 million) and consists of 206 units, which will stretch over 18 storeys.
Oceano will be located on a unique corner plot on Al Marjan Island and spread across a built-up area of 79,000 square metres (sqm).
Al Marjan Island has already welcomed a host of hotels and entertainment venues to the 2.7 million sqm man-made archipelago. The value of land in Al Marjan has doubled in recent years, further underscoring the demand for the overall development in Ras Al Khaimah.
Shubam Aggarwal: One of the biggest challenges we foresee is facilitating demand. Regional and international investors are already taking a keen interest in the development, evidenced by the sales we have witnessed since officially launching last month. We believe this is just the beginning of unprecedented growth in Ras Al Khaimah and, more specifically, at Al Marjan Island.
What is the tendering timeline for the project in terms of enabling and main contract?
Siddharta Banerji: We have appointed Dewan Architects + Engineers to design the project. They have been responsible for developing Oceano’s unique design, which incorporates free-flowing glass facades and minimalist frames. Each floor is rotated on different planes, providing every resident with uninterrupted panoramic views. The company will be an integral part of the development until completion.
Interiors have been designed by Hirsch Bedner Associates (HBA), a hospitality design firm. The focus on marble finishes and unique accents within each of the units accentuates the luxury offering.
Enabling works has already begun on-site. The main contractor will be appointed and in place next quarter.
What will be the sustainable elements of the project?
Shubam Aggarwal: One of the reasons for choosing to work with Dewan Architects + Engineers is their unwavering commitment to delivering sustainable architecture by creating unique and boundary-breaking designs.
As such, sustainability will be a crucial focus and something we will elaborate on and showcase as each development milestone is met.
How much landbank do you own in the UAE? Are you looking to increase it?
Siddharta Banerji: Oceano is our first project in the UAE. However, given its sales success, we are identifying other potential plots to expedite our luxury offering and unique perspective on design and innovation. We will make a new announcement in the coming months.
Are there plans to enter other markets in the Middle East?
Shubam Aggarwal: Our focus is currently on the UAE market; however, with the incredible investment in other real estate markets, such as Saudi Arabia, we are assessing all opportunities.
How are you ringfencing your project against supply change challenges?
Shubam Aggarwal: We have worked closely with our partners to ensure that the premium materials used to create Oceano will be readily available. No expense has been spared to ensure this project elevates the living experience.
Do you intend to launch hotel projects in the UAE?
Siddharta Banerji: There is a natural fit between our luxury five-star amenities for Oceano and the hospitality industry. But at this stage, we are focused on delivering the residential development. Still, our expertise in design and innovation certainly extends to that of tourism and hospitality, so it could be an avenue we look at in the future.
What is your outlook on the real estate market in the UAE, particularly RAK, over the next two years?
Shubam Aggarwal: With the growth of Ras Al Khaimah’s tourism offering and the multi-billion-dirham investment leading regional developers, compounded by the introduction of the Wynn integrated resort, we expect interest in the real estate market in the emirate to skyrocket in the coming years.
(Reporting by P Deol; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
