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With two projects launched, and a third in the pipeline, Dubai-based QUBE Development has set its sights on capitalising on the emirate’s booming property market. The company selected Jumeirah Village Circle (JVC) for its first two residential projects, namely Cubix Residences and MIDORA Residences.
“JVC continues to be one of Dubai’s most attractive areas due to its affordability and strong rental yields, which make it appealing to investors and end users,” explained Alisa Novokhatko, Project Director of MIDORA Residences.
She said JVC is seeing high demand for residential units reflected in high off plans sales due to its ongoing infrastructure improvements and proximity to major highways, making it highly convenient and comfortable location for residents.
“JVC is located near key areas such as Dubai Marina, Business Bay, Dubai South, and a short drive away from the soon to be expanded Al Maktoum Airport,” said Novokhatko.
However, for its third residential project, QUBE Development has chosen Studio City.
“We are preparing for our next landmark project in Dubai Studio City, further expanding our footprint Dubai’s thriving real estate market,” she said.
Novokhatko emphasised that the company's sustainable and community-centric projects cater to a diverse market that includes investors - local, regional, and international - as well as small families, and single professionals.
Citing the example of MIDORA Residences, she said the project targets small families with its community-centric design that includes a Children’s Developmental Area, indoor/outdoor playgrounds, JVC’s largest swimming pool, scenic green walkways and private BBQ areas.
“The [JVC] area features green spaces, retail centres and is home to several schools, making it a prime choice for families,” she noted, adding that the project will be delivered in 2027.
Excerpts from the interview:
Could you elaborate on MIDORA Residences’ USP in terms of design? Who is the project architect?
The architect behind MIDORA Residences is Nikken Sekkei, an international firm known for integrating traditional Japanese design principles with modern architecture practices.
The development’s unique selling point is its façade design which is inspired by the Japanese concept of Yuragi. It translates to "gentle fluctuation" or "soft undulation," and in MIDORA’s architectural terms refers to creating a façade that dynamically changes its appearance throughout the day, reflecting variations depending on the time of day.
The development focuses on maximising green spaces and natural light within the building, promoting a healthy and environmentally friendly lifestyle for its residents.
What is the cost of the project and how do you intend to fund it?
QUBE Development is self-funding MIDORA Residences, reflecting the company’s strong financial foundation and commitment to constructing properties in Dubai.
What is the tendering timeline for MIDORA Residences, in terms of enabling and main contracts?
The enabling works package has been awarded and is currently progressing. We have also built a show apartment on site to showcase potential buyers the design and quality of the project. We anticipate that MIDORA Residences will be handed over during 2027.
What will be the sustainable elements of MIDORA and other projects?
MIDORA Residences will include advanced smart home systems that enhance energy efficiency and improve residents’ quality of life. These systems allow for automated control of lighting, cooling and security to optimise energy usage and reduce utility costs.
Green areas will be integrated throughout the building, particularly on podium floors, creating an urban oasis, allowing residents to connect with nature.
Are you seeing an increase in construction costs in the UAE?
There is a slight increase in construction costs in the UAE, largely driven by rising material prices and supply chain constraints. However, the increased costs are not a major concern for the development.
Which is the biggest challenge for you in terms of construction?
During the construction phase the most significant challenges concern time, cost, quality and safety. However, QUBE Development has sought to mitigate the effects of the typical construction challenges by establishing and appointing an internal contracting company. Appointing internally gives us greater opportunity to foresee and overcome potential challenges in a timely fashion.
What is your outlook on the real estate market in the UAE, particularly Dubai, over the next two years?
The outlook for the real estate market is positive. Dubai’s leadership continues to implement business friendly initiatives that enhance the city’s growth and attractiveness as a global investment hub. The demand for residential properties in Dubai is expected to rise thanks to long-term residency visas and payment plans on off plan properties.
(Reporting by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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