Tender prices in the UAE have surged, driven by the rapid growth in the country’s dynamic real estate market, rising raw material costs and escalating competition, Shubham Aggarwal, Chairman and Co-owner, The Luxe Developers, told Zawya Projects.

“Despite an uptick in project costs across the country, onboarding top-tier contractors and suppliers who exceed our standards for excellence is a priority,” he added.

The developer is set to deliver La Mazzoni, a 2.3 billion UAE dirham ($626.18 million) residential development, on Al Marjan Island in Ras Al Khaimah by Q4 2028, he added

Interview excerpts

What market factors compelled you to launch La Mazzoni on Al Marjan Island?

Al Marjan Island has grown exponentially over the past few years following the launch of the Wynn Resort and is now recognised globally as a lifestyle destination.

Our debut project, Oceano, continues to see high levels of interest from ultra-high-net-worth individuals and is now 95 percent sold out, underscoring the demand for ultra-luxury residences on Al Marjan Island.  

The leadership at Al Marjan Island and the RAK authorities and government have also provided our team with immense support at every step and continue to be a decisive factor in our ongoing success.  

In addition, Al Marjan Island’s vibrant atmosphere is an ideal choice for many luxury buyers prioritising a balance between privacy and tranquillity. Finalising the location for La Mazzoni was an easy decision for us due to various factors.

More generally, RAK’s growing appeal, bolstered by strategic infrastructure developments, economic stability, and an influx of ultra-high-net-worth individuals, has positioned it as a prime destination for investors and homeowners. 

Who is the project’s architect? What is your project’s USP in terms of design?

Dewan Architects + Engineers, who also worked with us on Oceano, is behind La Mazzoni’s architecture. Their expert input has significantly shaped our projects into major landmarks on Al Marjan Island and the wider RAK real estate sector.

As a result of Dewan Architects + Engineers' presence, La Mazzoni offers residents wellness-centric living, with architecture inspired by the fluidity of the wind and waves, drawing similarities with the RAK coastline. Landscape architecture, urban design, and master planning firm Cracknell will be responsible for creating the lush green spaces, which will be a hallmark of this development.

A panoramic rooftop pool enhances the outdoor living experience, while fitness enthusiasts can take advantage of a cutting-edge wellness centre featuring modern gym facilities, a yoga studio and a paddle court.

A private spa equipped with saunas, hammams, and therapy rooms is also part of the project, and dedicated children's play areas and activity zones provide a safe and engaging environment for young ones.

Communal spaces such as private outdoor co-working areas and a sky deck have been designed to offer residents space to enhance productivity and creativity.

When do you intend to deliver/hand over the project?

The project is scheduled for delivery by the fourth quarter of 2028.

How do you fund your projects?

As with all our projects, La Mazzoni is privately funded.

Given the ongoing new launches in the UAE, are you facing any issues with getting top-quality contractors for your project?

We have always given top priority to the quality reflected in our developments. As the UAE real estate industry flourishes with new project launches and a boom in the off-plan real estate market, we have taken every step to ensure that the premium quality our projects offer is not compromised, which is of utmost importance to our clientele.

Our contractor selection is based on thorough research. We meticulously assess previous work, quality, and ability to meet our high standards of quality and reliability. This process is undertaken with all our past, present, and future projects.

Have you seen tender prices rise due to the real estate boom? 

While tender prices have risen due to the rapid growth in UAE’s dynamic real estate market, rising costs for raw materials, and escalating competition, our company is committed to ensuring that the quality of our developments is not compromised.

Despite an uptick in project costs across the country, onboarding top-tier contractors and suppliers who exceed our standards for excellence is a priority. Strategically, this ensures that we continue to deliver the luxury living experience and quality our brand has developed a reputation for, regardless of market fluctuations.  

(Reporting by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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