Staff Report
Dubai, UAE
Meteora, a Dubai-based property developer, has launched Vita Grande, its third project with a development value of Dh146 million in Jumeirah Village Circle community (JVC) after selling off the first two projects within days. Booking of Vita Grande has already began and the projects is schedule for completion by the end of 2024.
Vita Grande will rise 250 feet above ground over 19 floors on the North East of Lazuward Avenue in the neighbourhood – the heart of New Dubai from where the Al Khail Road and Mohamed bin Zayed Road connect. One-bedroom apartment sizes range from 650 to 800 square feet.
The developer’s first two projects – East Crest and 7 Park Central – are collectively worth Dh204 million that were completely sold out at launch in the second quarter of this year. With these three projects, the developer’s currently project portfolio hit Dh350 million.
Praveen Sharma, founder and CEO of Meteora Developers, said, “Dubai has for long remained a global number one spot for luxury real estate that is affordable. And this despite the market recording the highest price jump in luxury homes in the January-to-June period, compared to prices at the end of December this year. So we had to answer those calls of the market.
Owing to recent demands, work has started already on Vita Grande, which is coming up right next to the other two projects – East Crest and 7 Park Central. Bookings have opened up in line with Meteora Developers’ track record of not depending on pre-launches,” Sharma said. “Despite the weather outside, the heat is on in the JVC area where my colleagues at Meteora Developers is working overtime to attend to clients from all over the world who have already expressed interest in Vita Grande.”
The three towers, worth over a combined development value of Dh350 million, are part of a land bank of over 167,000 square feet in District 17 of JVC. Future residents will sprawl parks to wake up to, the Circle Mall nearby and an airy podium for recreation with swimming pool and other luxurious amenities.
Omar Al Amour, partner of Meteora Developers, said, “Our policy is to start construction first and take bookings only after reaching a substantial stage. It builds an assurance value, reduces the delivery period and gives investors a finished product 1.5 to 2 years earlier so investors can start rent income eventually brings down the cost of the property.”
According to Sharma, the real estate market is seeing a strong push which is reflected in data from property consultancies. A latest report by Knight Frank highlights the fact that the luxury real estate market is up by 44 percent in Dubai over the past year. Most of the Buyers are from UK, India and Russia among the top nationalities, according to Better Homes. CBRE also noted that the rental prices year on year up to June 2023 have increased 22.8 percent.
That’s a good reason to buy and hence the primary market is benefitting, according to Sharma. “There is no existing reason why we cannot deliver the entire project as promised. This reflects the buoyancy in the market, a strong investor interest in affordable yet quality luxury homes and matched with our commitment to over-deliver.” The first two properties out of six in the entire project worth over Dh700m – East Crest and 7 Park Central – were sold out in a month’s time each and are on track for delivery next year.
The residential community of JVC includes over 350 buildings or townhouse rows and 33 landscaped parks. JVC is built over an area of over 870 hectares, divided into six districts. As a prime location with easy access to several areas of interest in Dubai, it is a short distance from Downtown, the Marina, Internet City, and makes it centrally located.
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