Staff Report
Dubai, UAE
Prestige One Developments, a Dubai-based property developer, will develop 5,000 homes with a development value exceeding US$5 billion (Dh18.3 billion) in the next five years, a top company official told Gulf Property in an exclusive interview.
“Due to the high demand, we are planning to roll out six projects involving 1,000 residential units this year, with a combined development value exceeding US$1 billion (Dh3.65 billion), to meet the growing demand for quality homes,” Ajmal Saifi, Group Chief Executive Officer of the Prestige One Developments and Saifi Group, told Gulf Property in an exclusive interview at his office.
Ajmal Saifi has been investing in Dubai’s property market since 2007 – at the height of the real estate boom in Dubai – and continued to generate wealth from the market opportunities despite the effects of the Global Financial Crisis of 2008-09 that had forced many developers to abandon projects and leave the country.
He has invested more than Dh5 billion in buying properties in Dubai over the last 15 years. “I have helped revive stalled projects, sick projects that had no takers and helped re-energise projects with our investment,” he said. “Every investment was worthwhile and gave good returns. That way, I was lucky!”
For the last 15 years he has been investing in Dubai’s property diligently and intelligently, without burning his fingers – that helped him to generate substantial amount of wealth – enough to buy land and start developing residential projects.
“As an investor in Dubai’s real estate, we have navigated the boom-bust cycle without losing money as we were careful in our investment that paid off,” Ajmal Saifi explains. “Today, we have a substantial portfolio of land banks on which we will develop our own projects – all built-to-sell – as per the market demand.
“In the next five years, we plan to build 5,000 homes with development value exceeding US$5 billion (Dh18.3 billion). The company is well capitalised and has a healthy cash-flow. We will build them with our own resources and from the sales proceeds.”
Prestige One has created five business units to manage its real estate portfolio – from design, development, buying-selling, property and facilities management as well as hospitality development and management.
“In future, we will look into developing mixed-use community projects, once we have good development experience,” he says. “We are also looking at hotels and serviced apartment as well as holiday homes – both development and management – as we develop more properties.”
It has already launched two projects – Prestige Vista and the Residence – with a development value of Dh500 million, that are currently being sold in the market.
“I am happy to inform you that 50 percent of our first project Vista has been sold out that inspired us to launch the second project, the Residence, in quick succession,” Saifi says. “We are going to appoint a contractor to deliver the main construction package for Vista in the next three months following a rigorous tendering process.”
Situated in Sports City, Vista is a contemporary residential project that redefines luxurious living. With 140 apartments comprising studio, 1BR, 2BR, and 3BR units, this stunning development has been designed by acclaimed architects, engineers, and designers at Lacasa Architects and Engineering Consultants. The project spans a total built-up area of 263,908.90 square feet, with a ground floor, podium, 14 floors, and a roof deck.
Vista is expected to be delivered in the first quarter of 2025. Buyers will need to pay 65 percent of the price during construction and the balance upon handover.
“We do not have a post-handover payment plan,” he says. “However, once delivered, buyers could apply for mortgage – as banks will be willing to lend 35 percent due to the payment of 65 percent, which is more than the stipulated 50 percent prescribed by the UAE Central Bank.”
He said, the homes are being built like hotel apartments – in terms of quality – as their unique selling points.
“It is a hotel that you will live, once handed over – that’s our level of commitment. We will pamper our residents with lavish amenities that offers a life ‘King Size’ living, with smart technology built in. Our projects use green materials that will make them sustainable.”
Prestige One’s The Residence is an addition to Jumeirah Village Circle, featuring 98 apartments that range from studios to 2BR garden units. The development boasts a total built-up area of 160,837.12 square feet, encompassing a basement, ground floor, 5 floors, and a roof deck.
Residents of both the projects will enjoy a range of amenities, including electric vehicle charging or parking, a landscaped jogging track with benches and calisthenics equipment, multi-sport, and basketball court, padel court, outdoor cinema, mini-putt golf, BBQ and sunken seating, extensive hardscape and landscaping, and an open lawn.
In addition to a grand hotel-like entrance and lobby, men’s and women’s spas, rooftop infinity pool and kids pool, rooftop gym, indoor kids play area, observation deck. The developments are also sustainable, with a focus on energy efficiency, making it an eco-friendly option for residents.
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