By Saifur Rahman
It needs sky-high audacious courage to envision the development of 1,000 real estate projects – in a span of 20 years. With an average development value of US$100 million (Dh367 million) per project, this translates to a whopping US$100 billion (Dh367 billion) development value to be delivered over 20 years.
None of the real estate developers in the world have envisioned developing 1,000 projects from the start, let alone build them. In the UAE, the larger players are yet to touch the 100-building mark, despite being in business for more than 20 years. So, it might sound like crazy and most people might dismiss the developer as a ‘show off’.
However, the 38-year-young Samer Ambar, Co-Founder and Chief Executive Officer of Reef Luxury Developments is anything but a show off. He is a dreamer. And he is damn serious about his vision, which has become an actionable plan with the launch of the first three of his company’s projects with development value exceeding Dh800 million. These are almost sold out in recent weeks after launch.
Reef Luxury Developments has acquired substantial land bank to build 30 projects involving the development of 5,000 residential units with a development value of Dh14 billion. In order to ensure the delivery of the 1,000 projects, Reef Luxury Developments started to number the projects from 1,000 downwards.
“We plan to launch 30 projects with a development value to the tune of Dh14 billion in a year from now. These 30 projects will deliver 5,000 residential units in the next few years,” Samer Ambar, a former banker, says.
“The number will grow in the coming years as we gain experience and confidence, to accelerate the pace of project delivery to reach 1,000 projects in 20 years.
“We started our company in October 2024 and by now we already have launched Reef 1,000, Reef 999 and Reef 998. We will launch Reef 997 in the next few weeks and then move on to the next few projects. By December this year, we should be able to start working on Dh5 billion worth of projects.”
Reef 1000, with a development value of Dh150 million is currently under construction. Sinyar Al Khaleej Contracting LLC has been appointed the main contractor to deliver the project while the Dh260 million Reef 999 project tender is currently under process.
The third project, Reef 998 has a development value of Dh390 million.
Reef Luxury Developments has also brought a home-grown innovation for the outdoor environment – be it the balcony or a patio where family members enjoy sharing moments in the evening or weekends – even during hot summer months where the temperature is kept cool through controlled and efficient air-conditioning that helps property owners to benefit from the open areas – aptly named ‘sunken balcony’. All apartments in Reef properties will come with temperature-controlled sunken balconies, an innovation patented by the developer that allows residents to enjoy year-long outdoor living.
“This is a home-grown and innovation developed by our engineers – keeping the outdoor heat low – that makes people feel cool during hot summer,” he said, sitting in a mock-up sunken balcony, where temperature was kept low in the middle of the summer.
“We are sitting outdoor in the middle of the summer heat, but can you feel the heat? No, this is due to our own technology developed in-house. We are incorporating many new features in our projects.”
Reef Luxury Developments will focus on launching unique projects in developing communities to ensure both an exceptional living experience and high return on investment (ROI) for buyers. Reef Developments projects will focus on the rapidly growing areas of Dubai.
Samer Ambar said, properties being developed by Reef Luxury Developments are ‘affordable luxury’. “We offer luxury at an affordable price and at an attractive payment plant – that makes home acquisition easy even for limited-income families,” he said. “We want home-buying a less painful exercise and that would make all of us happy.”
Ends
Also read: Reef Luxury Developments breaks ground on flagship Reef 1000
