Ishrath Jaigirdar
Dubai, UAE
Dubai has inspired many entrepreneurs to kickstart their ventures and build them to success. Thomas Wan is one of them. Hailing from the Chinese city of Wuhan, where the life-changing Covid-19 pandemic first began, Thomas’ deep-seated interest in Dubai’s rich investment climate landed him in the city with only Dh5,000 and the knowledge he acquired from his family’s property development business back home to found a trailblazing property development management company, Refine, which currently boasts a development portfolio worth Dh44 billion or US$12 billion. Following a professional stint where he honed his mettle for sales, Thomas conceived a business idea that manages every aspect of property development, offering developers a feasible, comprehensive option to smartly manage their properties and reap lucrative returns.
Since its inception in 2021, when the pandemic was at its peak, Refine Development Management has built repute with its massive US$12 billion portfolio which includes hotel-branded residences, luxurious apartments, and expansive mansions. It adopts a unique approach for property management, offering clients personalised DaaS (Development as a Service) solution, which encompasses a holistic range of services, including land acquisition, sales, marketing, construction, and administration. Developers can deploy Refine’s all-round expertise to build projects without having their own infrastructure.
Refine has already delivered over 6,000 properties worth gross development value (GDV) of US$5.5 billion and has another 3000 properties with GDV of US$2.5 billion. It currently manages US$1.63 billion GDV of branded residences, including Rixos Downtown Dubai Residences and St. Regis Financial Centre Road Dubai.
In an exclusive interview with Gulf Property, Thomas Wan, Managing Partner of Refine Development Management, elaborates on his firm’s unique take on real estate management, “Refine was established to bridge a visible gap in Dubai’s market: the current number of development companies in the market is not sustainable; therefore, we have come up with an innovative approach that covers every aspect of developing a property, from planning to execution. Moreover, private developers find it difficult to scale up their companies, so we offer them end-to-end services with our efficient team, expertise, and market knowledge, as well as an office space to carry out operations.”
Once an opportunity is identified, Refine charts a financial plan in terms of feasibility, cash flow, and a detailed strategic plan. It then progresses to execution, consisting of legal setup, project design, approvals, and marketing.
To ensure sustained progress, it recommends developers to have a certain amount of investment out of which a part is used to kick-start the project. The progress is then fuelled by the customer cash flow from sales. If managed properly, the developer does not need to pour in the full investment, thereby saving money. As a result, an investor can enjoy up to 40 percent profit in the best-case scenario, Thomas says. In simple terms, a client can invest Dh25 million to build a Dh100 million property, that will result in nearly Dh40 million as profit.
Refine is strategic when it comes to working with clients. Despite its impressive portfolio, it remains selective and conservative while choosing high profile clients to avoid unmanageable risks. Moreover, it cautions industry newcomers to tread wisely.
Thomas says, “While working with a new developer in this market, we advise them to not take up high-level projects. Dubai is a long-term destination. There’s momentum so it is a good time to come in. However, we don’t recommend investors to work solo; rather it is important to partner with the right people. Working alone is risky whether you are an established developer elsewhere or a newcomer in this industry.”
When it comes to advising developers on the type of project that the market demands, Thomas leans towards residential developments. “With Dh100 million as capital, we recommend a residential project in today’s market. There’s a lot of demand in this sector. Someone with Dh500 million and above can opt for a commercial development,” he adds.
Refine unveiled its latest addition in its portfolio, Mews Mansions in Meydan. Developed in collaboration with Dubai General Properties and Driven | Forbes Global Properties, the Mews Mansions is a collection of 10 ultra-luxury five-bedroom mansions. With a gross development value (GDV) exceeding Dh950 million, the mansions are scheduled for completion by Q4 of 2025.
Each house is equipped with a variety of amenities, including smart home technology, private terraces, rooftop gardens, infinity-edge swimming pools, home cinema, and a wine and cigar lounge, among others.
In addition to luxury real estate, Refine has diversified its portfolio with mid-range projects in JVC worth Dh700 million.
Refine aims for global expansion, including Saudi Arabia, in the next five years. With a strong team of more than 100 employees and another 1,500 more channel partners, it currently eyes penetration into Abu Dhabi and Ras Al Khaimah markets while further solidifying its position in Dubai.
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Also read: Refine announces US$12 bn pipeline and expansion plans for 2025
