Dubai’s AHS Properties plans to launch $850 million project next month amid increased demand for luxury properties in the emirate, its founder and CEO has said.
The Casa Canal project together Dubai water canal will have a mix of boutique residences, including three-bedroom penthouses, four- and five-bedroom sky villas and six-bedroom sky mansions and palaces.
The units are priced between Dh22.5 million ($6.12 million) and Dh185 million and the project will be delivered in the fourth quarter of 2025, Abbas Sajwani said. The National In an interview.
The project was designed by Shaun Killa, the mastermind behind Dubai’s Museum of the Future.
“Casa Canal is our largest project to date and is 70 percent sold even before its launch,” Sajwani said.
Mr. Sajwani is the son of Hussain Sajwani, founder of Damac and launched AHS in 2021 to capitalize on the growing demand for luxury properties in Dubai.
The company launched two projects worth $650 million last year, which were completely sold out. Casa Canal is the company’s third major project and it plans to launch a few more projects next year.
AHS currently has a portfolio valued at about $1.5 billion and funds projects through its own cash reserves.
Demand for luxury properties continues to rise in the emirate, driven by government initiatives such as residency permits for retired and remote workers and a broader economic recovery following the coronavirus-induced surge in oil prices.
The emirate recorded a 40.7 percent annual increase in residential sales volume valued at more than $10 million in the third quarter of 2023.
The volume of homes valued at more than $10 million in Dubai – the commercial and tourism center of the Middle East – amounted to more than $1.59 billion in the July-September period, according to the report.
Dubai also maintained the top position in the Knight Frank Prime Global Cities Index, with luxury property prices rising 48.8 percent in the first half of the year.
Luxury property prices in Dubai have soared 225 percent after hitting a pandemic-induced low in the third quarter of 2020.
“Price appreciation will continue because demand is still very strong,” Sajwani said.
“There are millions and billions of people in areas like… Europe, Russia, other Arab countries (and) China, and a lot of people want to move to Dubai from all these spaces. So I think the demand will continue,” she stated.
Europeans have been the biggest buyers of the company’s properties, as they are moving to the emirate “full time, not just buying them as a secondary home”, Sajwani added.
“We have seen a huge influx of Europeans over the last two years, and they continue to see the benefits of Dubai and what it has to offer.”
It foresaw large-scale changes to the landscape and skyline and paved the way for the next major residential and economic developments in the city.
The master plan also calls for the development of a “20 minute city” – provide residents with access to 80 percent of their daily needs and destinations within 20 minutes on foot or by bike.
Sajwani said there is no competition with Damac and that both companies “complement each other.”
“We have a certain niche that we focus on, which is, I would say, ultra-super luxury units and that’s what we want to continue to focus on.”
Damac is one of the largest real estate developers in the region, with projects in the United Arab Emirates, Lebanon, the United Kingdom, Jordan, Saudi Arabia and Qatar. He also built the only Trump-branded golf course in the Middle East in Dubai.
“My father is my biggest inspiration and he is also my advisor; Before doing anything, I follow his advice.”
AHS intends to expand to other countries, but has no plans to go public.
“We would like to do something in London because it also has a big appetite for super-luxury. “We don’t want to distance ourselves from our target audience or the super-luxury target clientele.”
The company is also considering Saudi Arabia, the largest economy in the Arab world, as it is a “very active market today and we also see it as a growing market.”
AHS began its journey with three villa projects in Palm Jumeirah and sold them for a combined value of about $75 million. He also completed a villa project in Emirates Hills that recently sold for $45 million.
“That was our focus two years ago and then in early 2022 we saw that there was a good market for luxury penthouses. So, we started by buying our first land in Palm and then in Canal, and we decided to continue in this field,” Sajwani said.
“We are pleased with the way we have grown over the last few years.”
Updated: October 17, 2023 at 3:00 am