Dubai, renowned for its opulent skyline and luxury real estate, is set to welcome a new landmark development by Sankari Properties. The ambitious $1 billion project will be located in the prestigious Marasi Marina area of Business Bay, marking the developer's significant entry into the city's thriving ultra-luxury property market.
An Impressive Debut
Sankari Properties, a newcomer in Dubai's real estate sector, is leveraging the robust investor interest in high-end properties with this flagship project. The development features twin residential towers comprising three, four, and five-bedroom apartments, with prices starting at a substantial $10 million. Each unit spans approximately 600 square meters and occupies an entire floor, ensuring unparalleled privacy and security for residents.
Completion and Launch
Scheduled for completion in the fourth quarter of 2027, the project will initially offer 57 exclusive units. While the official launch date remains under wraps, Mohammed Sankari, the company's chairman, has hinted at an imminent announcement.
Expanding Horizons
Sankari Properties is a newly established entity, created to celebrate the 40th anniversary of Paris Group. Founded by Abdulkader Sankari in 1983, Paris Group is a flagship unit of the UAE-based Sankari Investment Group, known globally for its high-end fashion and retail presence with over 300 stores worldwide.
Building on its legacy, Sankari Properties has an ambitious pipeline, including promising projects on the iconic Palm Jumeirah. “This is just the beginning,” stated Mohammed Sankari, alluding to more forthcoming surprises in their portfolio.
Market Context
Dubai's property market has seen a remarkable upsurge, driven by economic growth and favorable government initiatives like residency permits for retirees and remote workers, alongside the expansion of the 10-year golden visa program.
The ultra-luxury segment, in particular, is experiencing unprecedented growth. Knight Frank, a global real estate consultancy, forecasts a 13.5 percent growth rate for Dubai's luxury residential market in 2023, the highest globally. This growth is attributed to a supply-demand imbalance and the emirate's positive economic trajectory. Areas such as The Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island are leading the charge with their high-value properties, positioning Dubai as the world’s fourth-most active luxury residential market.
A Unique Proposition
Sankari Properties aims to carve a niche in this competitive landscape by focusing on ultra-luxury and expansive living spaces. “We don't believe in something very tight or very tiny,” Mohammed Sankari emphasized. The company’s strategy involves not just competing with established players like Emaar Properties, Damac Properties, and Omniyat, but also complementing the market with unique offerings that cater to the most discerning buyers.
Strategic Approach
Despite being a new entrant, Sankari Properties is confident in its thorough market research and the expertise of its team, which includes top-notch consultants, interior designers, and architects. “Competition is nice and to be in the market alone is difficult. We are in a market that's already established and there are already big players doing an excellent job,” Mr. Sankari acknowledged.
Additional Insights
- Project Highlights: The twin residential towers will feature high-end amenities including private swimming pools, fitness centers, and dedicated leisure areas.
- Security and Privacy: Each apartment occupying an entire floor underscores the project’s commitment to privacy and exclusive living.
- Future Projects: Sankari hinted at upcoming developments, including projects on The Palm Jumeirah, aimed at further establishing their presence in the luxury real estate market.
Conclusion
As Dubai's demand for luxury real estate continues to soar, Sankari Properties' ambitious projects promise to set new benchmarks in luxury living, attracting high-net-worth individuals and investors from around the globe. The company's entry into Dubai’s ultra-luxury real estate market with a $1 billion development in Business Bay signifies a bold move that could redefine luxury living standards in the city. With strategic planning, expert collaboration, and a clear vision, Sankari Properties is poised to make a significant impact and attract the world's elite to its prestigious offerings.