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Mobilisation starts for $327mln One Residence project; Top executive Masood Gheyath highlights investment potential of Downtown Dubai
Dubai-based developer GINCO Properties, which recently launched the 1.2 billion UAE dirhams ($327 million) ‘One Residence’ luxury residential project in Downtown Dubai, plans to launch two new projects by the first quarter of 2025, a senior company official said.
Managing Director Masood Gheyath told Zawya Projects that the two projects are currently in the detailed design stage.
“We have two projects under construction and another two are in the final design stage,” he said. “These will be launched by the end of 2024 and the first quarter of 2025 with the overall value exceeding 2.5 billion UAE dirhams ($681 million)."
Gheyath revealed mobilisation works have commenced and main contractor onboarded for One Residence project.
“The fence and the project signboard have been fixed already and excavation works will start shortly,” he said.
The 30-storey, 453-unit tower is scheduled to be handed over in the first quarter of 2027.
The GINCO Properties executive highlighted the strong investment potential of Downtown Dubai noting that investors can expect rental yields ranging from 5 percent to 7 percent annually. Additionally, property values in the area are expected to appreciate by 10 percent to 15 percent per year, based on market conditions, property type, and location.
“Historically we have witnessed the potential for capital appreciation in luxury properties like ‘One Residence’ are much stronger,” said Gheyath.
He also noted that the project’s design complies with Dubai’s green building regulations.
“Energy consumption is controlled through adopting the U values mentioned in Dubai Building Code which includes all the external surfaces and glass areas while the air conditioning systems match the power efficiency requirements laid out in the Code.”
One Residence is designed by American architect Brad Wilkins, who specialises in the design of energy-efficient skyscrapers.
While acknowledging the recent increase in construction material costs, Gheyath expressed confidence in the continued growth of the real estate sector.
“There is varied increase in some major items such as concrete and related items like block and plaster, aluminium, steel and MEP products,” he observed. “?We believe the real estate market will continue to grow, driven by major UAE developers such as Emaar and Dubai Holding.”
GINCO Properties is a subsidiary of the 45-year-old Dubai-headquartered Ginco Group, which includes prominent companies such as Ginco General Contracting and National Aluminium. |
