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Acube will self-fund the 23-storey VEGA tower in Dubai Sports City, states Chairman Ramjee Iyer The appetite for off-plan properties remains strong in Dubai, driven by innovative financing options and a vibrant investment landscape, Acube Developments Chairman & Managing Director Ramjee Iyer told Zawya Projects. On Monday, the company launched the 1.5 billion UAE dirhams ($408.4 million) VEGA in Dubai Sports City. The 23-storey residential tower is slated for completion in Q2 2027. Iyer said the company is finalising the appointment for the enabling and main construction works for the project, which will be self-funded. Interview excerpts: What is your view on Dubai’s off-plan market for 2025? While it’s probably a little early to make specific projections for 2025 at this moment, we have all seen that Dubai’s off-plan market has shown remarkable resilience and growth. The appetite for off-plan properties remains strong, fuelled by innovative financing options and a thriving investment landscape. As we continue to innovate and deliver high-quality projects, I anticipate that demand will remain robust. How did you perform in terms of off-plan sales last year? How many projects were launched in the previous year? We performed well in terms of off-plan sales last year. We launched two projects, each catering to unique market segments and showcasing our commitment to quality and innovation. One of these projects was introduced in Jumeirah Village Circle (JVC), offering contemporary living with family-centric amenities. The other was in Dubai Sports City, known for its vibrant lifestyle and proximity to key landmarks. Both projects have been met with great enthusiasm from buyers, reflecting the growing demand for thoughtfully designed homes in prime locations. Can a demand for a project be gauged from off-plan sales? Absolutely, demand for a project can be significantly gauged from off-plan sales. These transactions reflect buyer interest and confidence in our developments. However, we also strategically release limited inventory and may sell completed units at a premium to maximise investment return. It’s all about adapting to market dynamics to ensure the best outcomes. What is the total development cost of VEGA in Dubai Sports City? The total development cost of VEGA in Dubai Sports City is approximately AED 1.5 billion. This investment reflects our commitment to creating outstanding living spaces that align with Dubai’s vision for future growth. How do you intend to fund VEGA? We intend to fund the project entirely in-house. By funding in-house, we retain complete control over every aspect of development. Which company has been appointed for the enabling and main construction works? If not, when do you intend to issue and award the tenders? We are in the process of finalising the appointment for the enabling and main construction works for VEGA. We engage the most qualified contractors and suppliers to ensure the project meets the highest quality standards. This way, we are committed to delivering a landmark development that aligns with our vision of exceptional quality. Are you seeing an increase in tender prices compared to 2024? Yes, we have observed an increase in tender prices compared to 2024. This directly reflects the dynamic growth in the UAE’s real estate market, fuelled by surging demand across residential, commercial, and hospitality sectors. Rising raw material costs and intensified competition have also played a significant role in driving up prices. However, this trend positively indicates the UAE’s broader economic recovery and resilience. The real estate sector continues to show remarkable progress, highlighting the strength of the market and the enduring confidence of investors and stakeholders. Who is the architect for the project? Adnan Saffarini Office is the project manager for VEGA. Known for their experience and expertise in overseeing landmark projects across the UAE, they bring unparalleled precision and professionalism to the table. How do you ensure that you meet your second quarter 2027 handover deadline? To ensure we meet our handover deadline, we have implemented a comprehensive project plan that includes clear milestones and resource allocation. Regular progress evaluations and proactive problem-solving are key, along with maintaining open lines of communication with all stakeholders involved in the project. |
