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The developer will issue the main contract for $300mln Kensington Gardens in Greenwood in July, CEO Rui Lui tells Zawya Projects Dubai-based LEOS Developments is working on multiple luxury residential and lifestyle projects in 2025, with investments totalling billions of dirhams fuelled by strong market momentum. “Dubai remains a global hotspot for real estate investment, with off-plan properties offering attractive opportunities for both end-users and investors,” Chief Executive Officer Rui Lui told Zawya Projects. “We expect to see sustained momentum this year, supported by economic growth, infrastructure development, and increasing interest from international buyers,” he added. LEOS Developments is all set to issue the main contract for the 1.1 billion UAE dirhams ($299.52 million) Kensington Gardens in Greenwood in Al Warsan in July. The AED 475 million ($129 million) Weybridge Gardens 4 in Dubailand is on track to meet its scheduled completion. Below are Interview excerpts What market factors compelled you to launch Kensington Gardens in Greenwood? Greenwood is rapidly emerging as a highly sought-after destination to cater to the growing demand for nature-inspired upscale living. The areas excellent connectivity, robust infrastructure, and growing investor interest made it a natural choice for us. Additionally, the Greenwood community is wellness driven and perfect for health-conscious residents. What is the tender timeline for Kensington Gardens? We have issued the enabling works contract for Kensington Gardens, and the main contract is set to be awarded in July. We are following a structured tender process, ensuring we partner with top-tier contractors to guarantee the highest standards of quality. Similarly, Weybridge Gardens 4 in Dubailand is on track, with a carefully defined timeline that will ensure we stay on course. Weybridge Gardens is scheduled for handover in the second quarter of 2027, while Kensington Gardens is set for the fourth quarter of 2027. Meeting these deadlines is our priority. We aim to achieve timely handover through collaboration with the project stakeholders. When did you acquire the land for Kensington Gardens? Are you now seeing an increase in land prices in Greenwood? We acquired the land for Kensington Gardens in the first quarter of 2024, well ahead of the recent surge in demand for prime plots in Greenwood. Over the past year, there has been a steady increase in land values, driven by heightened investor confidence and significant government-backed infrastructure investments that have transformed the area. How do you intend to fund Kensington Gardens? The project is fully self-funded, which reflects our financial strength and continued success. Our track record of delivering high-quality projects has positioned us to reinvest directly into our developments. This allows us to maintain full control over the execution and quality of the project, ensuring both financial stability and a commitment to excellence. What is the project’s USP in terms of design? The residences reflect British and European quality standards, with interiors by LUD Studios, a British design and engineering consultancy. The project’s standout features include private terraces with hydroponic gardens for each villa, fostering a connection to nature and promoting sustainable urban living. A larger communal garden with shared access further enhances the community’s green footprint. Additionally, at the heart of Greenwood, the larger master community, lies a 99,000-square-metre Central Park, providing a lush sanctuary for residents. The development will feature 460,000 sqm of open space, 12.5 km of jogging and cycling tracks, and dedicated yoga, meditation, and outdoor fitness areas. Kensington Gardens offers premium residences that cater to discerning buyers who value quality, exclusivity, and long-term value. What will be the sustainable elements of the project? The project will feature energy-efficient systems, including those centred around water consumption. We are also exploring the utilisation of energy-efficient materials throughout the construction process. Are tender prices on the rise in the UAE? We have observed a trend of construction tender return prices being higher than anticipated. This is driven partly by the boom in the UAE’s real estate sector and the influx of larger contractors acquiring work outside of the UAE. What are the biggest challenges you expect in the coming years? We anticipate challenges related to rising construction costs, supply chain disruptions, and changing regulatory landscapes. We are proactively addressing these through careful forward planning, strategic procurement, and the adoption of advanced construction technologies. How much land bank do you own in the UAE? We hold a diverse land bank across some of Dubai’s most desirable locations. We are exploring options to increase our landbank, focusing on locations with significant growth opportunities. Are there plans to enter other emirates and markets in the Middle East? We have already expanded globally, establishing a strong presence in key markets worldwide. As we continue to grow, we are always exploring opportunities for strategic expansion. The Middle East is an important region for us, and while our focus remains on delivering excellence in our current developments, we see strong potential to consider further expansion into other emirates and markets in the region provided the timing is right. What is your outlook on the real estate market in the UAE, particularly Dubai’s off-plan market, for 2025? We have a highly positive outlook on the UAE real estate market, particularly the off-plan segment for 2025. The demand for high-quality, well-designed properties continues to grow, driven by strong investor confidence, population growth, and the government’s ongoing initiatives to enhance the country’s real estate landscape. Dubai, in particular, remains a global hotspot for real estate investment, with off-plan properties offering attractive opportunities for both end-users and investors. We expect to see sustained momentum in 2025, supported by economic growth, infrastructure development, and increasing interest from international buyers. |
