As Dubai’s real estate matures, investors and developers are exploring new possibilities for expansion. Now, the Gemini Group are bringing their high profile expertise to this exciting fast-paced market.
Gemini Property Developers are working on a project called Gemini Splendor: the first of a series of luxury residential projects in the Gulf Cooperation Council (GCC).
Gemini Splendor is an eight-storied residential building community offering smart, luxurious homes in the heart of Dubai. Located in the prestigious Sobha Hartland with breathtaking views of the Dubai skyline, it will deliver a mixture of one, two and three-bedroom apartments, penthouses and townhouses. Sudhakar R. Rao, managing director of Gemini Property Developers, said:
“As the surrounding developments take shape, Sobha Hartland will become the most sought after destination for people to live due to its strategic location with strong road and rail connectivity, embedded with great lifestyle, self-contained community, leisure and entertainment.”
“It is already surrounded by two highways while two new rail networks are expected to pass by the development. In addition to the location, our projects will create… a new signature of quality in real estate development.”
Designed by AEDAS, one of the world’s top five architecture and design practices, Gemini Splendor strikes a balance between luxury living and abundant open spaces. Each apartment will contain an open plan living room, spacious double bedrooms, modern bathroom facilities, and a large kitchen filled with practical, modern kitchen appliances, set up on arrival. On speaking to Construction Week, Chief Executive Officer, Sailesh Jatania, said:
“All of the kitchens will be fully equipped with white lacquered cabinets, and Siemens- and Ariston-branded inbuilt appliances, such as refrigerators, washing machines, dishwashers, hobs, hoods, and ovens, at no extra cost.”
However, the provisions in a Gemini home go beyond the kitchen. One of the apartment’s most remarkable inclusions is the smart-home automation system. It can wirelessly control lights, A/C, curtains and the home entertainment system.
Residents can set mood based environments remotely, and different rooms can be geared towards different moods. Range detectors understand when residents are within a 1km radius of their apartments. This will automatically switch the smart-home system on, in order to prepare the mood of the home for arrival. CEO Sailesh Jatania summarized the role of the automation. He said:
“The smart home system is supplied by a US-based firm, Lutron, and fitted in each apartment. It can control the lighting, curtains, music system, and air conditioning through an app, which can be installed on a smartphone. It can also be handled remotely. Additionally, it has a geo-fencing feature.”
The project has been self-financed by the Gemini group, as well as funded by banks. Gemini’s payment plan will “help property buyers and free them up from the cost of home finance burden”. According to the new scheme, buyers can pay for up to five years after handover under their own payment plan with as many as seven options. Sudhakar R Rao said:
“We want to give customers the freedom to pay at their ease, choice, and convenience.”
“Once the buyer moves in, upon paying 50%, it frees up the rents – that could be converted into monthly instalments for five years or as low as 0.83% per month, which could be paid in quarterly instalments.”
The flexible finance system of Gemini Splendor is viable thanks to the excellent prospects in Dubai’s property market. The current market is strong enough for Gemini to diversify their income between different payment plans.
High levels of construction work and sales are likely to continue into 2018, which is good news for the property group. It is also good news for families who wish to relocate to developments like Splendor. CEO of Dubai Real Estate Institute, Mahmoud Al Burai, said that Dubai’s Government has ruled out any slowdown in the local property market, citing a strong regulatory framework that continues to instill confidence among investors in the emirate’s real estate market. On speaking to a reporter, he said:
“Whoever believes in this country will be rewarded. This market is going very well, it’s sustainable and growing”
“What I see is that our market is becoming more mature and trust is at the highest level. The numbers with the Dubai Land Department show actual growth compared to last year. This is all due to a strong regulatory framework that we have developed.”
Activity in Dubai’s real estate market went up in the first half of 2017, as the DLD announced 68 real estate projects were registered during the period and were valued at Dh21 billion.
Sultan Butti bin Mejren, director-general of DLD, said that the 26 per cent increase in transactions and the 17 per cent increase in value is an unrivalled success for the sector.
Sailesh Jatania, CEO of Gemini Property Developers, considers the Expo 2020 to be an influential factor. Mr. Jatania said that land and property prices are inching up and developers are trying to complete their projects before Expo 2020. On speaking to Construction Weekly, he said:
“As we are approaching towards Expo 2020, most developers want to complete their projects prior to the event. Therefore, the prices of property and land are firming up in Dubai.”
However, CEO of Dubai Real Estate Institute has reminded the press that the Expo is not everything. He said:
“We don’t need to worry about a slowdown – the country’s growth is more sustainable. People don’t need to wait for Expo , Dubai is even beyond the Expo. It’s a country that is developing with great vision under great leadership. And even if there is a slowdown, let’s assume in the future, this is something temporary.”
In agreement with Mr. Burai, Danube Group chairman Rizwan Sajan also refuted reports of a slowdown in the local property market. He said:
“It’s not just Dubai Expo 2020 that we are looking at, we are looking much beyond that. Dubai is the place to stay,” adding that there has been an increase in transactions at the Dubai Land Department in terms of value and volumes.
In addition, property consultant Cavendish Maxwell has emphasised the strong activity in the construction sector. The company are expecting the completion of 30,402 homes in Dubai by the end of 2017. According to Core Savills estimates, over 3,500 housing units were delivered in Q2 2017 compared to 3,100 units during Q1. Deliveries were distributed across Warsan Village to tenants in International City, Dubailand, Dubai Silicon Oasis, Downtown Dubai, Jumeirah Village Circle and Palm Jumeirah, Belgravia phase 1 in Jumeirah Village Circle and Volante in Business Bay. The consultancy estimates that 11,200 units will be handed over in total for the remainder of this year.
Noorul Asif, chief operating officer of Schon Properties, has admitted that the first few months were sluggish, but that since July, work has increased, and it is expected to improve during the remainder of the year. In an interview with Khaleej Times, Mr. Asif said:
“July was the best month for us and August is even better. And for December, we expect sales to be even better by two or 2.5 times. What we have experienced is that now people are coming with cash to buy properties. So, all indicators are showing a positive trend and looking upward momentum.”
When one area holds this much promise, it must be supported by effective and capable public transportation systems. Dubai’s Roads and Transport Authority (RTA) are planning the construction of a new purple metro line. The line will be under the ground at Hartland, and it will be able to carry a sizeable amount of residents from one end of the district to the other. However, an overground rail service will also run near to the project, to connect external visitors with the area.
Good public transport links, modern apartments and visible finance plans seem to have earnt the Gemini Splendor project a positive reputation. Now, as the build enters its final stages, it eagerly awaits the verdict of quality control and testing. Once approved, the apartments will be ready to greet and welcome the first set of excited tenants.