Dubai’s Sankari Properties set to award main contract for Marasi Marina project by mid-2024

Dubai-based Sankari Properties intends to award the main contract for its first flagship twin residential tower in Marasi Marina [at Dubai Water Canal] by the second quarter of 2024, Chairman Mohammed Sankari told Zawya Projects. “Our development experts are working with reliable and quality partners to deliver the project. We aim to complete the project by the end of 2027,” he said.

The developer’s portfolio includes a variety of developments in key locations such as Marasi Business Bay, Palm Jumeirah, and other strategic plots within emerging masterplan developments. Although Dubai remains a focal point, the chairman stated that Sankari Properties is exploring opportunities across other emirates and locales in the Middle East. Excerpts from the interview What market factors led you to launch the twin residential tower in Marasi Marina? With the launch of Sankari Properties, we are stepping into a new chapter of our business – premium real estate in the UAE.

Our goal is not just to build towers; it’s about expressing the luxury experience at a new level – unmatched and unexpressed. Our journey aligns closely with the UAE’s vision for economic diversification and progress. Why Marasi Marina? Well, it’s not just a strategic move; it’s a response to the market’s heartbeat.

There is a demand for quality and design matched with functionality. This will be the defining factor for our developments. The location is unique; it’s a canvas for us.

What is the cost of the project? Our flagship twin-tower residential project holds a significant market value totalling $1 billion. This landmark project is currently in the development stages. When did you acquire the land for the project? Are you now seeing an increase in land price in the master development? We secured the land five years ago intending to build a groundbreaking project.

The appreciating land values within the master development since our acquisition validate the area’s potential and our strategic foresight and initial investment. The twin towers are on a standalone plot with access to the marina waterfront on two sides, offering access and breathtaking views of Marasi Marina and Downtown Dubai. Each tower hosts 3, 4, and 5-bedroom apartments.

These residences, starting at an expansive 6,500 square feet and occupying entire floors, reflect our dedication to offering unparalleled space, privacy, and pioneering design for high-end living. An international luxury hotel operator will manage the residences. This strategic partnership reiterates our commitment to elevating residential living to the highest global standards.

Are you seeing an increase in construction costs in the UAE? We have observed a rise in construction costs in the UAE, driven by global economic factors and an increased demand for materials such as steel and skilled contractors. But this trend reflects the growing vibrancy of the construction sector. Our agile, forward-thinking team is committed to ensuring these economic changes do not impact the premium quality and innovation that define our projects.

We focus on proactive adaptation, seeking creative solutions that address these challenges and elevate our operational excellence. This approach allows us to maintain our standard of luxury. What is your project’s USP in terms of design? In partnership with Foster & Partners, we are crafting more than just buildings.

We focus on creating aesthetically pleasing spaces and profoundly nurturing the body and mind. Each element, from the flow of the interiors to the embrace of natural light, is thoughtfully conceived to foster a lifestyle of balance and serenity. At the heart of this project are expansive terraces designed to extend the living spaces into the embrace of the outdoors.

Our vision is to create an ecosystem that supports and enhances the well-being of its inhabitants. What will be the sustainable elements of the project? Our commitment to sustainability is not just a policy but a core principle guiding our every action. We understand that creating enduring spaces goes hand in hand with deeply respecting the environment.

This is why our project is meticulously aligned with the guidelines set forth by the UAE government, reflecting our dedication to environmental stewardship. How much landbank do you own in the UAE? We have a significant landbank strategically situated across Dubai and the UAE. Each location has been carefully selected, not just for its geographical advantages but also for its potential to transform into a landmark of elegance and opulence.

We continue to grow our landbank, which is a step towards realising our dream of creating a legacy of luxury that stands the test of time. Are there plans to enter other emirates and markets in the Middle East? While focusing on Dubai, we are also studying opportunities across other emirates and key locales in the Middle East. However, we will approach any expansion with a measured, thoughtful approach.

Our current land banks and completed assets in Dubai present avenues for development, and our strategy is to harness their full potential. Do you plan to launch more luxury projects in the UAE? The flagship residence marks the beginning of several forthcoming projects. The company’s pipeline features a variety of developments located in key areas such as Marasi Business Bay, Palm Jumeirah, and other strategic plots within emerging masterplans.

We aim to create spaces that are not just homes but sanctuaries of high-end, holistic living. We are not just planning for the future but shaping it with every project we undertake. In the past, the construction industry faced headwinds regarding high interest rates and shortage of construction materials.

How do you propose to deal with these and similar challenges should they arise? We understand that navigating these complexities requires skill and forging solid partnerships. Foster & Partners bring to our projects a level of architectural innovation that is globally recognised. Their designs do more than occupy space; they redefine it, creating functional and beautiful landmarks.

This partnership ensures that our developments aren’t just structures but icons of luxury and design. Simultaneously, the financial expertise of JLL and Gleeds equips us to manoeuvre through the fluctuating global market with precision and foresight. We also house a team of experts with extensive industry experience and knowledge.

Their collective insights are vital in balancing luxury and feasibility, allowing us to make decisions that align with market trends and our clients’ high expectations. One of the things that makes us unique is our perspective – we see challenges as opportunities to push forward, grow and learn. The economic factors will impact the sales; however, we are well prepared.

We are financially strong and have ensured that the project is fully funded. This strength means we can finish our projects without relying solely on sales. What is your outlook on the real estate market in the UAE, particularly Dubai, over the next two years? Dubai’s real estate sector’s fundamentals remain exceptionally robust.

The city’s growth, characterised by a steadily increasing population and a flourishing hospitality sector, sets a fertile ground for real estate developments, especially in the ultra-high-end residential market. Post-pandemic, this segment has witnessed a surge in demand, which aligns perfectly with our strategic focus. Our key projects are meticulously designed to cater to this niche – the discerning few seeking a residence and an enhanced living experience.

Our confidence in meeting this demand is bolstered by the limited supply of such high-calibre properties in the market, coupled with our commitment to delivering a product that is nothing short of superior. Moreover, our extensive land bank significantly enhances our position’s strength. This asset is not just a collection of plots but a repository of potential that aligns with our vision of luxury and exclusivity.

(Reporting by P Deol; Editing by Anoop Menon) (anoop. menon@lseg. com) Subscribe to our Projects’ PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.