Developer powers new tower in Al Furjan with solar energy to drive demand
Solar panels installed on the terrace will keep utility bills low
Asoft market has led developers in Dubai real estate to offer a range of incentives, such as fee waivers, special features, rent- to- own, as well as partnerships with banks to attract new investors and end- users looking to take advantage of the lower prices.
A recent report by real estate consultancy JLL says the UAE residential market is expected to remain under pressure in the short term. However, the residential sector has recorded an uptick in construction activities, and market experts feel with the re- issuance of UAE residence visas, there will be pent up demand in the market.
Shadaab Ahmed Shabbir Patel, managing director of Oscar Real Estate, says in Dubai real estate, prices vary based on demand and supply. “For instance, if there are 100 construction units, and the demand is for 90, there is naturally an imbalance in the market,” he says.
The Oscar Group of Companies, founded by the Chairman Shabbir N Patel, has developed multiple real estate projects in India and the UAE, including several villa projects in Emirates Hills. “We were, in fact, the first expatriate company to launch projects when the UAE had begun to grant ownership of properties to foreigners.”
The company’s current developments include an apartment building in Discovery Gardens ( Building 84) and another in Jumeirah Village Triangle ( Noor Apartment 1) that have been leased to tenants by the developer.
As a developer, Patel sees a potential in the Al Furjan area, a vibrant neighbourhood in Dubai that enjoys easy access with a great metro connectivity. Patel is currently developing the Shadaab Noor Tower, an apartment building in Al Furjan. “Fullyfurnished units will be available on rent,” says Patel. The ground- plus 12- storey tower has two- bedroom apartments with six flats per floor and three- bedroom penthouses on the top floors that are accessed by separate elevators. The building has a commercial space of 15,000 square feet and a club house and swimming pool.
Focus on sustainability
To secure demand, Patel has ensured that units are spacious and designed to maximize cross ventilation. “We have focused on sustainability and installed solar panels on the terrace so that the utility bills don’t go up and simultaneously we are able to protect the environment,” says Patel, who is confident of Dubai’ strong market fundamentals.