Canvas sketches right fit for millennials
Dubai developer KOA’s first venture gets creative with the details
All through the years, Dubai’s developers have built keeping investors and end users in mind, for extended families and the nuclear ones, and for the wealthy and those willing to spend to a budget.
Now, some are turning their attention to a potential buyer’s age in mapping out a project canvas.
Chalk down Mohammad Zaal, CEO of the recently created property developer KOA as firmly entrenched in the latter category. Since KOA’s launch, he has been strident about creating projects tuned to the lifestyles and tastes of the millennials, an age group loosely defined as those between 20 and 35 years.
For Zaal, this insistence is much more than about finding a marketing advantage. His first venture — titled the “Canvas” — has now gone through its initial sales phase, and the majority of the buyers were in their early 30s and first-time buyers in Dubai.
“These were people who had lived for 8-12 years in Dubai and felt the time was right to get into the property market,” said Zaal. “And they had clear views on what they wanted to buy for their homes.”
But what’s so special with the millennials? And what do they want? “They want a clear palette in designing their homes and the space within the way they want,” said Zaal.
“That’s a reason why no single apartment unit at the Canvas is the same in terms of layout. The last thing these buyers want is uniformity. These are buyers who place a premium on craftsmanship — that meant we will use more of natural materials, stone and wood where possible.”
Price
And does this micro detailing come at a premium? The units are priced from Dh700,000 to Dh5 million, which given the space works out to Dh1,000-Dh1,200 a square foot. Located off Shaikh Mohammad Bin Zayed Road, the Canvas spread takes in 250,000 square feet.
The first of the two buildings making up the Canvas will be ready for occupancy by May next year. Unit sales are way past the 50 per cent mark. The second building, featuring residences and hotel apartments, go on sale later this year. (Between the two buildings there will be 70 apartments.)
Given Zaal’s track-record, the focus on something over and above the market norm is to be accepted. He and his family helmed the Al Barari community, one of Dubai’s super-luxury enclaves.
According to Zaal, Al Barari and whatever KOA will create are completely different in tone and structure.