The surging demand for residential properties in Dubai is triggering new alignments in the industry, with Karma Developers, a prominent player in the luxury segment in the UAE, and DECA Properties, a globally leading development management company with operations in the US and Europe among other countries, moving to join hands to develop housing projects across some of the prime locations in the city.
The partnership, billed as the first of such kind in Dubai in recent years, will launch a clutch of projects in the fiercely competitive mid-size development segment, with an initial investment kitty of AED1.3 billion (over $354 million).
The collaboration, said to be meant to bring better efficiencies and speed to project launches, quality and completion, is aimed at developing “exciting new living experiences” in Dubai, the company officials said.
“Dubai’s [real estate] growth story continues to astound the world, and our move is to help further augment the growth momentum,” Shahzad Narain Saxena, Chief Executive Officer of Karma Developers, told Arabian Business.
“Our collaboration is based on a promise of excellence and innovation, not to mention value and superior build quality,” he added.
Saxena said the two companies will be committed to contribute to the emirate’s development through creating outstanding real estate projects.
“At Karma Developers, we firmly believe in Dubai’s future as a global hub for living, business, and tourism,” he said.
Karma Developers, known for its flagship project – the Beach House on Palm Jumeirah – is an established industry player with successful projects in India, Cyprus, and the UK, besides the UAE.
Exciting living experiences coming to Dubai
Company sources said the new partnership will quickly move to announce a series of new residential projects in the initial three month period itself.
Olivia Residences in Dubai Investments Park (DIP), and two other distinctive developments in Arjan and DLRC will be among the projects in the initial phase.
These will feature more than 484 apartments supported by retail and community facilities.
“The collective aim is to develop exciting new living experiences across prime locations in Dubai with an existing project pipeline valued at AED1.3 Billion,” Saxena said.
Industry experts said the new partnership will be an exciting new addition to Dubai’s – as also the UAE’s – fast expanding realty landscape, potentially setting set new standards for design and project execution.
DECA Properties to expand its footprint in the region
For DECA Properties, billed as a leader in forming partnerships in the realty sector, the tie-up with Karma will help it to build a strong and robust footprint in the region.
The company has a record number of over 2,500 alliance partners across the globe, including the UK, US, France, Russia, China, India, and South Africa.
Its sales and marketing services to local real estate developers through the leveraging of this extensive network will be a real asset to both itself and the UAE company as they look to establish strong credentials in Dubai as also in the wider region.
Follow us on
