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Sat 30 Jun 2018 10:22 AM

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Developer eyes more ultra-luxury projects in Dubai, wider UAE

Bosses at Signature Developers say the penthouse concept remains in short supply in the UAE

Developer eyes more ultra-luxury projects in Dubai, wider UAE
Inside The 118 at Downtown Dubai.

Signature Developers has said it is committed to building more real estate aimed at ultra-high net worth individuals in Dubai.

With an increasing number of multi-millionaires looking to Dubai, the developer said opportunities for luxury home ownership is limited, particularly for the multi-centre business person.

Despite the continued development of large-scale villas and mansions, the penthouse concept remains in short supply, said Signature Developers in a statement.

Raju Shroff, director at Signature Developers, who own The 118 in Downtown Dubai, told Dubai’s Business Breakfast on Dubai Eye 103.8: “There is a niche out there for quality, those who are looking for their third or fourth home, and when you reach out to a customer of that level, it’s the lifestyle they’re looking for.

"We’ve done a tremendous amount of research over the last decade, we’ve watched the trends, and seen how the sector has developed, and we can see that the super prime category is under-supplied. Despite it’s young status, the market is dynamic, and expectations from owners are high.”

Shroff’s partner at Signature Developers, Jayant Ganwani, added: “Ultra luxury property consistently outperforms other segments, as it's somewhat protected from global economic issues; people will always turn to bricks and mortar when looking for somewhere to invest their money."

Signature Developers said they are looking to add projects across the city, and potentially the wider UAE.

The developer has completed handover of its super prime development in the Downtown Dubai district, The 118, a luxury condominium tower with just 28 residences - 26 single-storey apartments and two-duplex penthouses.

Signature Developers is currently overseeing the final stages of The Residences JLT, a mixed-use tower in Dubai’s Jumeirah Lakes Towers with 80 luxury residential units set atop a five-star hotel to be managed by Taj Hotels & Resorts.

According to the Knight Frank’s 2017 Wealth Report, Dubai will witness a 60 percent surge in the number of ultra high net worth individuals (those with personal assets of $30 million or more) by 2026.