Dubai: Gemini Property Developers, the real estate division of Gemini Energy Group, said on Thursday it is on track to launch a residential project in Dubai’s Business Bay later this year.
Sailesh Jatania, chief executive officer of Gemini Property, said the project — Splendor at Dubai’s Mohammad bin Rashid City — is currently in the design stage, and will comprise 450 units. Contracts have not yet been awarded, and the company is currently waiting to receive the building permits.
Jatania declined to disclose further details on the project as it is yet to be announced.
Asked whether Dubai’s property market was ready for more launches given the decline in rental rates and sales prices over the past two years, the CEO said he believed the market is now at the bottom of the cycle. Jatania added that he expected to see a rise in prices going forward.
“Lower oil prices have really dampened the market for the past few years. People want to buy, but there isn’t much liquidity in the market, and that’s a challenge. Because we’re looking at end users, and not so much the investor community, we’re not worried about launching new projects,” Jatania said.
He was speaking at a press conference on Thursday to announce a new payment plan for the developer’s latest project, a Dh280-million residential building in Dubai’s Mohammad bin Rashid City. The plan will allow buyers to move in to their units after a 50 per cent payment, and to pay the rest over five years.
The project, which comprises 134 units, is 75 per cent complete and on track for handover in January 2018. Gemini Property had signed a deal with SPF Realty, a brokerage firm, to market and sell the project.
So far, only 30 per cent of the units have been sold, but SPF and Gemini believe they can sell the rest over the next few months. “This payment plan so far beats every other in the market, and will encourage tenants to consider buying a home at Splendor at MBR City,” said Ranjeet Chavan, SPF Realty’s chief executive officer.
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