Dubai: Omniyat Properties has started on the next phase of its land acquisition programme.
“We are part of the bidding process in multiple locations all over Dubai,” said Mahdi Amjad, CEO. “The intention is to build up a land bank in the next two years that can support another Dh10 billion in new projects.”
The developer, currently in its 10th year of operations, has so far used up between 70-80 per cent of the land portfolio that it built up during this period. Of this, Dh3 billion worth of projects have been delivered, another Dh3 billion’s worth are on their way to completion in the next 12 months, which will include the Opus and the Pad. Recently, there were projects declared including Anwa (the first high-rise located at Dubai Maritime City) and the One at the Palm Jumeirah. These would cost Dh3 billion or so.
In the latter half of this year, a fresh round of projects valued at Dh3 billion will be introduced, which effectively means most or all of its land bank would have been spoken for.
“Dubai Maritime City is a location where we see a lot of potential, more so as the revised master plan has been approved by the Dubai Municipality. The master-development has seen the addition of a lot of infrastructure and that will induce other developers to come out with their own launches. We are in line to announce a second tower there — and we have already been seeing some nice appreciation for the Anwa units, from Dh1,600 a square foot at launch to Dh2,100.
“Anyway, our intention when we go into any location is to create the most expensive project there.”
