Dubai: Don’t expect Ebrahim Al Ghurair, founder of Muraba Properties, to seed the market with new launches. As of now, he has the one project in the build-up phase at the Palm, and that is all he is counting on for the moment.
Even through it was his first project as an investor in his own right, Al Ghurair preferred to develop a G+9 property and one which did not go overboard in terms of how it looked on the outside. Rather the focus was on getting the interior mix right and making full use of the closeness to the shoreline. All of the 40 odd units have a sea-facing view.
“I didn’t want to build a “sculpture” that would have been admired by passers-by but had no people actually staying in it,” said Al Ghurair. “That’s the reason I did not go overboard with the way the property was to look ... the preference was for a straightforward one. The priority was to create a living space that owners actually want to stay in.”
The project — for which the plot was acquired a year ago — is expected to cost Dh300 million plus and be ready by April 2016. Khansaheb is the contractor.
All of the details on what should go into each of the apartments have been minutely planned well in advance of the actual construction. That enabled the developer to have a firm grip on the costs through the project cycle. “The biggest plus from bringing all of this forward was project delays can be avoided, and thus there will be cost benefits in the future.”
Al Ghurair also prefers to be measured in coming up with additional launches. “I do not believe in taking on a lot of projects at the same time ... invariably that would mean engaging in speculative practices. That’s not for me.”
