Azizi plans to ride Dubai property wave with Dh30b ‘Venice’ project

Dubai: While all attention is being garnered by Palm Jebel Ali and the sales of super luxury homes there, one Dubai developer – Azizi – is not letting that get in the way of the launch of its Dh30 billion mixed-use community.

‘Azizi Venice’ aims to be the biggest single developer launch to date at Dubai South, where it will build the residential community over a 15 million square feet area. And a built-up area of a whopping 24 million square feet. In keeping with the Venice motif, there will be a lot of water bodies coursing through the project.

In full build mode, the development will host 30,000 homes and upwards of 70,000 residents.

The project, Azizi’s biggest in terms of value and size to date, has already launched construction and will go on sales from October 3. The price of the initial release of homes will be decided in the next day or so, according to Farhad Azizi, CEO.

“There’s going to be an opera house, an air-conditioned boulevard that will be an all-year shopping destination and a water park. Plus, schools and a hospital, plus even a smattering of offices. This is a project easily fits into what the market wants – and buyers are willing to pay for that.”

Dubai South’s getting extra popular

In the recent past, Dubai South has emerged as a major magnet for buyers/tenants seeking budget-friendly options. Two-bedroom apartments are listing for Dh1.2 million, and these are mostly new or recent builds. The 145 square kilometer master-development is also benefiting from the other elements, not least the Al Maktoum International Airport, the logistics and other commercial hubs.

‘Venice’ completion

Where possible, Farhad wants to ensure a tight construction schedule, with the first home handovers ‘well before 2027, if possible’.

“Even though this is 3 times the size of our other big community, Riviera, we will have much better control of all aspects of the construction,” the CEO said. “We don’t have to create a situation with multiple phases – that takes up too much time.

“So, even with 15 million square feet to build on, direct control on construction means we can keep the project moving at the right speed. That applies to the zoning of the project, etc.

“This is the first time we are taking this approach to our construction.”

If Azizi is able to meet the target of first deliveries before 2027, the project will be right on time as demand peaks for Dubai South’s residential options.

Contractors on a high

With Dubai seeing the build out of the second Palm and now, of ‘Venice’, the construction sector sure will be sitting pretty. Even though cost of construction has started to creep up, since June in particular.

For Venice, the initial works are progressing smoothly, said the Azizi CEO. “The other good thing is we can time the stages – whether new launches or construction – in sync with market cycles,” he added. “But right now, I don’t want to see the project taking too long for completion.”