Reportage Properties, a leading UAE real estate developer, has announced its latest project, Reportage Village, the first project to be developed under its new subsidiary Reportage International Real Estate, which is set to transform the landscape of Dubailand.
This ambitious venture represents a significant milestone in the company's growth, with a substantial Dh2 billion investment and projected revenue of up to Dh3.3 billion.
Spanning an expansive 307.4 million square feet, Reportage Village marks a landmark investment exceeding Dh2 billion. The development will comprise 1,767 townhouse units, offering two, three, and four-bedroom layouts, ranging from 1,567 to 2,370 square feet. Prices start at a competitive Dh1.55 million and extend to Dh2.19 million, providing an array of choices for prospective homeowners.
The acquisition of the project's entire land area, acquired from Dubai Holding in a fully cash-based transaction totaling Dh285 million, underscores Reportage Properties' financial strength and unwavering commitment to excellence and innovation. Additionally, over Dh45 million will be invested in essential utilities and infrastructure, reaffirming the company's holistic approach to community development.
Andrea Nucera, Managing Director of the Reportage Group, expressed his enthusiasm for this project, emphasizing the company's expansion strategy firmly grounded in a robust business model devoid of external financial leverage. "Reportage Village," boasting a new inventory value of Dh3.3 billion, is set to boost the company's sales volume, with projections exceeding $1 billion in 2023, including an impressive $682 million expected in the second quarter.
Nucera further revealed that "Reportage Village" is the first of five exciting projects the group plans to launch in the market over the next six months, collectively valued at over Dh7 billion. He highlighted the company's successful delivery of more than 3,000 units across various projects in Abu Dhabi and Dubai in 2023, exemplifying their commitment to on-time project completion.
Mohammad Al Wahash, Executive Director and Partner at Reportage International Real Estate LLC, expressed his optimism for this venture, envisioning a promising future for both parties and the industry as a whole.
With a diverse portfolio of 32 projects spanning the Emirates, Egypt, Turkey, Morocco, Saudi Arabia, and East Africa, Reportage Properties continues to shape the modern living landscape in the UAE. Reportage Village is the latest testament to their unwavering dedication to excellence and innovation.