Dubai: The Italian luxury brands are back in Dubai – putting their names and aura to high-profile residential projects.
This time, Saudi Arabia’s Dar Al Arkan – the Kingdom’s biggest privately owned developer by some distance – is launching ‘Urban Oasis’, a Dh800 million project off Dubai Water Canal. Now, what sets this apart is that Dar Al Arkan has roped in the Italian fashion label Missoni as a partner in the project.
It is also Missoni’s second real estate project, with the first being in Miami.
The two will bring the ‘MissoniHome’ line in interiors, décor and furnishings for the first time to the UAE. Construction of the tower is underway, and which makes the developer sure of completion before end 2023. (A four-bedroom penthouse directly overlooking the Dubai Water Canal is pegged at Dh20 million. On the construction side, the project has touched the 15th storey.)
For Dar Al Arkan, this represents a revival of what will be its first project in Dubai. It had earlier launched a project at the site and then pulled back because the property market had gone into a downturn. Now, with the Dubai offplan sales market back to near boom times, the developer felt it was ready to get back in – but with a Missoni alliance.
Value of Dar Al Arkan's land bank in Saudi Arabia
“We are re-launching with a new co-brand partnership as we believe it’s in line with our commitment to deliver high-quality projects to customers, whether for investment or home ownership,” said Ziad El Char, Vice-Chairman of Dar Al Arkan Real Estate Development Company. “We’re planning for more projects in Dubai within the next six months.
“We mainly select international designers who are relevant to the target market. So our approach is not just a brand tag but to partner with a fashion brand with interior design already integrated within it. The Missoni home line is unique, vibrant and very attractive.”
Recently, projects with the Roberto Cavalli and Lamborghini associations were launched in Dubai.
Bunch of brand alliances
In Saudi Arabia, Dar Al Arkan has quite a line up of projects – many with the choicest fashion names. These include the Shams Ar Riyadh villas with interiors by Elie Saab, Versace and Roberto Cavalli.
“We have a unique collaboration with Versace Home, which will bring the world's first-ever villas with interiors by Versace Home overlooking the historic Wadi Hanifa,” said El Char. “In addition, we have the first ever villas with interiors by Roberto Cavalli with designs reflecting the height of Italian fashion.
“More recently, we launched a limited number of co-branded villas with designer Elie Saab that reflect the exceptional detailing Saab is recognised for globally.
"We do not own any land in the UAE beyond the current project. However, with 20 per cent of all real estate sales by any developer going to a Saudi investor in the UAE, we believe we are uniquely positioned to offer Saudi investors an attractive entry into this market. We are always considering opportunities to add to our investments in the UAE, especially now that the market has turned more favourable."
Outside of the Gulf, the developer has 'Sidra', a new gated community in the "heart of Bosnia". There is also a five-star hotel set within some heavy forests and mountains.
The property market in Dubai is moving at an attractive pace and the number and value of deals is growing – which means the market will always support new launches