Dubai developer Sankari Properties to build $1bn ultra-luxury project

Prices at the twin residential towers, located in Business Bay, will start at $10 million

The twin residential towers located in Marasi Marina, Business Bay will start at $10 million. Photo: Sankari Properties

Sankari Properties, a new entrant in Dubai's real estate market, plans to build a $1 billion development in the Business Bay area, amid growing investor interest in the ultra-luxury property segment.

Apartments at the twin residential towers, which will be built in the Marasi Marina area, will comprise three, four and five-bedroom units, with prices starting at $10 million, its chairman Mohammed Sankari told The National.

Unit sizes begin at about 600 square metres, with each occupying an entire floor to ensure “maximum privacy and security”.

The development is planned to be completed by the fourth quarter of 2027. A total of 57 units will be initially offered, with the schedule for the launch to be announced “very soon”, he said.

Sankari Properties was founded this year on the 40th anniversary of Paris Group, the flagship unit of UAE-based holding company Sankari Investment Group, which was established in 1983 by Mohammed's father Abdulkader Sankari.

Paris Group, which focuses on the high-end fashion and retail sectors, has more than 300 stores globally.

The new developer has more property projects in the pipeline, including “something nice” on The Palm Jumeirah, Mr Sankari said.

“It's a nice start. This is the first project and we can move further. This is only the start, but we have a few surprises coming very soon,” he said.

“We have very nice plots and we are working on them,” he said, declining to provide further details on upcoming projects.

Dubai's property market has been growing strongly this year as investor demand continues to boom on economic momentum as well as government initiatives such as residency permits for retired and remote workers, and the expansion of the 10-year golden visa programme.

The emirate recorded 116,116 new property transactions in the first nine months of 2023, up 33.8 per cent annually, the Dubai Land Department said in November.

The value of the deals also increased by 36.7 per cent during the period to about Dh429.6 billion amid continuing growth in the emirate's economy.

Dubai's luxury residential market, in particular, is projected to record the highest growth rate for any prime market globally at 13.5 per cent in 2023, driven by a demand-supply imbalance and positive economic growth, consultancy Knight Frank previously said.

With areas such as The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island featuring high-priced properties, the emirate was ranked as the world’s fourth-most active market in the luxury residential segment as sales of prime properties continue to rise, it said.

South Bay, a waterfront residential community to be constructed along Dubai's Expo Road, has mansions on offer for $4.63 million.

As such, there will always be demand in Dubai for those who seek “something for extra luxury, something extraordinary in ultra-luxury” in the real estate market, Mr Sankari said.

“We don't believe in something very tight or very tiny,” he said.

The company is not concerned about taking on established players in the market, such as Emaar Properties, Damac Properties and Omniyat.

“Competition is nice and to be in the market alone is difficult. We are in a market that's already established and there are already big players doing an excellent job,” Mr Sankari said.

“We studied the market very well and had the right people to work with, from within the company and consultants, [including] interior designers and architects.”