Dubai Developer Acube Sets Ambitious Target of 1 Million Sq Ft by 2025
Dubai-based Acube Developments has set a bold goal to develop and sell one million square feet of residential property in Dubai by 2025. In an interview with Zawya Projects, Chairman and Managing Director Ramjee Iyer shared insights into the company’s strategies and future plans.
Efficient Construction Techniques and Cost Management
Acube Developments is leveraging efficient construction techniques, strategic sourcing of materials, and optimization of project timelines to manage costs effectively. Ramjee Iyer emphasized the importance of maintaining high-quality construction processes while ensuring project feasibility through cost management.
New Residential Project: Electra in Jumeirah Village Circle
Launch and Handover Timeline
Acube is set to break ground on its latest residential project, Electra, in Jumeirah Village Circle (JVC) in the second quarter of 2024, with a handover expected in the second quarter of 2027.
Location Selection Criteria
The decision to launch the 38-storey Electra in JVC was influenced by the area’s welcoming ambiance, plethora of amenities, and strategic location. JVC’s proximity to major transportation hubs such as Sheikh Mohammed Bin Zayed Road, Al Khail Road, and Hessa Street ensures seamless connectivity to key destinations in Dubai. The neighborhood’s array of shopping, dining, and recreational options, coupled with ongoing development projects, makes it a highly demanded area in terms of sales volumes.
Land Bank and Future Projects
Size and Value of Land Bank
Acube maintains a sizeable land bank in the UAE and is on a forward trajectory to achieve its ambitious development goals. The company continues to add to its land bank when opportunities arise.
Upcoming Projects
Several new residential projects are in the pipeline for 2024 and 2025. While the exact timings for these announcements are still being finalized, the company is actively preparing for their launch.
Focus on the UAE Real Estate Market
Residential Segment Attraction
Dubai’s real estate market is attractive due to its diverse housing options, ranging from affordable to ultra-luxurious properties. Despite being a luxury market, Dubai remains affordable compared to cities like London, New York, or Singapore. The emirate’s exceptional lifestyle, safety, and government initiatives such as long-term visas and zero income tax for non-residents enhance its appeal to international buyers and residents.
Market Outlook
The UAE real estate market continues to deliver strong returns, with rental costs surging by 26 percent. The market is projected to grow by 3.03 percent annually from 2024-2028, reaching a market volume of $0.80 trillion by 2028. Dubai’s real estate market shows no signs of slowing down, supported by increasing demand and government development initiatives.
Sustainability and Environmental Focus
Sustainable Development Practices
Electra will incorporate various sustainable elements, including energy-efficient lighting and appliances, water-saving fixtures, and eco-friendly construction materials. The landscaping design aims to create a green and serene environment, enhancing the project’s overall sustainability and aesthetic appeal.
Addressing Construction Costs and Supply Chain Challenges
Strategies for Managing Costs
Acube monitors construction costs closely and proactively manages them by employing efficient construction techniques, strategic material sourcing, and optimized project timelines. These measures help maintain high-quality construction processes while ensuring project feasibility amidst market fluctuations and supply chain challenges.
Conclusion
Acube Developments is committed to achieving its ambitious target of developing and selling one million square feet of residential property in Dubai by 2025. With strategic location choices, efficient construction practices, and a strong focus on sustainability, the company is well-positioned to capitalize on the thriving UAE real estate market.