Developer eyes more ultra-luxury projects in Dubai, wider UAE

Bosses at Signature Developers say the penthouse concept remains in short supply in the UAE

Developer eyes more ultra-luxury projects in Dubai, wider UAE

Signature Developers has said it is committed to building more real estate aimed at ultra-high net worth individuals in Dubai.

With an increasing number of multi-millionaires looking to Dubai, the developer said opportunities for luxury home ownership is limited, particularly for the multi-centre business person.

Despite the continued development of large-scale villas and mansions, the penthouse concept remains in short supply, said Signature Developers in a statement.

Raju Shroff, director at Signature Developers, who own The 118 in Downtown Dubai, told Dubai’s Business Breakfast on Dubai Eye 103.8: “There is a niche out there for quality, those who are looking for their third or fourth home, and when you reach out to a customer of that level, it’s the lifestyle they’re looking for.

“We’ve done a tremendous amount of research over the last decade, we’ve watched the trends, and seen how the sector has developed, and we can see that the super prime category is under-supplied. Despite it’s young status, the market is dynamic, and expectations from owners are high.”

Shroff’s partner at Signature Developers, Jayant Ganwani, added: “Ultra luxury property consistently outperforms other segments, as it’s somewhat protected from global economic issues; people will always turn to bricks and mortar when looking for somewhere to invest their money.” More

By Sam Bridge  arabianbusiness.com