By Hamzah Abu Zannad,
DMCC management has demonstrated extensive market grasp in the recent moves as a real estate master development, they are the first to showcase the methodology followed to utilize unused land and create valuable landbank, create partnerships with industry leaders to uplift the JLT classification into a higher classification.
They were faced with an exceptional conundrum, they wanted to launch the “Uptown Dubai” community, which is an upscale mix use community, a unique standalone development that mimics a DIFC look and feel but with its own DMCC flavor, more specifically the DMCC tower or “So Tower”, however, being adjacent to JLT that was developed in the early 2000s and has gone through the crises, the older developments would not reflect the needed apple-to-apple price tag, and also the new community would still be under the umbrella the of DMCC free zone, thus, they would neither be able to command such high prices per square foot, nor attract the upscale tenant mix for the new multi-purpose master development.
And the Eureka moment lit up when they realized they need to duplicate the Taj Hotel and Residence experience, where they repurposed an unutilized land between cluster X and cluster Z, and sold it to a competent developer, that literally exploited the golf course views, introduced the exclusive sky pods in most apartments, and applied high-end finishes, they proved that they could achieve 50% to 80% higher prices in then the rest of the existing community.
Now to scale this model, the ingenious management explored 5 more plots, and struck strategic partnerships with the most reputable developers. DMCC demanded that the developments are at par with the new up and coming “Uptown Dubai” Community.
And as planned that was what took place indeed, Danube partnered up with Aston Martin for top interior designs, and they introduced a first of its kind feature, a twin glass sky-bridge swimming pools, hanging between the twin towers on top pf passing traffic facing the towers of cluster K.
Whereas Ellington and Shobha just applied their usual remarkable business models, elegant designs, superior finishes, timely delivery, relying on their pristine reputation and tight relationship with their loyal client base.
After successful launches, most of the said inventory was picked up instantly, achieving higher prices than what was previously recorded by Taj Residence. Now, DMCC has cemented its place in the upscale real-estate category, and like this, once they decide to release the rest of “Uptown Dubai” inventory, they are well positioned in a price escalating trajectory, and since most buyers and tenants will be scanning past transactions in terms of price per square foot and ticket size, this even has set a new precedent and uplifted the values of the averages and medians across the board.
The take away from DMCC’s novel tactical turnaround strategy here is that as a master developer, they have proven that a community could be salvaged, and uplifted from its current tier and its classification could be changed, with laser focused planning, correct partners, proper asset allocation, repurpose all wasted assets, with this macro intervention process, DMCC showcased that any community could be salvaged, it simply needs constant upkeeping, protecting its own assets and the community members’ assets, we want all other master developers to follow suit and apply such strategies, not all is lost if the old plan did not work, regroup, reflect, pivot, and execute again and again.
About Provident Estate:
Pursuing excellence since 2008. Provident Estate is a one-stop shop for all things real estate. With a resolution to always offer 5-star service to their clients, Provident Estate are here for property requirements and queries. At the crux of the business, Provident Estate work relentlessly to provide hassle-free tailored real estate advice and consultancy for investors and families alike who are looking to find the perfect home. Provident Estate takes pride in the diverse portfolio of not just services but also the team members behind the company. With over 22 different nationalities speaking 25+ different languages, all are ready to answer property-related questions.
Provident are available to help with buying and leasing as well as property management all the way through to looking for the correct financing options or even finding a perfect holiday home. The company pride themselves in being transparent, honest and professional to deliver the best results to clients.
