Turning a Crisis Situation into a Real Win for Your Real Estate Development Company

Muhammad Shafi, Chief Executive Officer of Prescott Real Estate Development

Dubai, UAE: In 2020, despite the major challenges faced by the real estate sector, there was a total of 35,434 property transactions in Dubai, worth up to AED 72.49 billion, according to the Government of Dubai’s Land Department. Developers who focused on adapting to the significant challenges they faced, making sure health and safety were prioritised at all stages of the development process, and recognising the rapidly evolving demands of the local property market have emerged in a position of strength for 2021.

Prescott Real Estate Development is a company that has led the way by adapting and managing to turn the crisis situation brought about by the global pandemic into a real success story. The company, which has built its reputation on placing quality and attention-to-detail at the forefront of every project, has had one of the most successful years of its more than decade-long history – standing out in a league of its own among the highly competitive Dubai property market.

In a year when many property developments were put on hold, not only in Dubai and the UAE, but also across the globe, Prescott persevered with the construction and delivery of Prime Views, a contemporary residential development of one and two-bedroom apartments located in the heart of Meydan Avenue. The project has proven to be a massive success and hugely appealing to Dubai’s property buyers and investors, and, just two months into the handover process, Prescott has already sold most of the units in the Prime Views development.

Muhammad Shafi, Chief Executive Officer of Prescott Real Estate Development, says, “As a real estate developer in the midst of a global crisis, it is important that you hold firm to your values and build upon your strengths as a company, instead of making knee-jerk, impulsive decisions for short-term gain. Simply put, cutting corners is never the answer. A real estate developer who cuts corners to survive will never find sustainable success.

When faced with a potential crisis situation, our team has looked at the big picture and worked together to ensure everything has been done to safely and efficiently carry on the Prime Views project. This has involved strengthening relationships and working closely with all stakeholders, from suppliers to agents to contractors. Any agents working alongside us, for example, have always appreciated and are highly motivated by the fact that their commissions are paid no later than 48 hours after a sale. Through this approach, we are able to instill confidence and make sure everyone is on the same page – never compromising on quality or attention-to-detail, no matter how adverse the circumstances may be.”

He adds, “It is also vital that we never lose sight of the value of creating positive purchasing experiences and building relationships with our clients that are based on trust. At a time when buyers can worry that finding affordable luxury and attractive payment plans means moving further and further outside the city, we have proven that the highest standard of affordable luxury properties can still be delivered in prime suburban locations at the heart of Dubai’s most vibrant communities. We have done this while also offering buyers transparency, approachability, and peace of mind, through our exclusive payment and handover plan, along with our exemplary levels of service at every stage of the buying, handover and post-handover processes.

In Prescott’s latest development – Prime Views in Meydan – buyers and investors can purchase an affordable, premium luxury, living space, starting at AED 878,888, in one of the city’s most desirable areas, and take advantage of an exclusive payment and handover plan, the only one of its kind in Dubai. The plan is carefully designed and structured to provide affordability and peace of mind: 20% before handover, 5% on handover, 75% post-handover, 2% DLD fee waiver, and a 5-year post-handover plan.

Located at the heart of Dubai, Prime Views gives residents a vibrant community right at their doorstep. Just a stone’s throw from the world-renowned Meydan Hotel and Racecourse, Prime Views is set against the unique backdrop of Meydan Avenue on one side and the amazing Dubai Skyline on the other. Residents can explore some of the city’s finest outdoor dining options, along with cafés, bistros, luxury retail, supermarkets, and much, much more.