Estattor.com

Tag: residential development

  • Zoya Developments Sells Out Dh104 Million Elinor Project in Under Two Weeks

    Zoya Developments Sells Out Dh104 Million Elinor Project in Under Two Weeks

    The complete sell-out of Elinor by Zoya reflects sustained investor appetite for premium residential communities in Dubai South, one of the emirate’s fastest-growing districts anchored by Al Maktoum International Airport’s expansion.

    The milestone was achieved following completion of all critical project requirements, including establishment of the escrow account and execution of all Sales and Purchase Agreements, according to a statement released on August 14, 2026.

    First Prime Properties, led by CEO Ali Al Dahari, served as the exclusive sales partner for the development. The firm’s market expertise and strategic execution played a central role in securing buyers across local and international segments.

    “Selling a Dh104 million development in less than two weeks is a significant milestone that reflects the strength of our product, the trust of our investors, and the dedication of our sales partners,” said Imtiaz Khan, Managing Director and Co-Founder of Zoya Developments.

    Khan extended appreciation to Al Dahari and the First Prime Properties team, noting the achievement reinforces the developer’s vision of delivering high-quality projects that outperform market expectations.

    The rapid absorption comes as Dubai’s property market demonstrates strength across all price segments in 2026, with developers recording robust sales volumes through diverse project portfolios.

    Dubai South continues to attract investors and end-users seeking long-term value, connectivity and lifestyle-focused environments. The district’s appeal has intensified following the Dh128 billion expansion program for Al Maktoum International Airport, designed to accommodate 260 million passengers annually.

    Zoya Developments emphasized its commitment to strong governance, operational excellence and delivering confidence to investors at every stage of the development journey. The company said the sell-out strengthens its position among Dubai’s fastest-growing real estate developers as it expands across key growth locations.

    The successful sell-out adds to a broader trend of accelerated sales velocity in Dubai’s off-plan segment, where 84 percent of global investors consider the emirate more attractive than rival markets, according to recent surveys.

  • Binghatti H1 Profit Jumps 64% to Dh3 Billion on Dubai Demand

    Binghatti H1 Profit Jumps 64% to Dh3 Billion on Dubai Demand

    Binghatti Holding posted robust financial results for the first half of 2026, with revenue climbing 50 percent year-on-year to Dh9.5 billion during the six months ended June 30, the Dubai-based developer announced on July 27, 2026.

    Gross profit rose 66 percent to Dh4.3 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 75 percent to Dh3.8 billion, reflecting continued growth across the business.

    The developer launched eight projects during the first half, including Mercedes-Benz Places | Binghatti City, the company’s first master-planned community, and Tilal Binghatti, its first villa development. The company delivered around 1,700 residential units during the period.

    “The first half of 2026 combined strong financial performance with important strategic progress across our platform. We expanded into new development segments while maintaining delivery discipline across our portfolio,” said Muhammad Binghatti, Chairman of Binghatti Holding.

    Binghatti’s development backlog reached Dh44.2 billion, while revenue backlog stood at Dh17.3 billion at the end of June, providing strong visibility for future earnings. The company also maintained liquidity of around Dh10 billion.

    During the period, Binghatti completed a $500 million sukuk maturing in 2031, which was 4.3 times oversubscribed, reflecting strong demand from regional and international investors. Moody’s reaffirmed the company’s Ba3 corporate credit rating.

    Chief Financial Officer Shehzad Janab said the results highlighted the resilience of Binghatti’s business model despite heightened regional volatility, with improving profit margins and the sizeable revenue backlog providing strong visibility over future earnings.

    The performance comes as Dubai’s off-plan property market continues to attract strong investor interest, with the emirate recording 87,800 real estate transactions worth Dh291.7 billion in the first half of 2026.

    Looking ahead, Binghatti said Dubai’s residential market continues to benefit from population growth, long-term residency initiatives and economic diversification, with demand increasingly driven by end-users and long-term residents rather than speculative investors.

    The developer’s results align with broader market trends showing strength across all price segments in Dubai’s residential sector as the market transitions toward more sustainable, end-user-focused growth in 2026.

  • Union Properties Plans Dh2 Billion Dubai Residential Community After 68% Revenue Jump

    Union Properties Plans Dh2 Billion Dubai Residential Community After 68% Revenue Jump

    The planned master development is currently navigating the approval and permitting process and forms part of Union Properties’ broader Dh4 billion project pipeline, which includes ongoing construction at its Takaya and Mirdaf developments.

    Revenue for the first six months of 2026 reached Dh529.3 million, compared with Dh316 million during the same period in 2025. Gross profit rose 41% to Dh107 million from Dh75.6 million, supported by higher revenue, operating efficiencies and continued project execution.

    Second-quarter revenue increased 69% year-on-year to Dh257.8 million, compared with Dh152.4 million in the corresponding period of 2025. Gross profit reached Dh48.6 million during the quarter.

    Through disciplined execution, we have strengthened our balance sheet, enhanced operational efficiency and built a high-quality development pipeline that is now translating into tangible financial results.

    Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties, said the company now has clear visibility over future earnings and significant capacity to pursue further growth.

    The developer recognised Dh101.6 million in development revenue during the first half, leaving the bulk of its current project pipeline to flow through financial results over the next two and a half years as construction continues and unit handovers accelerate.

    Union Properties expects development revenue to account for a greater share of its financial performance as work progresses across its portfolio. Its in-house contracting business, Tetra Edge, is being used to manage execution and project margins.

    Union Properties maintained average cash balances exceeding Dh400 million during the first half, providing funds for construction, project launches and further expansion while retaining a prudent capital structure.

    The results mark the developer’s transition from financial restructuring towards a growth phase supported by its development pipeline, improved liquidity and higher project activity. Management confirmed it will continue to focus on accelerating project delivery, expanding the company’s portfolio and increasing revenue and profitability over the coming years.

    Union Properties’ expansion comes as Dubai’s property market shows strength across multiple price segments, with developers recording robust sales volumes through diverse project portfolios in 2026.

  • Imtiaz Breaks Ground on Dh600m Sea Cliff Residence on Dubai Islands

    Imtiaz Breaks Ground on Dh600m Sea Cliff Residence on Dubai Islands

    Imtiaz Developments held a groundbreaking ceremony for Sea Cliff by Imtiaz on June 30, 2026, with CEO Masih Imtiaz and the company’s executive leadership team in attendance. The premium waterfront project reinforces the developer’s position as one of the earliest private investors on Dubai Islands.

    “Our vision has always been to identify destinations with long-term potential before they become mainstream,” said Masih Imtiaz. “Dubai Islands represents exactly that opportunity. We believed in its future from the very beginning and invested with conviction.”

    The Dh600 million development features one-, two-, and three-bedroom residences, along with exclusive four-bedroom duplex homes designed for refined coastal living. Interiors have been curated with world-renowned brands including Hermès, Villeroy & Boch, and Miele, combining exceptional craftsmanship with premium materials and timeless design.

    Sea Cliff Residence offers residents access to signature lifestyle amenities including an infinity swimming pool, open-to-sky garden seating, outdoor cinema, pavilion clubhouse, outdoor gym, and yoga zone. The project is scheduled for handover in the first quarter of 2028.

    Imtiaz Developments has established one of the most extensive private development portfolios on Dubai Islands since entering the market at an early stage. The company successfully handed over Beach Walk by Imtiaz, the first completed residential development on the islands, and achieved a record-breaking Dh2 billion sell-out on launch day with RAW District by Imtiaz.

    The groundbreaking comes as Dubai expands its waterfront offerings under the Dubai 2040 Urban Master Plan. The Sea Cliff project adds to a development pipeline that has seen Dubai register over AED275 billion in new launches during the first half of 2026.

    With more than 22 developments valued at over Dh15 billion on Dubai Islands, Imtiaz Developments continues to play a leading role in shaping the waterfront destination through timely delivery, thoughtful design, and long-term investment as the area evolves into a world-class residential, hospitality, and leisure hub.

  • Modon’s Tara Park Sells Out with AED2 Billion in Sales

    Modon has completed the sell-out of Tara Park on Reem Island, marking a significant milestone as the 834-apartment development generated approximately AED2 billion in sales. The achievement reflects sustained investor confidence in Abu Dhabi’s property sector as the emirate solidifies its position as a global safe-haven investment destination.

    “Tara Park further validates Modon’s disciplined, market-driven approach, connecting a prime location and thoughtful placemaking to generate sustainable urban growth and long-term value. We continue to see strong demand across the market, which speaks to the confidence that local and international buyers continue to place in Abu Dhabi, particularly for projects where clear attention to quality of life supports future investment potential,” said Bill O’Regan, Group CEO of Modon Holding.

    International Buyers Drive 60% of Demand

    The development attracted significant international interest, with approximately 60% of buyers originating from overseas markets. Russia, the United Kingdom, and India represented the leading sources of demand, demonstrating the project’s broad global appeal.

    Notably, 85% of buyers were first-time investors with Modon, underscoring both the strength of the development’s positioning and its success in expanding the developer’s international investor base.

    “The sell-out Tara Park sends a clear signal. Buyers are not hesitating. Buyers are making considered, long-term decisions. Tara Park was designed with clear buyer priorities and needs in mind, and the market response has validated that approach entirely,” said Ibrahim Al Maghribi, CEO of Modon Real Estate.

    Premium Location with Integrated Amenities

    Tara Park comprises six residential towers offering one-, two-, and three-bedroom apartments. The towers are connected by an active podium that provides residents with access to a wide range of amenities and direct connectivity to Reem Mall.

    The development’s strategic location offers proximity to Fay Park, Sorbonne University Abu Dhabi, and Repton School, alongside easy access to Abu Dhabi Global Market (ADGM), The Galleria Mall, and the wider city center.

    The sell-out coincides with record-breaking performance across Abu Dhabi’s residential market, which delivered its second-strongest quarter on record in Q1 2026. Transaction volumes in Abu Dhabi City exceeded 7,200 deals, just below the all-time peak of 7,600 recorded in Q4 2025, according to Savills’ latest Market in Minutes report.

    As ultra-high-net-worth individuals continue to increase across the UAE, developments like Tara Park demonstrate sustained appetite for quality residential projects in prime locations. The capital’s momentum reflects broader confidence in the UAE’s economic resilience and long-term growth trajectory.

  • Modon Unveils Final Phase of Tara Park on Reem Island

    Modon Unveils Final Phase of Tara Park on Reem Island

    The final phase of Tara Park marks the completion of Modon’s residential project on one of Abu Dhabi’s most connected islands. Strategically positioned near two main access bridges, the development offers direct connectivity to Abu Dhabi Global Market (ADGM), major retail destinations, and leading educational institutions.

    Modon has structured the payment plan to broaden access: buyers pay 5% in 2026, followed by 10% annually from 2027 to 2029, with the remaining 60% due on completion. The approach is designed to appeal to first-time buyers and long-term investors seeking entry into Abu Dhabi’s freehold market.

    The project comprises six residential towers connected by a shared podium housing nurseries, co-working spaces, and retail outlets. Upon completion, Tara Park will deliver 834 apartments ranging from one- to three-bedroom units, all available to buyers of any nationality.

    Wellness-Focused Design

    Residents will have access to a 527-metre running and walking track, fitness centres, yoga studios, swimming pools, and padel courts. The amenities are intended to support active lifestyles while fostering interaction within the community.

    The interconnected podium acts as a social hub, creating a self-contained environment that balances convenience with long-term liveability. The design reflects a broader shift in Abu Dhabi toward integrated residential communities that combine connectivity, comfort, and investment value.

    The launch follows strong demand for the initial phases and aligns with sustained momentum across Abu Dhabi’s property market. Abu Dhabi’s Q1 2026 property sales surged 160%, underscoring the capital’s appeal to both local and international buyers.

    Tara Park’s positioning on Reem Island reinforces its status as a central residential address in a city that continues to expand its housing infrastructure. The final phase delivery represents the culmination of a project designed for diverse demographics, including young professionals, families, and investors seeking quality residential assets in the UAE capital.

  • Wasl Group Plans to Double Affordable Housing Portfolio by 2031

    Wasl Group Plans to Double Affordable Housing Portfolio by 2031

    Wasl Group currently manages one of Dubai’s largest affordable housing portfolios, comprising approximately 45,000 residential units across the emirate. These communities accommodate nearly 180,000 residents, over 90% of whom are families, positioning Wasl as a central player in supporting stable, community-driven living.

    The expansion plan follows a Memorandum of Understanding signed in May 2025 with the Roads and Transport Authority and Dubai Municipality. The coordinated effort will span a total planned area of 1.46 million square metres, with delivery phased over multiple stages to ensure infrastructure readiness and long-term community viability.

    Wasl’s current developments include Wasl Village in Al Qusais, which comprises about 6,200 residential units ranging from studios to three-bedroom apartments, and Wasl Green Park, offering around 2,527 units set within landscaped surroundings. Both projects exemplify the integration of affordability with quality urban living standards.

    The initiative directly supports the Dubai 2040 Urban Master Plan, which calls for a balanced housing ecosystem encompassing luxury, mid-income, and affordable segments. In August 2025, Dubai’s population crossed 4 million, with nearly 567 new residents settling in the emirate daily.

    The programme additionally advances the Dubai Economic Agenda D33, supporting workforce stability and economic productivity by diversifying housing supply amid the city’s rapidly growing population. With property market momentum continuing into 2026, the focus on affordable housing addresses a critical segment of market demand.

    Wasl’s developments are designed around connectivity, community infrastructure, greenery, and access to premium amenities, reflecting a commitment that quality living should be accessible across all income levels. The phased delivery approach aims to ensure infrastructure readiness and sustainable community development as the emirate’s residential market evolves.