Meteora Developers enters Dubai’s buzzing real estate market with two affordable luxury projects
Staff Writer, Khaleej Times
June 26, 2023
DUBAI DEVELOPER SELLS OUT TWO IDENTICAL TOWERS
First-time Dubai-based real estate company Meteroa Developers entered Dubai’s real estate market this month by selling out its maiden projects – two identical towers – worth over a combined Dh204 million.
The East Crest and 7 Park Central – both rising 19 floors above District 17 of Jumeirah Village Circle (JVC) – were launched one after the other in Q2 this year and sold out within days, reflecting a sharp demand for the affordable luxury segment in the emirate, according to the developers.
Rising 250 feet above the ground and spread over a total construction area of over 167,000 sq. feet, The East Crest will have 118 one-bedroom residences spanning 19 floors, each apartment with a carpet area ranging from 648 to 775 square feet. The Dh102m project was launched in May after the structure was made ready with in-house funding and is planned for handover in the second quarter of 2024. The property was snapped up by investors, buyers and brokers within days of its introduction, prompting Meteora Developers to subsequently announce their second identical tower 7 Park Central in the adjoining neighbourhood in JVC .
“The real estate market in Dubai is seeing a huge post-pandemic boom, the likes of which most of us hadn’t quite anticipated. May data has showed a swift return to Q1 2023 sales levels. That’s when we sold out our very first project and that tells you how good the market has generally been with investors from all over picking up new properties in numbers,” said Praveen Sharma, founder and CEO of Meteora Developers, whose second property – 7 Park Central, launched in the middle of May — sold out this month. The second tower is also expected to be handed over to buyers in Q2 2024.
“For Meteroa Developers, 2023 is going to be a remarkable opening year as we launch six projects worth over Dh700m – two of which sold out within days of their launches. And we expect to continue the trends with the other four projects we are working on. This only reflects the buoyancy in the market and strong investor interest in affordable yet quality luxury homes,” said Sharma, who is now readying to announce his third project in July after launching his company only last October following two decades of real estate experience in Dubai.
“More tenants in Dubai today are keen to turn end-users thanks to the rising rents. This is where we come in with projects that are super profitable for investors in the long-run because of our pricing structure and post-handover payment plans we offer,” said Sharma, who runs the company with his Jordanian partner Omar Al Amour, who owns an unlimited height contracting company. “That gives us an immense advantage over others. Most developers take 20 per cent upfront and investors pay at least another 12-24 per cent over the next one to two years but we, as a policy, start our construction and launch our projects only after reaching a substantial stage, thus reducing our delivery period and in turn giving our investors a finished product that at least 10-15 per cent more cost effective,” said Sharma.