(MENAFN- Khaleej Times)
Condor Developers, a leading Dubai luxury property provider, announced on Monday the launch of its fourth residential project – Condor Sonate Residences – in Jumeirah Village Triangle (JVT) as part of a portfolio expansion strategy aimed at boosting the group's realty investment value to over Dh2.5 billion by 2027.
The four-decade old Dubai developer said the latest residential landmark and three more upcoming projects to be unveiled before the end of this year, seek to address the demand surge in the premium residential space as Dubai's luxury realty market gains strong momentum on the back of a remarkable jump in investment this year.
Vidhyadharan Sivaprasad, chairman and CEO of Condor Developers, said Dubai's buoyant relay sector is projected to record a 24.6 per cent increase in high-net-worth buyers by 2025, propelling the luxury segment to a higher level.
In the first quarter, Dubai's residential property market surged to new highs boosted by a 55 per cent surge in investment inflows, with 42 per cent of new investors hailing from international market. In the first half of 2024, total sales transactions have risen by 12.2 per cent compared to the second half of 2023, reflecting strong market demand and confidence.
Condor Sonate Residences, spread over 396,764 sq. ft, will add 213 premium apartments comprising studios, one, two and three bedrooms to Dubai's prime residential real estate inventory
Condor, which has an impressive track record for delivering projects on time for premium clients in the UAE, said the latest residential landmark and three upcoming developments will help position it as a developer of choice for high-end investors looking for super luxury residences. The three new projects are in Dubai's prime residential districts, including the Dubai Island, Al Majan and Dubai Sports City.
“Condor Sonate Residences comes with first-of its-kind wellness amenities and is created as a development where luxury meets serenity in the much sought-after JVT community. Investing in JVT offers a guaranteed higher RoI with home values projected to rise on the back of an influx of overseas investors and major developments in the pipeline, including the upcoming metro station by 2030,” said Sivaprasad.
He said JVT already enjoys a reputation as a value-for-money investment destination in Dubai's residential and commercial realty space thanks to its central location, excellent connectivity to all key nodes of Dubai, superb infrastructure and community amenities.
Condor Sonate Residences will offer 48 studios with an average area of 480 sq. ft, 134 one-beds with an average area of 866 sq. ft, 28 two-beds with an average area of 1,333 sq. ft, and 3 three-beds with an average area of 2,040 sq. ft. Prices will start from Dh721,000.
The launch of Sonate Residences comes as Condor's two residential projects in Jumeirah Village Circle (JVC) – Condor Castle and Condor Concept 7 - continue to receive overwhelming response from investors. Condor's showpiece project in Dubai Marina - Condor Marina Star - is almost sold-out.
Condor Sonate Residences will have 31 floors, excluding five podiums and a roof. There will also be more than 3,220 sq. ft of retail area as well as a leisure and recreation area of 18,500 square feet featuring open cabanas, sun loungers and green jogging pathways.
“For homebuyers and investors, Condor Developer's has been offering an affordable but luxury asset class across residential and commercial properties, ensuring superior RoI and valuations in Dubai's buoyant property market, and as a celebration of the groundbreaking we are offering 4.0 per cent DLD waiver on all units,” said Sivaprasad.
Condor Sonate Residences will further enhance the JVT community's appeal to“global and regional investors thronging to Dubai, allured by its vibrant charm, super infrastructure and thriving investment ecosystem and growth prospects, Sivaprasad added.
Condor Sonate Residences' leisure and recreation facilities will feature rest areas, infinity pool, outdoor cinema, separate sauna and steam rooms for men and women, a wellness sanctuary, a landscaped rooftop, fitness studio and a padel tennis court. Kids could enjoy a play area, splash pool and mushroom shower.
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