Left to Right: Dharamvir Singh, commercial sales and leasing manager, Coldwell Banker; Abhishek Jalan, co-founder, Grovy Real Estate Developer; Ubaid Ur Rehman Shaikh of U Square Real Estate Developer; Ayman Youssef, managing director, Coldwell Banker
Coldwell Banker, a global leader in real estate brokerage, recently facilitated a high net-worth joint venture that aims to redefine luxury residential spaces in the UAE. This project, valued at AED 175 million, will be developed in the highly anticipated Golf Community within the Dubai Islands. The joint venture agreement was signed by Grovy Real Estate and U Square Real Estate, facilitated by Dharamvir Singh Chauhan, who leads the commercial department at Coldwell Banker. Abhishek Jalan, co-founder of Grovy Real Estate, is known as Dubai’s premier boutique developer, while U Square Real Estate, founded by entrepreneurs Muhammad Umeed and Ubaid Ur Rehman Shaikh, specializes in high-end luxury villa developments.
Coldwell Banker’s research indicates that areas like the Golf Community around Dubai Islands are set to become a premium property segment in the UAE. Positioned as an upgraded version of the iconic Palm Jumeirah, the project is already gaining traction on the UAE’s real estate map due to its impressive infrastructure, including infinity bridges and lush golf courses. The new development will feature one, two, and three-bedroom premium residences, fully furnished, with bookings starting in December. The project will offer over 30 amenities, including an infinity pool, jacuzzi, and theater, enhancing the lifestyle experience. In response to the growing demand for sustainable homes, the project will include an advanced waste control system and be designed to minimize heat and maintain a cool indoor environment.
Dharamvir Singh, commercial sales and leasing manager at Coldwell Banker, commented on the joint venture: “Market insights show increased consumer optimism for luxury real estate in the region. International buyers account for 30% of the luxury real estate market in Dubai until August, indicating strong growth and continued global interest in investing in luxury residences in the UAE. We believe this new project will meet all the criteria for a dream luxury home, from smart homes and sustainability to top-tier amenities.”
The UAE’s luxury real estate sector has consistently focused on delivering innovative living spaces. Developers like Grovy Real Estate and U Square Real Estate strive to create unique value propositions and adapt to evolving consumer preferences. The upcoming project offers a lucrative investment opportunity with attractive returns on capital appreciation and rental income. The UAE’s luxury real estate market is projected to grow at a CAGR of 18-24% from 2022 to 2027, driven by increased financial prosperity, a resilient economy, a robust tourism industry, and supportive government policies.
Abhishek Jalan mentioned Coldwell Banker’s role in facilitating the joint venture: “Singh’s professional expertise was invaluable in facilitating the joint venture. His in-depth analysis of the luxury real estate market, buyer economics, consumer interests, and trends helped us secure a reliable partner in U Square Real Estate Developer.”
Ubaid Ur Rehman Shaikh echoed these sentiments: “This is our first joint venture project facilitated by Coldwell Banker, and it has been a positive experience. The outlook for the luxury real estate sector is encouraging. Our collaboration has resulted in a comprehensive vision for the project, prioritizing convenience, privacy, security, sustainability, and smart technology for our high-end apartments.”
The joint venture is committed to developing a premium residential space characterized by exceptional quality, exclusivity, and world-class amenities. The project is expected to attract buyers from various segments, including those investing in second homes, rental income, and quick buy-and-sell opportunities to maximize profits.
