Condor Developers, a prominent 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 strategic expansion plan aimed at increasing the group’s real estate investment value to over Dh2.5 billion by 2027.
The four-decade-old Dubai developer stated that this latest residential landmark, along with three additional projects scheduled to be unveiled by the end of this year, aims to meet the growing demand in the premium residential sector, as Dubai’s luxury real estate market experiences robust growth fueled by a significant increase in investments this year.
Vidhyadharan Sivaprasad, chairman and CEO of Condor Developers, noted that Dubai’s thriving real estate sector is expected to see a 24.6 percent rise in high-net-worth buyers by 2025, which will further elevate the luxury segment. In the first quarter, Dubai’s residential property market reached new peaks, boosted by a 55 percent increase in investment inflows, with 42 percent of new investors coming from international markets. By the first half of 2024, total sales transactions have increased by 12.2 percent compared to the second half of 2023, indicating strong market demand and confidence.
Condor Sonate Residences, spanning 396,764 sq. ft, will introduce 213 premium apartments, including studios, one, two, and three bedrooms, to Dubai’s prime residential real estate market. Condor, known for its timely delivery of projects for premium clients in the UAE, believes that these latest developments will solidify its position as a preferred developer for high-end investors seeking ultra-luxury residences. The three new projects are located in prime residential areas of Dubai, including Dubai Island, Al Majan, and Dubai Sports City.
“Condor Sonate Residences features unique wellness amenities and is designed to be a development where luxury and tranquility coexist in the highly sought-after JVT community. Investing in JVT promises a higher return on investment (RoI) with property values expected to rise due to an influx of overseas investors and upcoming major developments, including a planned metro station by 2030,” explained Sivaprasad.
He added that JVT is already recognized as a cost-effective investment destination in Dubai’s residential and commercial real estate market, thanks to its central location, excellent connectivity, superior infrastructure, and community amenities. Condor Sonate Residences will offer various apartment types with sizes ranging from 480 sq. ft for studios to 2,040 sq. ft for three-bedroom units, with prices starting from Dh721,000.
The launch of Sonate Residences follows the successful reception of Condor’s two residential projects in Jumeirah Village Circle (JVC) – Condor Castle and Condor Concept 7 – and the nearly sold-out Condor Marina Star in Dubai Marina. Condor Sonate Residences will feature 31 floors, excluding five podiums and a roof, over 3,220 sq. ft of retail space, and an 18,500 square feet leisure and recreation area with open cabanas, sun loungers, and green jogging paths.
“For homebuyers and investors, Condor Developers has consistently provided an affordable yet luxurious asset class across residential and commercial properties, ensuring excellent RoI and valuations in Dubai’s dynamic property market. As part of our launch celebration, we are offering a 4.0 percent DLD waiver on all units,” stated Sivaprasad.
Condor Sonate Residences is set to enhance JVT’s appeal to global and regional investors attracted by Dubai’s vibrant lifestyle, superior infrastructure, and thriving investment environment. The development will include various leisure and recreation facilities such as rest areas, an infinity pool, an outdoor cinema, separate sauna and steam rooms for men and women, a wellness sanctuary, a landscaped rooftop, a fitness studio, and a padel tennis court. Children will have access to a play area, splash pool, and mushroom shower.
