News DeskDubai: Coldwell Banker, a global leader in realty brokerage, has played a pivotal role in facilitating a high-profile joint venture poised to transform the luxury residential landscape in the UAE. The AED 175 million project will be developed at the highly anticipated Golf Community in Dubai Islands and is set to surpass the iconic Palm Jumeirah in grandeur and exclusivity.
The joint venture brings together two of Dubai’s leading developers—Grovy Real Estate, co-founded by Abhishek Jalan, and U Square Real Estate, led by entrepreneurs Muhammad Umeed and Ubaid Ur Rehman Shaikh. The partnership was sealed through the efforts of Dharamvir Singh Chauhan, who heads Coldwell Banker’s Commercial department. Grovy Real Estate is renowned for its boutique developments, while U Square Real Estate is recognized for its high-end luxury villas.
Positioned as an upgraded version of the Palm Jumeirah, this new project will consist of premium 1, 2, and 3-bedroom residences, fully furnished with over 30 luxurious amenities. These include an infinity pool, jacuzzi, private theatre, and cutting-edge smart home technologies. In response to the growing demand for sustainable living, the development will feature an advanced waste management system and be designed to minimize heat, promoting energy efficiency.
Dharamvir Singh, Commercial Sales and Leasing Manager at Coldwell Banker, emphasized the growing demand for luxury real estate in Dubai, particularly from international buyers. “Luxury real estate in Dubai accounts for 30% of the market up until August 2024. This surge reflects how global consumers continue to see value in investing here. We’re confident that this new project will meet all the expectations of those seeking their dream luxury home.”
Coldwell Banker’s research points to significant growth in the Dubai Islands area, particularly around the Golf Community, which is set to become a premium property segment in the UAE. With world-class infrastructure such as infinity bridges and lush golf courses, the area is rapidly gaining attention on the realty map.
Abhishek Jalan of Grovy Real Estate credited Coldwell Banker, and particularly Dharamvir Singh, for their role in facilitating the joint venture. “Dharamvir’s insights into buyer trends, market analysis, and his professionalism were invaluable in bringing this project to fruition,” he noted. Ubaid Ur Rehman Shaikh of U Square Real Estate echoed these sentiments, stating, “This collaboration has given us a holistic approach to creating a project that prioritizes luxury, privacy, and sustainability.”
As Dubai’s luxury real estate market continues to experience rapid growth—projected to expand at a compound annual growth rate (CAGR) of 18-24% through 2027—the joint venture aims to attract a wide range of buyers. These include those looking for second homes, rental investments, or quick resale opportunities to optimize profits.
Bookings for this luxurious new development are set to open in December 2024, with the residences offering a unique blend of world-class living spaces, smart technologies, and sustainability features designed to cater to the region’s most discerning buyers.
