Developer ropes in Banyan Tree for maiden residential project

dubai - Sweid & Sweid is targeting end-users interested in resort style living with its branded residences

The 'build it and they will come' philosophy does not hold true for Dubai developers any more. In a competitive market, developers are adding unique components to make their project stand out amid the crowd.

In the case of Sweid & Sweid's new development in Jumeirah Lakes Towers (JLT), the developer has tied up with the Singapore-headquartered hospitality company, Banyan Tree Holdings, to launch branded residences. The Banyan Tree Residences include 244 apartments, set in a 32-storey tower that takes up only 10 per cent of the 110,000 square feet plot. The rest of the space is taken up by a Banyan Tree Spa and 10,000 trees and plants.

"To maintain the lifestyle experience, we needed an operator not just in the design phase but also throughout the life cycle of the project. This project will offer resort style living in Dubai," says Maher Sweid, managing partner at S&S.

"The line between hospitality and fine living is overlapping more and more," remarks Ho Kwon Ping, executive chairman of Banyan Tree Holdings.

The developer has already secured a significant amount of reservations and confirmations in the pre-launch phase. It has sold 2 full-floor penthouses and 4 ground floor duplexes. The average price is Dh1,900 to Dh2,000 a square foot. The Banyan Tree Residences has prices starting from Dh1.49 million for a 1-bedroom and 4-bed units from Dh8 million. The 2 penthouses sold for between Dh15 million to Dh20 million, informs Sweid.

The project will be completed in the third quarter of 2019, with construction progressing at a floor a week now.

"We are considering the possibility of adding more 4-bedrooms since the response for larger apartments has been very strong. In Dubai, what you typically find is that branded residences become serviced apartments. That's not the kind of product end-users want to live in, especially if they are Dubai-based. We are resonating with end-users in Dubai who are after a lifestyle component. Investors are keen on our 1-bedroom apartments, especially as a second home in Dubai," observes the senior executive.

The apartments will offer views of the Emirates and Montgomerie golf courses and JLT. Buyers will receive membership to the Banyan Tree Sanctuary Club, which entitles them to privileged access to over 40 resorts and hotels globally.

Sweid & Sweid is offering a 30:70 payment plan. "We don't have a post-completion payment plan. We have, instead, been working with banks who provide 20-year mortgages," he adds.

The developer intends to retain 50 per cent of the units until handover. The firm expects to generate Dh640 million in project sales value.

The Banyan Tree Residences is the developer's first residential project in Dubai. Until now, it had focused on developing build-to-suit commercial properties.

Sweid & Sweid plans to launch 2 new projects before the year-end. "We are more about value-for-money and will have unique components to all our projects," Sweid concludes.

- deepthi@khaleejtimes.com