Developer makes Dubai debut with a bang

dubai - Signature Developers will focus on sales at its luxury Downtown Dubai project after completion

You would expect a developer making its debut in Dubai to go down the off-plan route for sales. Not so for Signature Developers, a boutique builder, which has just unveiled its completed project in Downtown Dubai, The 118.

The group believes customers, mostly high-net-worth buyers, need to see and feel the units before committing to a purchase. The tower offers 28 apartments, with 26 residences taking up a floor each and two duplex penthouses.

"There are 26 simplex apartments with each spanning 6,600sqft and 2 duplex penthouses each spanning 12,000sqft over two floors. We raised the building by 8 floors just so that every apartment offers Downtown views," says Raju Shroff, director, Signature Developers, and CEO of Regal Group.

The developer has already sold 45 to 50 per cent of the apartments through word of mouth.

"How many developers can boast building, delivering and then selling in Dubai? We have done it. We waited for the product to be ready so that people who understand quality could come and see it. We did not want to do off-plan sales aggressively," says Jayant Ganwani, also CEO of Signature Developers and CEO of Lals Group.

The apartments are priced from Dh3,500 to Dh5,000 per sqft. The units cost anything from Dh23 million to a whopping Dh65 million for the penthouse. The project's gross development value is over Dh400 million.

Luxhabitat luxury sales specialist Alexander von Sayn-Wittgenstein says: "This development is perfect for those who enjoy privacy and are used to a certain level of service and convenience when travelling to be able to just lock the door and know that their asset is safe and well-looked-after in their absence. Its quality is of the highest standard, and therefore commands a higher price point than neighbouring buildings in the area. Demand has been steady for the project."

The purchasers are mostly second home buyers from London, Romania, Spain and India. "People have started moving in. An American celebrity has also purchased a unit with us," discloses Shroff.

The 118 also offers a driver's room for each unit, five floors of parking, 24/7 concierge and valet, and other amenities.
"Up until now, luxury buildings featured 100 to 200 units. We offer exclusivity. Ours is not just another sqft building," emphasises Ganwani.

Signature Developers will also complete its second project in Jumeirah Lakes Towers, titled The Residences, by the end of this year. The Taj Group will operate the hotel component of the JLT tower.

"We have already sold 30 to 35 per cent of the 80 apartments. The average price per sqft is Dh1,600 to Dh2,100," informs Shroff.
The developer is already looking to acquire its next land plot. "We are looking for a market niche and will always operate in the luxury end of the market," adds Shroff.

- deepthi@khaleejtimes.com