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New Dubai property venture to create homes for millennials

Deepthi Nair /dubai
deepthi@khaleejtimes.com Filed on October 4, 2016
New Dubai property venture to create homes for millennials
Mohammed bin Zaal, founder and CEO of KOA.

(Supplied photo)

Zaal scion forms KOA that will build culturally-rich communities for Gen Y


The Zaal family is a name to reckon with in the UAE property circles: they have conceptualised and created two uber luxury projects - Al Barari in Dubailand and Nurai private island homes in Abu Dhabi. Now, Mohammed bin Zaal, former CEO of Al Barari and son of Zaal Mohammed Zaal, the founder and chairman of Al Barari, has created a new real estate venture - KOA (strength in Arabic).

zaalUnder the KOA umbrella, bin Zaal aims to create residential communities, commercial and retail concepts tailored to the tastes of Generation Y.

"The concept is very different from Al Barari and Nurai. Al Barari comprised luxury units and was targeted at baby boomers, larger families and retirees. KOA is aimed at Gen Y, younger professionals and first-time home buyers. It has different ethos altogether," said bin Zaal in an interview with Khaleej Times.

He believes KOA is the next step in the evolution of Dubai's property industry. "This is the third era of development in Dubai where real estate serves a social purpose. The first was the boom era and the second one was during the recession," he said.

The communities created by KOA will be social spaces for creative individuals. The company aspires to fulfil the need for living spaces sought out by the new generation, which is looking for a sense of identity and individuality.

Blurring the lines
"KOA projects will blur the line between live, work and play. They will be communities of like-minded individuals and will feature landscaped gardens, water features, co-working spaces, spa facilities, gourmet market, day-care facilities and art displays around the grounds. We want to integrate the outside environment with indoor spaces," elaborated bin Zaal.

The communities will also support and nurture local talent through design competitions, scholarships, art shows and creative collaborations.

With a strong ethos to go local, KOA will adopt sustainable practices by using plants that are indigenous to the region for landscaping and not using excessive water for irrigation.

"The era of importing is over in Dubai. It is now time to export our local talent overseas. We want to show people what can be done locally," the KOA founder said.

Meanwhile, the design aesthetic at KOA is to create timeless architecture by using materials that can withstand local weather conditions.

Co-working spaces
The company also aims to introduce a new approach to working spaces. "The co-working spaces will be a members' only community. We will give access to specific state-of-the-art equipment, studios and multi-purpose rooms to businesses who want to launch products. We want to provide facilities that are currently not accessible to young entrepreneurs for want of adequate capital," bin Zaal informed.

Bringing together the region's entrepreneurs and creative talents, the co-working spaces will become a hub for new ideas, productivity and creativity.

KOA's first project is 'Canvas' located near Mohammed bin Rashid Gardens, off Emirates Road. It will feature 70 apartments across three blocks including studios, one-, two- and three-bedroom apartments.

"We will release the apartments in a few months. Thirty-seven apartments will have unique layouts. All apartments will look different. Canvas will also host the brand's first co-working space," added KOA's founder.

The expected completion date for Canvas is December 2017. Bin Zaal, however, did not divulge sales prices for apartments in Canvas.
"We are using our own equity in KOA and have no bank debt," he informed.

- deepthi@khaleejtimes.com

author

Deepthi Nair

I cover all things related to real estate in the UAE. Working as a print journalist in Dubai since 2008, I have reported on all the flashy new projects in town. Dubai's passion for setting new records continues to amaze me. I love to do stories that strike a chord with the average expatriate in the UAE. If you have any news related to your community or rents, you know who to get in touch with at Khaleej Times. When I am not working, I travel, catch up with friends, mall trawl, catch up on movies, explore new places in town or just unwind in a spa. Originally from India, I have been a journalist for more than 11 years. Language has been my forte right from school. That's me in a nutshell





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