In less than a year after Emirati entrepreneur Abbas Sajwani launched his uber-luxury real estate company, AHS Properties, the Company has announced it has added two more projects to its portfolio bringing the Company’s Gross Development Value to USD $550 million between projects sold and under development.
AHS Properties, which specialises in selling premium high-ticket properties, has acquired two low rise apartment buildings plots — one in Palm Jumeirah, and the other on the Dubai Canal.
The buildings, which are both nine storeys high, comprise only 25 penthouses and sky villas, offering residents an exclusive and private experience, with some of the most sought-after views in the city.
Speaking on the acquisition Sajwani said: “We are working with world-renowned architects and brands to revamp these properties to meet the growing demand for ultra-luxury living. AHS Properties aims to set the highest bar for delivering unique and quality ultra-luxury homes for our clientele and giving them the best of the best.”
The Palm Jumeirah property and the Dubai Canal property will be priced at circa USD $1,100 per sq ft with interior designs by 1508 London and Hirsch Bedner Associates.
Each of the projects will feature a state-of-the-art spa, private cinemas, cigar lounges and private swimming pools on all balconies.
Global architect Shaun Killa from Killa design, a long-time veteran of Dubai's architecture sector and designer of the Museum of the Future, has been appointed as lead architect.
AHS Properties announced its entry into the market in November 2021 with a total asset value of more than USD $100 million, comprising four luxury villas in Palm Jumeirah and Emirates Hills. Since then, the Company has already sold three of its uber premium villa projects on the Palm Jumeirah with a combined value of more than USD $75 million.
Another mansion in Emirates Hills with a value of USD $45 million will go on the market in Q4 and already has high interest from potential buyers. Additionally, AHS is developing a fifth mansion in Palm Jumeirah with a value of USD $40 million.
Dubai's ultra-prime residential properties are in demand as investors are keen to grab every sales opportunity to make an investment in the emirate's niche housing segment, pushing prices on the higher side by at least 15 per cent this year.
Leading property consultants have noted that strong demand for the city’s most desirable neighbourhoods, combined with restricted supply, is helping to drive record price growth.
“There are only a handful of new homes expected to be completed between 2023 and 2025 in 'Prime Dubai' area that includes the Palm Jumeirah, Emirates Hills and Jumeirah Bay Island. AHS is one of the main players in this tight space and we are proving to be a competitive player,” Sajwani concluded.