Published On: March 4, 2024Categories: Building, Real Estate5.2 min read1032 wordsViews: 21

Construction of the $127 million Vento Tower continues to make good progress, ANAX Holding Chairman Satish Sanpal confirms.

ANAX Developments, a subsidiary of Dubai-based ANAX Holding, is set to unveil 15 projects by the end of 2025, propelled by the country’s buoyant economy and introduction of new visa options, ANAX Holding Chairman Satish Sanpal told Zawya Projects.

“We can’t currently estimate the total investment of all projects,” he said, emphasising that project’s cost hinges on factors such as land value and construction expenses, which includes cladding, luxury amenities and more.

Meanwhile, construction is going as planned on the 470 million UAE dirhams ($127.96 million) Vento Tower, the developer’s first luxury project in Dubai’s Business Bay, Sanpal confirmed.

Why was Business Bay chosen as the location for the Vento Tower project? 

Dubai’s property sector is well known to investors for providing a high return on investment. Business Bay represents one of the most sought-after locations in the city, providing an excellent opportunity to launch a luxury residential real estate project. Thanks to its location and excellent transport links, Business Bay is a popular neighbourhood for residents, tourists, and businesses.

When did you acquire the land for the project? What are your observations on recent land price trends in the Business Bay area?”

We acquired the land for the Vento Tower in 2021. Since then, we have noticed a steady increase in land prices within the Business Bay master development. This upside can be attributed to the continuous growth in the area, fuelled by its strategic, premium location and the positive trajectory of Dubai’s real estate market. The increasing demand for luxury property in Business Bay has contributed to increasing land values, reinforcing our confidence in launching the tower in this mixed-use district.

Have you appointed a contractor for Vento Tower?

We appointed Adnan Contracting in May 2023, after a competitive tendering process. Over the years and with its objective to expand in all types of projects, Adnan Contracting, founded in 1999, acquired the license required to construct high-rise buildings. The contractor obtained a Grade 3 classification in 2010 and has opened a branch in Abu Dhabi.

Are you seeing an increase in construction costs in the UAE?

There has been an increase in construction costs in the UAE due to various factors, but there is not a significant impact on the consumer at this time. Construction activity in the UAE rose by almost 50 percent in the second quarter of 2023, according to the Royal Institution of Chartered Surveyors’ Global Construction Monitor Q2 2023, despite higher raw material costs.

We are solely focused on the luxury sector in our residential division, and scarcity breeds demand. We are also fully cognisant of the UAE’s ever-growing reputation as a global business and tourism hub. Our projects reflect that growth.

Who is the architect of Vento Tower? What is your project’s USP in terms of design?

The project consultant is UAE-based EDMAC (Engineer for Design, Management, Architectural, and Civil). There are many USPs to the tower. The oversized apartments include private balconies designed according to individual unit plans with panoramic views of Business Bay, Burj Khalifa and the Downtown Dubai area.

Moreover, the apartments come fitted with a smart home system featuring Bosch and Siemens appliances, allowing residents to control a host of amenities such as lighting and cooling. In addition, the project has an open-air cinema.

What are the sustainable elements of the project?

The construction stage is being completed to the highest UAE standards. As the project is slated for completion in 2025, we will have the chance to complete the project with some of the latest sustainable innovations at that time.

Are there plans to enter other emirates and other countries in the Middle East? 

So far, we have projects in the following areas in Dubai: Business Bay, Meydan, Al Furjan and International City. However, the UAE is a country with many desirable locations. Although we aren’t making any announcements at this time, investment opportunities abound beyond Dubai and we may expand our portfolio into other UAE locations.

Do you plan to launch more luxury projects in the UAE? If so, where?

As a dynamic Dubai-based investment firm, ANAX Holding has emerged as a pivotal player in the emirate’s investment landscape. We aim to serve as a global holding company for our core areas of business, with a determination to share a brighter future for Dubai and beyond, designing new ideas and achieving long-lasting growth.

The construction industry is facing a dynamic environment with factors like interest rate fluctuations and ongoing supply chain issues. What steps have you taken to overcome these obstacles? 

We are closely monitoring market trends, diversifying our supplier base to mitigate risks, negotiating long-term contracts to secure pricing stability, and exploring innovative financing options. Additionally, we have optimised project timelines and resource utilisation to enhance overall efficiency and resilience in the face of these economic headwinds.

What is your outlook on the real estate market in the UAE, particularly Dubai, over the next two years?

Dubai is a destination for those seeking to buy luxury real estate. It should continue to be an attractive city for investors and buyers looking to lay down roots over the next two years. The recent new visa options raise interest from new buyers, but the country’s all-year sunshine, safe living and buoyant economy were already a major draw.

Beyond the immediate challenges, what long-term trends do you foresee impacting the real estate sector? What are the strategies your company is considering to address these potential obstacles?

Globally, more advanced economies may suffer slower growth or even a contraction, but the outlook is good locally and for most emerging markets. It is likely that global inflation will fall this year. Despite much talk of a looming worldwide recession over recent years, this has failed to take place, so we retain a positive outlook.

As a development company, we have a long-term investment plan in place and collaboration, adaptability, and strategic planning are key. We engage with stakeholders, monitor market trends and are able to adjust our strategies in response to changing conditions. Additionally, enabling and ensuring financial discipline enhances resilience in the face of uncertainties.

SOURCE

Share This Story, Choose Your Platform!