|By Arabian Post Staff|
Xanadu Real Estate Development, a Dubai-based property developer, announced the delivery of nearly 200 luxury villas and townhouses with a development value exceeding Dh750 million, part of the Dh8 billion worth of projects it helped deliver with its partners over the last six years.
These include 130 Townhouses at Jumeirah Village Circle, worth Dh300 million and 68 luxury villas at Jumeirah Golf Estates, worth Dh450 million. The projects were handed over recently.
The company has been partnering with property developers by undertaking the management of stalled projects and completing them by investing its own resources. Following the global financial crisis of 2008-09, many property developers found it difficult to carry on with projects due to tough market conditions marked by the absence of buyers and investors. While some developers had the ability to continue with projects, most were not lucky, resulting in a good number of projects being stalled.
In 2010, Xanadu entered the real estate market with a vision to change it and help revive and manage stalled projects. It started with a cluster of townhouses and delivered it with the help of the previous developer. Gradually, Xanadu picked up a number of challenging projects, infused capital and delivered them. This way, it helped revive, manage and delivere Dh8 billion worth of projects – that has a far-reaching impact in the emirate’s real estate sector and economy.
“Dubai’s real estate market requires a quite different set of developers as it matures and demand is likely to be driven by real property buyers,” Mr Adel Al Breiki, Founder of Xanadu Real Estate Development, says and adds that, “Therefore, committed customer-centric developers with a focus on quality and timely delivery will be crucial differentiator for successful developers.”
As a developer, Xanadu has pioneered the concept of partnering with developers to turnaround challenging real estate projects and steered them towards successful completion and handover to customers. Over the last six years, it invested a large amount of resources and manpower to help complete and deliver properties worth Dh8 billion in Dubai.
“Our experience in helping turn around challenging real estate projects gives us an edge in property development business where many established players find it difficult to complete the projects on time and on budget.” Al Breiki says. “Our strong credentials in investing in properties and execution of projects have helped us to undertake large projects for development.
“As the market matures and prices soften, property development and construction business will become more competitive and challenging. These developments will require financially strong developers with solid project management expertise. Therefore, we are uniquely positioned to support Dubai’s real estate sector, going forward.”
Xanadu Group is the culmination of synergies of two industrial engineers and visionary business leaders who have chosen real estate their turf and made property development and project turnaround their game – something that they enjoy doing. Passionate about undertaking challenges, they have successfully partnered with developers to complete and deliver promises.
Xanadu, established in 2010, is the brainchild of an UAE national entrepreneur Mr Adel Al Breiki, founder and Mr Cenk Yabas. The two enterprising engineers, who bring more than 40 years of collective global experience in Property Development, Construction, Sales and Asset Management.
Mr Cenk Yabas, who is also the founder of Xanadu, says, “One of our key strengths is our ability to manage projects efficiently – on time and within budget – while maintaining high quality standards, as per the latest trends and to suit the taste of the modern families.”
“While taking over the management of certain stalled projects, we changed the fittings and amenities to match the latest trends in design and products – that has helped us to offer a better proposition to the customers. This helps in value appreciation of properties and when new buyers inquire for homes – they look for contemporary designs.”
After partnering with developers, Xanadu is gradually developing its own project portfolio with new projects.