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Ajman-based Emirates Properties Group is targeting the branded residences market, which it believes is still evolving in the UAE.
“The market is underserved and there is room for many more,” Managing Director Mohammed R. Hegazi told Zawya Projects.
Azha Millennium Residences, the 350 million UAE dirhams ($95 million) ultra-luxury branded mixed-use development in Jumeirah Village Triangle (JVT), is slated for handover in the fourth quarter of 2027.
The developer is currently working with the government authorities to launch several projects in both Dubai and Ajman over the next four months, Hegazi added.
Interview excerpts:
What market factors compelled you to launch Azha Millennium Residences in JVT?
We are extremely bullish about the UAE’s real estate market, especially in Ajman and Dubai, where large-scale projects are being launched and constructed due to high demand. The outlook for the next few years remains bright.
Although based in Ajman, we felt that there is a clear gap in the ultra-luxury branded residences market in the UAE, where opportunities are good. As developers, we have decided to expand our real estate portfolio in Dubai with Azha Millennium Residences to give home buyers a new flavour and taste of branded homes that come with the best services for discerning customers.
We believe the branded residences market is still evolving in the UAE and the market is underserved. There is room for many more.
When did you acquire the land for the project?
The plot at the Jumeirah Village Triangle was acquired in 2024, and the community is well-positioned to cater to buyers and investors who would like to benefit from a higher return on investment.
Are you now seeing an increase in land prices in the master development?
The price of land is definitely going up across the UAE due to high demand. We have a few more land plots, and we are working on launching these projects once we receive government approval. In the next four months, we plan to launch a number of projects in both Dubai and Ajman.
What are the biggest challenges you see in the coming years and do you plan to overcome them?
The biggest problem that I see is stiff competition, especially in Dubai. There are lots of developers and they are all doing good due to growing opportunities. As a relatively newcomer to Dubai’s market, we must compete with the most experienced developers, who have an edge in development works and construction cost management due to their strong legacy, which we might not enjoy.
Besides, the regulation is very tight and compliance is at its best, which keeps developers on their toes. This is good for the real estate market, although it sometimes makes things difficult for new players like us.
What is the tendering timeline for the project?
We have already tendered out the project. The contractor is on board and is currently on site for the construction works.
Are you seeing an increase in construction costs in the UAE?
There might be a slight fluctuation in prices, but nothing to escalate the overall cost of development.
Who is the project’s architect?
ERGA Group is the architectural and design consultant. Nestled in a 2,250 square metres plot of land, Azha Millennium Residences project offers a super high-rise residential tower in the heart of JVT, with a built-up area of 36,517 square metres and 196 apartments.
Amenities were implemented to promote a healthy lifestyle and family-oriented activities, including a BBQ area, an outdoor kids play area, a running track, a cinema, and a swimming pool.
What will be the sustainable elements of the project?
As developers, we are committed to the highest standards in construction and building materials quality to ensure the best facilities and amenities are in place. Green building and smart building technologies, as well as the best use of liveable space, are part of our DNA. We have put in the highest efforts to ensure that the building is sustainable.
How much land bank do you own in the UAE?
We have a few more land banks allocated to us by the owners, and we are planning to announce projects in the next few months. These are mainly in Dubai and Ajman. We are also looking at developing projects in Abu Dhabi.
How do you plan to fund Azha Millennium Residences?
We are financially sound and cautious in project financing. We have a very robust management in place that manages the project development with its own resources.
We have ongoing projects in Ajman and Dubai. All our projects are self-financed with the least debt and the highest equity. Besides, due to high demand from investors and property buyers, most projects are developed with the sales proceeds.
Can you share your business plan for 2025 and 2026?
We have a few more projects coming up in the next few months. We are working with the government authorities to launch them, while continuing to develop and deliver the existing projects.
What is your outlook on the real estate market in the UAE over the next two years?
We are very bullish about the real estate market in Dubai and largely the UAE. Demand will continue to grow and drive real estate activities in the next two to three years. We remain very optimistic about the prospects.
(Reporting by P Deol; Editing by Anoop Menon)
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