News Highlights

The 20-80 payment plan has higher return on investment, with no hidden charges and hassle free transactions

The offer comes at a time when the Dubai’s developers are in a competition to offer the value for money

The offer spans over three years with 8% upfront each year to make it simple and easier for the investor to earn rental yield

Splendor’s close proximity to the community facilities, 12 minutes from Dubai International Airport and walking distance to two international school makes the project an attractive choice for investors

Gemini Property Developers, a Dubai-based boutique real estate developer, has announced a 24 percent guaranteed rental returns for the first three years to investors of the Dh300 million Gemini Splendor at MBR City, with handover of the apartment in just three months.

The offer spans over three years with 8 percent upfront each year to make it easier and simple for the investor to pay and earn rental yield.

So, on a Dh1 million property, Gemini guarantees Dh80,000 annual rental returns for the first three years, totaling Dh240,000 or 24 percent.

The new lucrative offering is for Gemini’s maiden G+8-storey luxury residential located at Sobha Hartland, which has achieved 90 per cent sale in a short span of one year due to its prime location, close to the downtown of the future, Dubai’s new neighbourhood with a lifestyle living and a new business district. The higher than bank rate makes Splendor a lucrative proposition for investors at a much sought-after location.

Sudhakar Rao, Chairman of Gemini Property Developers, said: “We have a buyer-focused business model, with a win-win approach where buyer is at focus. Our 24 per cent guarantee of rental returns is hard to compete in Dubai’s real estate market which only a mature and sustainable developer can offer. Our sustainable business approach reflects our commitment to the buyers in particular, and to the Dubai’s real estate market in general.

“The 24 percent rental return guarantee is based on our market research and the luxury finishes at Gemini Splendor – which is located at the crossroads of Dubai’s main highways and at the heart of the new urban center that is next to Meydan One, Business Bay, Dubai Creek Harbour and Downtown, Dubai.

“We have more to come with new projects in most sought-after locations of Dubai, that will have attractive and affordable payment schemes. That is our straightforward way of doing real estate business, which encourages people for buying instead of renting. Splendor’s close proximity to the community facilities, 12 minutes drive from Dubai International Airport and walking distance to two international school makes the project an attractive choice for investors,” he said.

Splendor project is conceptualized by is one of the five largest international architectural firms -  Aedas - while detailed designs were carried out by Dubai Consultants. The project offers excellent views of the Dubai skyline via two Expressways as well as nearby Ras Al Khor bird sanctuary.

In addition, Gemini Property Developers is offering zero service fee for the period of two years. After two years the stipulated service fee will be charged between Dh12 to Dh14 per square-feet per year, which is regulated by Dubai Land Department.

Sailesh Jatania, Chief Executive Officer of Gemini Property Developers, said: “In Splendor project, we are offering the 20-80 payment plan with no hidden charges and hassle-free transactions, which gives immense peace of mind to investors”.

The offer comes at a time when the Dubai’s developers are in a competition to offer value for money.

Splendor at MBR City is G+8-storey luxury residential located at Sobha Hartland with a built-up area of over 320,000 square feet. The residential building houses 134 stylishly designed and elegant units comprising spacious one, two and three-bedroom apartments, penthouses and townhouses equipped with state-of-the-art amenities. Apartment units range from 780 square feet to 3,400 square feet. The community also has retail, shopping and entertainment facilities, along with green spaces.

In 2018, the price performance will continue to vary across Dubai with neighborhoods where a large new deliveries is expected likely to continue to see prices soften, according to residential and commercial property consultancy Night Frank. As the GCC economies realign in wake of oil prices adjustments and Dubai diversifies in line with its economic diversification strategy, Vision 2021, government infrastructure spending continues ahead of Expo 2020, the consultancy anticipate GDP growth will accelerate in 2018 providing support for the residential market.

Dubai’s economy and real estate market remains positive despite some key risks which must be monitored and managed. In the first nine months of the year we have seen the effective exchange rate of the UAE dirham drop circa 5% against its weighted basket of currencies. This has provided support for the residential market given the material presence of international investors in Dubai. Looking forward a key risk to market performance would be any significant appreciations of the dollar (to which the dirham is pegged) due to rake hikes by the Federal Reserve. Additionally ongoing geo-political uncertainties may also impact demand, according to Night Frank.

The Expo 2020 impact makes 2018 a right time for residential property buyers, in addition to available inventory stock and oversupply in Dubai, according to a study by international ratings agency Standard & Poor’s. Dubai’s real estate market offers an average yield of 6 - 7 per cent, about 2-3 per cent above the average yield in international property markets as compared to mature markets like London, Paris or New York. Dubai’s vision 2021 diversification strategy, the government infrastructure spending continues ahead of Expo 2020, which anticipates the GDP will grow in 2018, providing support for the Dubai’s residential market.

About Gemini Property Developers:

Gemini Property Developers is the real estate division of Gemini Energy Group, one of the well-known business groups in the Middle East and India. Gemini Group has around 30 years of successful business experience in various fields, including oil and gas, Testing and Inspection services, Trading and allied fields.

Founded in 1986 by Mr. Sudhakar Raghavendra Rao, the group was originally started as Sievert Group, specializing in technical Testing and Inspection before recently divesting that business to a French multinational giant. Gemini group has plans to develop state-of-the-art yet affordable luxury properties across the region, adhering to highest standards of quality in design, technology and materials. It strives to build a reputation based on quality, efficiency, meticulous planning, top quality amenities, practical designs, timely completion and hand-over of projects.

© Press Release 2018