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Site visit: The Waves, Jumeirah Village Circle

by Neha Bhatia on Oct 7, 2017

OST Constructional Projects is The Waves main contractor, while Global Tech is its green building consultant.
OST Constructional Projects is The Waves main contractor, while Global Tech is its green building consultant.

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This July, Luxhabitat, a high-end real estate company, revealed that second-quarter sales volumes in Dubai’s prime residential market this year were 4% higher than corresponding figures for Q1 2017. Based on data analysed by Reidin, Luxhabitat stated that a price uptick was noted in the prime residential segment during Q3 2016, with values “steadily rising” since that period.

Meanwhile, property portal stated that the UAE’s real estate sector performed a “balancing act” in the first half of 2017. In a statement on its website, published this July, Bayut added: “Despite both sale and rental prices in Dubai and Abu Dhabi having experienced a small dip, the market still represents a rich ground for investors looking for strong returns.”

Investor activity is, indeed, on a high in the emirate. Dubai Land Department’s (DLD’s) H1 2017 Transactions Report, released this July, revealed that the value of real estate transactions in the emirate during the first half of this year amounted to $36bn (AED132bn), which was achieved through 35,571 transactions. The H1 2017 results reportedly showed a 16.8% growth in total value, and a 26% increase in the total number of transactions, compared to figures from the same period in 2016.

Counting on this market sentiment is Lootah Real Estate Development (LRED), which is currently building The Waves, a mid-rise residential project, in Dubai’s Al Barsha locality. The 1.6ha (175,905 sqft) development is being built in Al Barsha South’s Jumeirah Village Circle (JVC) neighbourhood, and features two four-storey apartment buildings.

Ground was broken on the project in September 2016, and a year later, works on the project are close to halfway completion, with overall completion due in Q4 2018.

OST Constructional Projects is The Waves main contractor, while Arif & Bintoak is providing architectural and electromechanical consulting services for the development. Global Tech is the project’s green building consultant, with mechanical, electrical, and plumbing (MEP) specialist, Pepco Engineering, also part of the project’s development team.

The Waves’ buildings each feature one basement, one ground and three typical floors, one floor dedicated to a loft apartment, and a roof.

In total, 135 units, featuring studio, one- and two-bedroom apartments, and one-bedroom lofts, spanning between 45m2 and 186m2, will be developed as part of The Waves.

In a market where high-end real estate has mostly comprised of towers over the last decade, The Waves turns the tide with its concept design and stylistic elements. Mustafa Jassem, head of business development manager at LRED, tells Construction Week that The Waves’ units are significantly more spacious than contemporary standards, and have been designed predominantly based on end-user choices and preferences.

LRED’s most recent project completion is Shamal Residences in JVC, which features 259 studio and one-bedroom loft apartments. Jassem says the development of Shamal Residences was a learning curve for LRED, “in terms of the community, buyers’ preferences, and the type of buyers we receive”.

He continues: “We received a lot of interest from international investors, local investors, and even end-users, who want to own an apartment and consider their annual rents as part of their future investments. This gave us a clear indication of how much the market is changing from an investment-driven real estate sector into one driven by end-users.”