Indian major developer Gemini Property Developers, the real estate arm of India's Gemini Energy Group, has chosen Dubai’s megaproject MBR City as the best location for its new luxury real estate complex.
The project, not yet officially named, will be a multi-storey complex with 134 premium apartments. However, luxury segment is not the only one the developer is interested in. After a careful study of the local market, Gemini Property Developers plans to eye affordable housing sector, which has gained much popularity in Dubai recently.
“Our first project will be a 134-unit luxury apartment tower in MBR City, which we consider as the next 'prestigious address in Dubai,” Managing Director Sudhakar R Rao said.
“All our future projects will be predominantly in the residential segment and we will explore all projects that cater to different budgets and price points. Having said that, we are not ruling out commercial or mixed use projects as we want to have a range of projects catering to all market segments,” he added.
Mohammed Bin Rashid (MBR) City, a mega multi-billion-dollar project, is a real "city within a city" launched in 2012. Upon completion it will house a park and a shopping center that can accommodate up to 35 million visitors a year, as well as a variety of entertainment options, including an entertainment park by Universal Studios, as well as shops, restaurants, art galleries and 100 hotel facilities.
“Moreover, Dubai is witnessing greater capital value appreciation and significantly higher rental returns than most countries. In a way, it has set the benchmark for property development in the rest of the Middle East after withstanding the recession. We see current correction and consolidation, which is a healthy one and mutually beneficial in the market,” Rao has stated.