Cityscape Global 2024 Opens its doors today in Riyadh, Showcasing the Future of Living and Real Estate Innovation
Redefined and expanded Cityscape Global features various new segments, more than 150 hours of content, over 500 experts sharing ‘Future of Living’ insights, and 400 exhibitors
4 min
Cityscape Global, the world’s largest real estate event, opened its doors today at the Riyadh Exhibition & Convention Centre, Malham, with an expanded focus on driving business-to-business (B2B) transactions. Running from 11-14 November, this year’s Cityscape Global grows to add on two new halls over 45,000 sqm, features various new segments, more than 150 hours of content, 500 experts sharing ‘Future of Living’ insights, and 400 exhibitors.
The event is Sponsored by the Ministry of Municipalities and Housing (MOMAH) in partnership with Real Estate General Authority (REGA), Vision 2030, Housing Program, Organized by Tahaluf. Cityscape Global 2024 supporting Foundation Partners include National Housing Company (NHC), NEOM, ROSHN, New Murabba, King Abdullah Financial District (KAFD), Diriyah Company and Destination Partner, MASAR.
Under the theme ‘The Future of Living,’ Cityscape Global has redefined its offerings this year by expanding into cutting-edge segments, including Stadiums & Mega Events, Sustainable Smart Cities, Hotel Development, and Next-Generation Construction Technologies. These new verticals align with the event’s enhanced B2B goals, attracting an additional 130 regional and international exhibitors to forge partnerships and seize unprecedented opportunities within Saudi Arabia’s flourishing real estate market.
“The enhanced B2B focus is aimed at driving international developers to establish their presence in Saudi Arabia and attract institutional investors with a fund value of US $1.5 trillion by increasing engagement between developers, regulators, government entities, and investors,” said Rachel Sturgess, Senior Vice President at Tahaluf, which organizes Cityscape Global.
This year’s Cityscape Global Institutional Investor Program, which has attracted renowned investor companies including BlackRock, Brookfield, Apollo Global Management, CVC Capital Partners, Northern Trust, BNP Paribas, Intesa Sanpaolo and more, promises to unlock regional and global opportunities, particularly in Saudi Arabia, where 1.2 billion square-meters of built-up area will be developed by 2030.
“Following last year’s record-breaking achievements– US$30bn in transactions and project launches- we expect an increased number of international participation this year. With Saudi Arabia’s Vision 2030 goal of 70 per cent home ownership, the Kingdom is opening unprecedented opportunities for developers and architects worldwide, which is contributing to the global attention of the event, including US$8bn for the Saudi economy. This week’s event offers unmatched opportunities for asset optimization, portfolio diversification, and high return investments in Saudi Arabia’s smart cities and infrastructure projects,” added Sturgess.
The four-day mega-event also highlights Riyadh’s emergence as a global hub for real estate professionals, with Cityscape Global 2024 will be hosting more than 50 participating countries, including those from the United States, United Kingdom, Australia, China, Singapore, India, Germany, and Hong Kong, among others. The event will focus on Saudi Arabia’s burgeoning giga-projects, NHC, New Murabba, ROSHN, MASAR, Misk City, Ajdan, Almajdiah, Al Darah, Retal and Erth while also presenting global perspectives on urban development, sustainable cities, and real estate technology.
This year’s edition also highlights Saudi Arabia’s pivotal role in shaping the future of urban living, aligned with the Kingdom’s Vision 2030 goal of delivering a million new homes and achieving 70 per cent homeownership by the end of the decade.
With more than 150 hours of expert-led content across seven specialized conferences and 20 content tracks, including the new Stadiums & Mega Events Stage as well as a dedicated stage and conference for PropTech, this year’s Cityscape Global will offer unparalleled insights into the future of urban living, sustainable construction, and smart city innovations.
Sports enthusiasts will also be able to meet and greet Ivory Coast’s all-time top scorer and former captain, Didier Drogba, and world-renowned boxer Anthony Joshua OBE, while Saudi nationals can apply to join a live auction featuring SAR 1bn worth of exclusive assets.
Across Cityscape Global’s several conference streams, the list of experts taking center stage includes The Hon. Caroline D. Pham, Commissioner of the US Commodity Futures Trading Commission, Dr. Tonio Fenech, Former Minister of Finance, Economy and Investment of the Republic of Malta; and Dr. Alison Gilliland, Former Lord Mayor of Dublin & European Climate Pact Ambassador. The formidable lineup also includes the CEOs of Saudi Arabia’s GIGA projects, including Nadhmi Al-Nasr, CEO of NEOM; Michael Dyke, CEO of New Murabba; David Henry, CEO of Misk City; George Tanasijevich, CEO of King Salman Park Foundation; and Jayne McGivern, CEO of Sports Boulevard Foundation, to name a few.
“As the world’s largest real estate event, Cityscape has been a launchpad for iconic developments and welcomed countless thought leaders. This year is going to be the biggest edition yet,” said Kevin O’Leary, one of the show’s headline speakers and a renowned businessman, investor, and judge on TV shows Dragons’ Den and Shark Tank. “The world of real estate investments is evolving very quickly, with Saudi Arabia targeting US$103bn in foreign direct investment annually by 2030. I am excited to head to the Kingdom to share my insights.”
During the event, visitors can participate in competitions to win plots of land, while prospective homebuyers will have the chance to access special mortgage rates and valuable advice from market experts.
The first-ever Cityscape Future Leaders Competition will also take place, aimed at empowering students and fresh graduates by challenging them to solve real-world architectural problems, while the Cityscape Innovation Challenge will gather over 60 PropTech, Smart Cities and ConTech startups to compete for the chance to make it to the Shark Tank-style Finale. The ROSHN Hackathon is also back– supported by Google Cloud and PwC– where 100 selected participants and 40 teams will compete for prizes worth SAR 1.5 million.
“Cityscape Global is a testament to the Kingdom’s commitment to innovation and technological advancement,” said ROSHN Group’s Chief Information and Digital Officer Jayesh Maganlal. “By fostering creativity and collaboration, the ROSHN Hackathon will drive the development of groundbreaking solutions that will shape the future of our cities. The initiative will not only attract top talent but provide them opportunities to gain prominence within the real estate environment and move them closer to a position from which they can have a transformative impact.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The development will feature 1,398 units, with the majority already completed
2 min
Saudi Egyptian Developers (SED) has officially marked the completion of the first phase of its flagship residential development, Bleu Vert, located in the New Administrative Capital. The milestone, celebrated with a special client event, underscores the company’s dedication to timely project delivery and high-quality construction. With a total investment of EGP 8.7 billion, the project represents a significant contribution to Egypt’s real estate landscape.
Spanning an expansive 70 feddans, Bleu Vert is designed to offer a diverse range of residential options, including villas, twin houses, townhouses, and apartments. The development will feature 1,398 units, with the majority already completed. The first phase includes the handover of 300 apartments and 104 villas, demonstrating SED’s commitment to its 2024 delivery schedule.
Mohamed El-Taher, CEO of Saudi Egyptian Developers, stated: “The delivery of the first phase of the Bleu Vert project demonstrates our commitment to providing innovative and diverse real estate products that meet our clients’ diverse needs with exceptional quality and within the agreed timelines.”
Tarek El-Gamal, Chairperson of REDCON Properties, which managed the construction of Bleu Vert, commented: “We are thrilled to collaborate with Saudi Egyptian Developers and contribute to the construction of the Bleu Vert project in the New Administrative Capital.”
With a legacy of over five decades in the Egyptian real estate sector, Saudi Egyptian Developers has a proven track record, having successfully completed over 50 projects across residential, commercial, tourism, coastal resorts, and administrative sectors. This experience continues to shape SED’s approach as it develops innovative communities that cater to modern living standards.
The ongoing progress of Bleu Vert represents not only a key development in the New Administrative Capital but also an example of SED’s commitment to shaping Egypt’s urban future.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Hamid Hajian, CEO of Zebel Group, shares insights on the company’s growth, technology, and strategic goals.
3 min
Zebel Group has established itself as a key player in the real estate development sector by transforming how developers and contractors approach preconstruction tasks. Through its innovative software, Zebel streamlines critical processes such as cost estimation and project feasibility analysis, enabling clients to make informed, data-driven decisions.
CEO Hamid Hajian, who leads the company’s growth and vision, reflects in this interview on the milestones Zebel has achieved, the impact of its technology, and the exciting opportunities on the horizon. As the company expands its reach, Hajian shares how Zebel is evolving and pushing the boundaries of innovation to meet the growing demands of the industry.
Zebel software focuses on streamlining feasibility analysis for real estate developers. Can you explain how leveraging historical project data with your platform enhances decision-making and reduces project timelines?
The most critical decisions in any real estate development project occur during the early design stages when ideas are still evolving, and the design is highly fluid. Zebel software enables developers to analyze the cost implications of design choices at this stage, empowering them to make informed decisions that maximize financial returns. By leveraging historical project data, Zebel provides insights into construction costs for new projects, enabling more accurate feasibility analyses and setting the foundation for long-term project success while reducing overall timelines.
With Zebel’s software enabling quick cost estimates and ROI calculations, how have users reported that this has impacted the efficiency and accuracy of their projects?
Our customers consistently report significant improvements in the speed of their preconstruction processes. With Zebel, they can prepare budgets in minutes, a task that would typically take days or even weeks using spreadsheets. This enhanced speed allows our general contractor (GC) clients to stand out by delivering estimates to their developer clients faster than their competitors. One GC client recently shared a success story where Zebel’s quick estimating capabilities helped them win a new project by showcasing their improved preconstruction efficiency. Additionally, our clients have found they can handle more projects with the same or even smaller staff, further boosting their operational efficiency.
Reflecting on 2024 so far, what milestones or achievements is Zebel Group most proud of, and how have these successes shaped your vision moving forward?
2024 has been an exceptionally successful year for Zebel Group, marked by both vertical and horizontal growth. We launched detailed estimating and bid management modules that complement our existing historical database and conceptual estimating tools. Additionally, we expanded beyond the multifamily residential market, making our platform more versatile and capable of serving a broader range of clients, including major companies like Amazon. Today, we cater to any developer or general contractor working on any type of building, offering support across the entire preconstruction spectrum—from conceptual estimating to detailed estimating and subcontractor bid management. These achievements have set the stage for us to explore new market sectors within the U.S. and emerging international markets, shaping a bold vision for future growth.
How do events and collaborations with key industry players contribute to Zebel Group’s growth and expansion plans?
Participating in such events, like Cityscape global 2024 last month, provide Zebel Group with invaluable exposure to prominent players in Saudi Arabia’s rapidly growing construction market. Our collaborations with major U.S. companies like Amazon and Irvine Company, California’s largest developer, demonstrate our capacity for handling large-scale projects. These conferences enable us to deepen our understanding of the Saudi market and strategically plan our expansion into this dynamic region.
What are Zebel Group’s priorities and goals for the upcoming year, and are there any new features or expansions planned for the platform?
Our priorities for the upcoming year include enhancing the functionality of our recently launched bid management module. This will enable our general contractor clients to seamlessly manage all subcontractor bids, level them, and incorporate awarded bids directly into their budgets. Additionally, we plan to integrate with other platforms, such as quantity takeoff, bid solicitation, and value engineering tools, to deliver a more comprehensive and streamlined solution for our clients.
How does Zebel plan to evolve its technology to continue adding value to real estate developers and contractors, especially as the industry increasingly adopts data-driven decision-making?
Zebel aims to evolve into a comprehensive, end-to-end platform addressing all preconstruction needs for real estate developers and contractors. We are committed to developing new features and refining our existing offerings to achieve this vision. A particularly exciting initiative on our product development roadmap is leveraging AI to enhance user experience. Imagine interacting with your construction cost database through voice commands instead of traditional point-and-click methods. This is just the beginning, and we are thrilled to lead innovation in this rapidly evolving industry, empowering our clients with cutting-edge, data-driven solutions.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
The company continues its leading role in delivering cutting-edge 3D printing technologies to support the ambitious goals outlined in the strategy.
2 min
In line with the objectives of the Dubai Real Estate Strategy 2033’, which aims to strengthen Dubai’s position as a global hub for real estate investment, 3DXB Group reaffirms its commitment to providing innovative solutions that drive technological advancement and sustainability in the real estate sector. The company continues its leading role in delivering cutting-edge 3D printing technologies to support the ambitious goals outlined in the strategy.
The strategy aims to double the real estate sector’s contribution to Dubai’s GDP to AED 73 billion, increase real estate transactions by 70% to reach AED 1 trillion by 2033, and grow the value of real estate portfolios twentyfold to AED 20 billion. 3DXB Group emphasizes its pivotal role in achieving these objectives by offering technological solutions that enhance the efficiency and sustainability of real estate projects.
3DXB Group is one of the region’s leading providers of 3D printing technologies, making significant contributions to the development of the construction sector through its advanced technical solutions. The company focuses on using 3D printing to create sustainable real estate projects aimed at reducing costs and minimizing material waste.
The group’s technologies are distinguished by their ability to accelerate construction processes, reducing project completion times by up to 30% compared to traditional methods. Moreover, these technologies contribute to lowering carbon emissions by utilizing innovative, eco-friendly building materials, aligning with Dubai’s vision of promoting environmental sustainability across all sectors.
Additionally, the group plays a crucial role in designing urban communities that achieve high operational efficiency while adhering to sustainability standards, which are a core aspect of Dubai’s urban development approach. Through these efforts, 3DXB Group contributes to balancing technological innovation and sustainability, making it a key partner in advancing the regional real estate sector.
Commenting on the company’s role, Badar Rashid AlBlooshi, Chairman of 3DXB Group, stated: “We are committed to delivering innovative technological solutions that support Dubai’s ambitious vision to solidify its position as a global capital for real estate investment. Our advanced 3D printing technologies help reduce construction costs and save time while maintaining high-quality standards. Our goal is to enhance sustainability and efficiency in line with the objectives of the Dubai Real Estate Strategy 2033.”
AlBlooshi added: “3D printing represents a promising future for the construction industry, enabling us to overcome traditional challenges and offer flexible, innovative solutions. We are proud to be part of this transformative journey in Dubai.”
3DXB Group provides technological solutions that meet sustainability requirements and achieve integration between technology and urban planning. The company underscores that these partnerships directly contribute to Dubai’s vision of becoming a global center for a diversified economy and sustainable real estate development.
Through these efforts, 3DXB Group strengthens its role as a key contributor to achieving the goals of the ‘Dubai Real Estate Strategy 2033’, solidifying its position as a principal partner in Dubai’s journey toward sustainable development and technological innovation.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
A milestone that highlights the growth in trust shown by local and international investors in the UAE’s vibrant real estate market.
2 min
ONE Development, a homegrown boutique developer with offices in Abu Dhabi and Dubai, has announced that the first phase of its innovative flagship project, Laguna Residence, completely sold out within less than one month of its official launch, a milestone that highlights the growth in trust shown by local and international investors in the UAE’s vibrant real estate market and the unique appeal of this pioneering development.
Laguna Residence, located in the heart of Dubai’s City of Arabia, is the UAE’s first AI-integrated residential community, introducing cutting-edge technology to enhance urban living. The development features the region’s first sandy beach lagoon set on a podium surrounded by soothing landscapes and offers a range of meticulously designed units, from studios to three-bedroom apartments, duplexes and “Skyhomes”, all with panoramic views of the Dubai skyline. Residents benefit from AI-powered services and sustainability-focused features and enjoy easy access to over 40 world-class amenities. Phase two of the project will soon be released to the market and will also incorporate these convenient and lifestyle enhancing elements.
Sales data has revealed significant interest from a globally diverse mix of investors, highlighting the interest that Laguna Residence has generated, making it a desirable development that blends innovation with dynamic investment opportunities.
“This milestone demonstrates the growing confidence of local and global investors in Dubai’s real estate sector, and the trust that the market has shown in ONE Development’s ability to create and deliver visionary projects,” said Ali Al Gebely, Founder and Chairman of ONE Development. “Laguna Residence is a testament to our mission of creating unique communities that define the future of urban living while attracting investment that supports Dubai’s long-term growth. The project is a perfect example of how individual elements can come together in a relationship that combines our unique AI-infused infrastructure and services with comfort and style.”
ONE Development’s commitment to global expansion was recently highlighted by the success of its first international collaboration with Doo Properties, the globally recognized property experts who now represent One Development in China as the result of an agreement signed just 23 days after Laguna Residence’s launch. This strategic alliance reflects the developer’s dedication to expanding its international footprint and creating opportunities that appeal to investors worldwide.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Dubai offers gross investment yields of 7.0%, the highest among the three cities.
2 min
With an average sale price of just $438 per square foot, Dubai presents incredible value compared to London and New York. Despite its reputation for luxury and world-class amenities, Dubai’s property market remains accessible to a broader spectrum of buyers. Investors can enter a market that offers lavish lifestyles and state-of-the-art developments at a fraction of the cost of global counterparts.
Dubai offers gross investment yields of 7.0%, the highest among the three cities. This is nearly double New York’s yield of 4.2% and almost triple London’s modest 2.4%. For investors seeking both consistent rental income and capital appreciation, Dubai’s real estate market provides an unparalleled opportunity.
Year-on-year inflation-adjusted property price growth in Dubai has surged by 16.5%, reflecting a strong and dynamic market fueled by high demand and constrained supply in premium locations. In stark contrast, New York grew 8.1%, while London lagged at just 1.6%.
Dubai’s appeal extends beyond affordability and yields. The city’s government has created a pro-investor ecosystem through initiatives such as visa reforms, zero property taxes, and its ambitious Dubai Economic Agenda D33. These measures have drawn global attention and bolstered the city’s reputation as a hub for businesses, expatriates, and high-net-worth individuals.
Dubai stands out for its lifestyle offerings, blending safety, connectivity, and modern infrastructure. The city’s position as a global travel hub, coupled with its family-friendly environment and favorable climate, makes it a top choice for residents and investors alike. London and New York, while iconic, are weighed down by high costs of living, congestion, and challenging climates.
One of Dubai’s standout features is its proactive governance. Amid global uncertainty, Dubai has maintained investor confidence through stability and forward-looking policies. Unlike London, which continues to navigate post-Brexit challenges, or New York, which faces affordability crises, Dubai’s real estate market remains future-proof. The city is seeing rising demand fueled by mega infrastructure projects, a growing expatriate population, and its diversification into new economic sectors.
Dubai’s real estate market is not just thriving today, it’s built for long-term growth. The city’s leadership, combined with increasing demand from international investors, ensures sustained momentum even as the global real estate market fluctuates.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Unmarried home buyers say they are giving priority to a financial foundation over a legal one
4 min
The big wedding can wait. Couples are deciding they would rather take the plunge into homeownership.
In reshuffling the traditional order of adult milestones, some couples may decide not to marry at all, while others say they are willing to delay a wedding. Buying a home is as much, if not more of a commitment, they reason. It helps them build financial stability when the housing market is historically unaffordable.
In 2023, about 555,000 unmarried couples said that they had bought their home in the previous year, according to a Wall Street Journal analysis of Census Bureau data. That is up 46% from 10 years earlier, when just under 381,000 couples did the same.
Unmarried couples amounted to more than 11% of all U.S. home sales. The percentage has climbed steadily over the past two decades—a period in which marriage rates have fallen. These couples make up triple the share of the housing market that they did in the mid-1980s, according to the National Association of Realtors.
To make it work, couples must look past the significant risk that the relationship could blow up, or something could happen to one partner. Without a marriage certificate, living situations and finances are more likely to fall into limbo, attorneys say.
Mark White, 59 years old, and Sheila Davidson, 62, bought a lakeside townhouse together in Newport News, Va., in 2021. But only her name is on the deed. He sometimes worries about what would happen to the house if something happened to her. They have told their children that he should inherit the property, but don’t have formal documentation.
“We need to get him on the deed at some point,” Davidson said.
White and Davidson both had previous marriages, and decided they don’t want to do it again. They also believe tying the knot would affect their retirement benefits and tax brackets.
Financial foundation
Couples that forgo or postpone marriage say they are giving priority to a financial foundation over a legal one. The median homeowner had nearly $400,000 in wealth in 2022, compared with roughly $10,000 for renters, according to the Federal Reserve’s Survey of Consumer Finances.
Even couples that get married first are often focused on the house. Many engaged couples ask for down-payment help in lieu of traditional wedding gifts.
“A mortgage feels like a more concrete step toward their future together than a wedding,” said Emily Luk, co-founder of Plenty, a financial website for couples.
Elise Dixon and Nick Blue, both 29, watched last year as the Fed lifted rates, ostensibly pushing up the monthly costs on a mortgage. The couple, together for four years, decided to use $80,000 of their combined savings, including an unexpected inheritance she received from her grandfather, to buy a split-level condo in Washington, D.C.
“Buying a house is actually a bigger commitment than an engagement,” Dixon said.
They did that, too, getting engaged eight months after their April 2023 closing date. They are planning a small ceremony on the Maryland waterfront next year with around 75 guests, which they expect to cost less than they spent on the home’s down payment and closing costs.
The ages at which people buy homes and enter marriages have both been trending upward. The median age of first marriage for men is 30.2, and for women, 28.6, according to the Census Bureau. That is up from 29.3 and 27.0 a decade earlier. The National Association of Realtors reported this year that the median age of first-time buyers was 38, up from 31 in 2014.
Legal protections
Family lawyers—and parents—sometimes suggest protections in case the unmarried couple breaks up. A prenup-like cohabitation agreement spells out who keeps the house, and how to divide the financial obligations. Without the divorce process, a split can be even messier, legal advisers say.
Family law attorneys say more unmarried people are calling for legal advice, but often balk at planning for a potential split, along with the cost of drawing up such agreements, which can range from $1,000 to $3,000, according to attorney-matching service Legal Match.
Dixon, the Washington condo buyer, said she brushed off her mother’s suggestion that she draft an agreement with Blue detailing how much she invested, figuring that their mutual trust and equal contributions made it unnecessary. (They are planning to get a prenup when they wed, she said.)
There are a lot of questions couples don’t often think about, such as whether one owner has the option to buy the other out, and how quickly they need to identify a real-estate agent if they decide to sell, said Ryan Malet, a real-estate lawyer in the D.C. region.
The legal risks often don’t deter young home buyers.
Peyton Kolb, 26, and her fiancé figured that a 150-person wedding would cost $200,000 or more. Instead, they bought a three-bedroom near Tampa with a down payment of less than $50,000.
“We could spend it all on one day, or we could invest in something that would build equity and give us space to grow,” said Kolb, who works in new-home sales.
Owning a place where guests could sleep in an extra bedroom, instead of on the couch in their old rental, “really solidified us starting our lives together,” Kolb said. Their wedding is set for next May.
Homes and weddings have both gotten more expensive, but there are signs that home prices are rising faster. From 2019 to 2023, the median sales price for existing single-family homes rose by 44%, according to the National Association of Realtors. The average cost of a wedding increased 25% over that time, according to annual survey data from The Knot.
Rent versus buy
Roughly three quarters of couples move in together before marriage, and may already be considering the trade-offs between buying and renting. The cost of both has risen sharply over the past few years, but rent rises regularly while buying with a fixed-rate mortgage caps at least some of the costs.
An $800 rent hike prompted Sonali Prabhu and Ryan Willis, both 27, to look at buying. They were already paying $3,200 in monthly rent on their two-bedroom Austin, Texas, apartment, and felt they had outgrown it while working from home.
In October, they closed on a $425,000 three-bed, three-bath house. Their mortgage payment is $200 more than their rent would have been, but they have more space. They split the down payment and she paid about $50,000 for some renovations.
Her dad’s one request was that the house face east for good fortune, she said. Both parents are eagerly awaiting an engagement.
“We’re very solid right now,” said Prabhu, who plans to get married in 2026. “The marriage will come when it comes.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Office-to-residential conversions are gaining traction, helping revitalize depressed business districts.
4 min
Developer efforts to convert emptying office towers into residential buildings have largely gone nowhere. That may be finally changing.
The prospect of transforming unused office space into much-needed housing seemed a logical way to resolve both issues. But few conversions moved forward because the cost of acquiring even an aging office building remained too high for the economics to pencil out.
Now that office vacancy has reached record levels, sellers are willing to take what they can. That has caused values to plunge for nothing-special buildings in second-rate locations, making the numbers on many of those properties now viable for conversions.
Seventy-three U.S. conversion projects have been completed this year, slightly up from 63 in 2023, according to real-estate services firm CBRE Group. But another 309 projects are planned or under way with about three-quarters of them office to residential. In all, about 38,000 units are in the works, CBRE said.
“The pipeline keeps replenishing itself,” said Julie Whelan , CBRE’s senior vice president of research.
In the first six months of this year, half of the $1.12 billion in Manhattan office-building purchases were by developers planning conversion projects, according to Ariel Property Advisors.
While New York, Chicago and Washington, D.C., are leading the way, conversions also are popping up in Cincinnati, Phoenix, Houston and Dallas. A venture of General Motors and Bedrock announced Monday a sweeping redevelopment of Detroit’s famed Renaissance Center that includes converting one of its office buildings into apartments and a hotel.
In Cleveland, 12% of its total office inventory is either undergoing conversions or is planned for conversion. Many projects there are clustered around the city’s 10-acre Public Square. The former transit hub went through a $50 million upgrade about 10 years ago, adding fountains, an amphitheater and green paths.
“You end up with so much space that you paid so little for, that you can create amenities that you would never build if you were doing new construction,” said Daniel Neidich, chief executive of Dune Real Estate Partners, a private-equity firm that has teamed up with developer TF Cornerstone to invest $1 billion on about 20 conversion projects throughout the U.S. in the next three years.
Conversions won’t solve the office crisis, or make much of a dent in the U.S. housing shortage . And many obsolete office buildings don’t work as conversion projects because their floors are too big or due to other design issues. The 71 million square feet of conversions that are planned or under way only account for 1.7% of U.S. office inventory, CBRE said.
But city planners believe that conversions will play an important part in revitalising depressed business districts, which have been hollowed out by weak return-to-office rates in many places.
And developers are starting to find ways around longstanding obstacles in larger buildings. A venture led by GFP Real Estate is installing two light wells in a Manhattan office-conversion project at 25 Water St. to ensure that all the apartments will get sufficient light and air.
Cities such as Chicago, Washington, D.C., and Calgary, Alberta, have started to roll out new subsidies, tax breaks and other incentives to boost conversions.
The projects are breathing new life into iconic properties that no longer work as office buildings. The Flatiron Building in New York will be redeveloped into condominiums. In Cincinnati, the owner of the Union Central Life Insurance Building is converting it into more than 280 units of housing with a rooftop pool, health club and commercial space.
In the first couple of years of the pandemic, office building owners were able to hold on to their properties because of government assistance and because tenants continued to pay rent under long-term leases.
As leases matured and demand remained anaemic, landlords began to capitulate and dump buildings at enormous discounts to peak values. In Washington, D.C., for example, Post Brothers last year paid about $66 million for 2100 M Street, which had sold for as much as $150 million in 2007.
Washington, D.C., has been particularly hard hit by the office downturn because the federal government has been especially permissive in allowing employees to work from home .
“We’re able to make it work as a conversion because it was no longer priced as though it could be repositioned as office,” said Matt Pestronk , Post’s president and co-founder.
Increasingly, more deals are taking place behind the scenes as converters reach deals with creditors to buy debt on troubled office buildings and then push out the owners. GFP Real Estate reduced costs of its $240 million conversion of 25 Water Street by buying the debt at a discount and cutting deals with tenants to exit the building before their leases matured.
One of the first projects planned by the venture of Dune and TF Cornerstone likely will be the Wanamaker Building in Philadelphia. TF Cornerstone just purchased the debt on the office space in the building and is in the process of taking title.
“The banks are foreclosing and doing short sales,” said Neidich, Dune’s CEO. “There’s a ton of it going on.”
In Washington, D.C., a conversion of the old Peace Corps headquarters building near Dupont Circle is 70% leased just four months after opening, said developer Gary Cohen . Rents are higher than expected.
“If that’s the way to get people downtown, that’s what we have to do,” Cohen said.
Not all developers agree that the economics of conversions work, even at today’s low prices. Miki Naftali , who has converted more than five New York properties over the years, said he has been very actively looking at conversion candidates but hasn’t yet found a deal that works financially.
One of the issues facing converters is that even if an office building is dying, it often has a few existing tenants who would need to be relocated. Some buildings would need atriums to ensure that all the apartments have sufficient light and air.
“When you start to add everything up, if your costs get close to new construction, that’s when you get to the point that it doesn’t make financial sense,” Naftali said.
Some landlords are including clauses in leases that give them the right to evict tenants to make room for a major conversion. Others are keeping a small ownership stake when they sell buildings so that they can learn the conversion process for future buildings.
“The world is looking at these assets in a different way,” said developer William Rudin , whose company decided to learn the conversion process by keeping a stake in 55 Broad Street, a downtown New York office building it sold last year to a converter.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The new development takes inspiration from Ras Al Khaimah’s mountainous landscape and scenic beaches featuring 562 luxurious residences and is due for handover in Q4 2028
3 min
The Luxe Developers, a leading UAE-based real estate developer firm, has officially launched La Mazzoni, an AED2.3 billion-dirham development on Al Marjan Island in Ras Al Khaimah. The fully furnished luxury development is set to add another dimension to the real estate landscape in the emirate by combining green and nature-inspired elegance with world-class amenities.
Following the success of Oceano, The Luxe Developers’ flagship project on Al Marjan Island, La Mazzoni is focused on wellness-centric living. The development offers an exclusive range of fully furnished apartments, duplexes, chalets and penthouses, starting from AED1.9 million and includes a flexible four-year payment plan designed to make ownership accessible.
The critically acclaimed Dewan Architects + Engineers, renowned for their innovative and contemporary designs, are the team behind La Mazzoni’s architecture, ensuring it stands as a landmark of modern sophistication on Al Marjan Island.
Shubam Aggarwal, Chairman and Co-owner of The Luxe Developers, said: “We embarked on this journey with a vision to redefine success in real estate – not to merely identify properties but to create unparalleled opportunities. At The Luxe Developers, we see every project as a transformative moment, shaping communities and futures. Each development represents a bold step towards innovation, embodying spaces that inspire investment, living, and legacy.
“With La Mazzoni, we are not just delivering homes but curating a lifestyle that blends sustainability with sophistication, catering to the evolving preferences of discerning buyers and investors.”
Spanning a Built-up Area (BUA) of over 1.5 million square feet, the development is inspired by the fluidity of wind and waves, integrating with its natural surroundings, delivering a blend of luxury and sustainability.
Strategically located on the thriving Al Marjan Island, La Mazzoni benefits from the emirate’s growing appeal as a global lifestyle destination. Situated next to Marjan World and within close proximity to the iconic Wynn Al Marjan Island, the project offers residents seamless access to top-tier dining, entertainment, and recreational options.
La Mazzoni brings together nature-inspired tranquility and state-of-the-art conveniences, providing investors with facilities that balance functionality and exclusivity, catering to ultra-high-net-worth individuals and investors seeking value in the region’s growing luxury real estate market.
Residents can access exclusive amenities catering to relaxation and recreation, focusing on the mind and body. An infinity rooftop pool enhances the outdoor living experience, while fitness enthusiasts can take advantage of a cutting-edge wellness centre featuring modern gym facilities, yoga studios and paddle courts.
To relax, the development is surrounded by lush greenery and an array of water features underscored by a private spa equipped with saunas, hammams, and therapy rooms. A dedicated children’s play area and activity zones provide a safe and engaging environment for young ones.
The project also integrates features designed for high-end living, including 24/7 security and smart home systems for efficient management and control. Communal spaces such as private outdoor co-working areas and a sky deck have been designed to offer residents space to enhance productivity and creativity.
Siddharta Banerji, Managing Director and Co-owner of The Luxe Developers, said: “At The Luxe Developers, we have always believed that no challenge is impossible, and our mission goes beyond constructing buildings – we create enduring legacies. Our recent milestones underscore this vision as we set new benchmarks in real estate excellence, achieving record-breaking sales with The Celest and The Stellar, the most expensive residences in Ras Al Khaimah.
“Our success is a collective achievement, made possible by our dedicated team and trusted partners. From our unparalleled attention to detail to innovative design and world-class amenities, The Luxe Developers consistently deliver projects that captivate discerning investors and position us as leaders in the real estate sector.”
The launch of La Mazzoni underscores Ras Al Khaimah’s growing prominence as a hub for ultra-luxury real estate. The emirate’s appeal, bolstered by strategic infrastructure developments, economic stability, and an influx of ultra-high-net-worth individuals, has positioned it as a prime destination for investors and homeowners.
“La Mazzoni aligns perfectly with this vision, offering a sanctuary that redefines the art of living,” concluded Banerji.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The report comprehensively analyses the residential, commercial, and hospitality sectors and highlights resilience and strategic growth opportunities.
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Qatar’s real estate market has demonstrated notable resilience and stability throughout the third quarter of 2024, according to the latest report from ValuStrat, a leading global consultancy in multi-sector advisory services. The ValuStrat Real Estate Review for Q3 provides a detailed analysis of the residential, commercial, and hospitality sectors, highlighting both steady performance and key areas of opportunity.
Anum Hasan, Head of Research for ValuStrat Qatar, emphasized that the third quarter showed a stable market overall. While certain high-end regions saw a slight uptick in rental rates for larger apartments, particularly in premium areas, the market at large remained largely unchanged. This stability was reflected in the ValuStrat Price Index, which held steady at 96.6 points, showing no significant movement from the previous quarter or year. The index, which is benchmarked to 100 points from Q1 2021, recorded 97.5 points for apartments and 96.3 points for villas, with neither showing any major fluctuations.
The report also notes a slowdown in the transactional side of the market, with both mortgage and sales transactions declining. Mortgage transactions fell by 10% quarter-on-quarter and 8.5% year-on-year, while sales transactions dropped by 18% from the last quarter and 15% compared to the previous year. The reduction in interest rates by the Qatar Central Bank, aligned with moves by the US Federal Reserve, could suggest that potential buyers are holding off, anticipating further rate cuts in the future.
In the commercial property sector, office spaces performed consistently, showing no significant changes, while retail saw mixed results. The organized retail sector reported a 2% decline, while street retail experienced a smaller 1% drop. However, the industrial sector remained stable overall, with temperature-controlled spaces seeing a 2% improvement from the same period last year.
One of the standout areas of growth in Qatar’s real estate landscape is the hospitality sector. The country saw a 25.6% increase in tourism year-on-year, bringing in 3.9 million visitors. This surge was supported by a strong slate of government-hosted events, both local and international, capitalizing on the cooler months. As a result, hotel occupancy rates rose by 23% compared to last year.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
In addition to these roadshows, Domaine Properties announced its partnership as the Official Title Sponsor for Queen of the World 2024.
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Domaine Properties, Dubai’s premier luxury real estate advisory firm, announced its expansion into Asia with upcoming roadshows in Pakistan and Sri Lanka. This initiative aligns with Domaine Properties’ dedication to bringing Dubai’s prestigious real estate opportunities to new international markets, highlighting Dubai’s appeal as a leading destination for luxury living and investment.
In addition to these roadshows, Domaine Properties also announced its partnership as the Official Title Sponsor for Queen of the World 2024. This prestigious event, celebrating beauty, ambition, and empowerment on a global stage, will now carry the elegance and distinction associated with Domaine Properties. As one of Dubai’s most recognized luxury real estate brands, Domaine Properties brings unparalleled expertise and prestige to the Queen of the World experience, set to captivate audiences and participants worldwide.
Bassam Abou Kurch, CEO of Domaine Properties, commented on the partnership: “We are excited to embark on this journey with Queen of the World 2024, supporting an event that celebrates excellence and empowerment on an international stage. At Domaine Properties, we are committed to showcasing Dubai’s luxury real estate to a global audience, and our roadshows in Pakistan and Sri Lanka exemplify our vision to connect with clients seeking world-class investment opportunities.”
This milestone marks a significant step in Domaine Properties’ mission to enhance its brand presence across Asia, creating a bridge between Dubai’s luxury real estate offerings and the aspirational lifestyle sought by discerning clients globally. By aligning with Queen of the World 2024, Domaine Properties underscores its role as a leader in elegance, excellence, and client-centric service in the real estate market.
Domaine Properties stands at the forefront of Dubai’s luxury real estate sector, offering bespoke services that cater to high-net-worth individuals and discerning investors. Committed to expanding its global footprint, the organization continuously seeks new avenues to enhance its offerings and reach. Future initiatives include integrating advanced digital tools to provide seamless client experiences, along with a robust focus on emerging markets.
As it looks ahead, Domaine Properties remains dedicated to redefining excellence in luxury real estate through strategic growth and unwavering client focus.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This exclusive collection of over one hundred bespoke mansions represents Dubai’s most refined water-inspired lifestyle, surrounded by the timeless allure of Venice-inspired lagoons and flourishing greenery
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Azizi Developments has officially launched Monaco Mansions, a prestigious waterfront living project within its expansive Azizi Venice development in Dubai South. This new offering brings an exclusive collection of 109 ultra-luxury residential units to the UAE’s real estate market, blending world-class design with a stunning waterfront location.
Monaco Mansions offers a distinctive lifestyle, carefully designed to provide an immersive waterfront experience. The project includes a variety of bespoke residences that epitomize sophistication, with eight architectural styles ranging from royal classic to modern. These mansions are designed to meet the highest standards of personalization, ensuring that each residence stands out as a unique masterpiece in one of Dubai’s most sought-after locations.
Each mansion, ranging from 10,000 to 20,000 square feet, features 6 to 8 bedrooms and offers the option of being either fully furnished or unfurnished. The residences are outfitted with luxurious touches like chandeliers, sculptural staircases, and intricate wall panels, setting a new benchmark in ultra-luxury mansion living. The design has been carefully curated to provide not just a home, but a lifestyle—offering expansive spaces for comfort, elegance, and indulgence.
Azizi Venice, home to Monaco Mansions, is built around a vast swimmable lagoon—one of the largest in the world—creating a serene and scenic backdrop for the development. The surroundings are further enhanced by Venice-inspired lagoons and lush greenery, adding to the allure of this exclusive enclave.
Mirwais Azizi, Founder & Chairman of Azizi Developments, said: “The unveiling of Monaco Mansions represents a significant milestone in Dubai’s luxury real estate landscape. These exclusive, ultra-luxury mansions, meticulously designed for those who seek truly immersive waterfront living, embody our commitment to delivering unparalleled sophistication and elevated lifestyles tailored for the priviliged few. From their grand architecture and expansive layouts to their wealth of opulent amenities, Monaco Mansions set a new standard of excellence, granting our esteemed investors and residents’ privacy, refinement, and a connection to nature within the heart of Dubai South.”
The four-level residences are designed with utmost attention to detail, featuring both lagoon- and road-facing exteriors, expansive balconies, and private beach access. Monaco Mansions will offer a wealth of luxurious amenities, including dual swimming pools, a rooftop terrace, a private cinema, lounges, bars, a state-of-the-art fitness center, a Turkish Hammam spa, and multiple kitchens, ensuring that every need of its discerning residents is met.
Once completed, Azizi Venice will be a sprawling mixed-use community, boasting over 36,000 residential units across more than 100 apartment complexes, as well as over 109 ultra-luxury mansions. Azizi Developments is managing all aspects of the project, including the construction of buildings, roads, and infrastructure, to ensure that this landmark project is delivered to the highest standards.
Azizi’s commitment to elevating the Dubai real estate market is clear in the scale and ambition of Monaco Mansions. This project marks not only the launch of an extraordinary living experience but also sets a new standard for luxury properties in Dubai.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The sell-out success of Lacina underscores continued demand for off-market, luxury real estate from trusted developers in Dubai
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Majid Al Futtaim announced the sell-out success Lacina, the second phase of Ghaf Woods. Launched earlier this year, Ghaf Woods is the city’s first forest-living community, offering a harmonious living experience characterized by thriving greenery, enhanced connectivity, and unrivalled sustainability.
Spanning 738,000 square meters off the Sheikh Mohammed bin Zayed Highway, near Global Village, the community will be developed in eight phases, with completion slated for 2031. Lacina, the second phase, has sold out in record time, underscoring the growing demand for tranquil yet connected, nature-based living spaces in Dubai.
Ahmed El Shamy, CEO, Majid Al Futtaim Properties, said: “With Ghaf Woods, we are setting a new benchmark for sustainable, nature-integrated living in Dubai. The exceptional response to Lacina, reaffirms the growing demand for communities that prioritize environmental harmony and elevated living experiences. This milestone highlights the trust and confidence the market places in Majid Al Futtaim’s ability to deliver visionary, high-quality destinations that redefine urban living. It reflects our unwavering commitment to creating communities that seamlessly blend sustainability, connectivity, and an unparalleled quality of life.”
Tailored to diverse lifestyles, Lacina offers five floor plan options—ranging from one- to three-bedroom units, including duplexes. Each home reflects Majid Al Futtaim’s commitment to exceptional quality, featuring advanced customization options between two distinct interior palettes, Radiance and Twilight, enabling residents to personalize their spaces with natural earthen tones or sophisticated nightly hues.
The latest phase of the development embodies a sanctuary where nature enriches the daily life of residents, offering a balanced and innovative living experience complemented by thoughtfully curated amenities. These include three signature pavilions—Rustle, Breeze, and Ripple. The Rustle Pavilion is designed to inspire an active yet serene lifestyle, featuring a gym, game room, kid’s play areas, and a swimming pool. The Breeze Pavilion offers tranquil spaces for quiet moments or dynamic dining experiences, while the Ripple Pavilion fosters social connections and focused engagement. Additional amenities include a lawn area, children’s playground, dedicated pet facilities, and a bike station.
The community will feature a forest of 35,000 climate-suitable trees, including the Ghaf, which will outnumber residents, serving as a vital “Green Lung” that provides 20% cleaner air and cooler temperatures—up to five degrees Celsius lower than the city average. Residents of Lacina will also benefit from access to Ghaf Woods’ expansive amenities, such as adjacent multipurpose courts, a sports and activities park, a skate park, eight kilometers of walking trails, and an adventurous 3.5-kilometer mountain bike loop.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
Metropolitan Premium Properties increased its market share in terms of both value and transaction volume by over 50% in this segment
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Palm Jumeirah and Jumeirah Bay Island are the top choices for ultra-high-net-worth individuals (UHNWIs) in Dubai, accounting for a substantial 48% of all transactions valued at AED 50 million or more during the first ten months of 2024, according to data from Metropolitan Premium Properties (MPP), a full-service real estate agency and the Metropolitan Group’s flagship property company.
Other popular locations include Mohammed Bin Rashid City, Tilal Al Ghaf and Dubai Hills Estate.
The overall super-luxury real estate market in Dubai continues its strong showing this year, with the total market value for properties priced AED 50 million and above reaching an impressive AED 13.3 billion as of October 2024. This growth is fueled by a combination of factors, including a growing number of UHNWIs moving to the city, increased investor confidence, a robust economy and Dubai’s enduring appeal as a global hub for luxury lifestyle.
“The sustained growth of Dubai’s super-luxury real estate market is a testament to the city’s unwavering appeal as a global investment destination which is attracting investors from across the globe,” said Nikita Kuznetsov, CEO at Metropolitan Premium Properties. “MPP witnessed a substantial increase in both the value and volume of transactions in the AED 50 million and above market segment. We saw our market share in terms of value and quantity increase by over 50% in the first ten months of the year from 2.3% to 3.5% and from 2.8% to 4.3% respectively.”
Citizens from the United Kingdom led the acquisitions in the 50M+ category, followed by the USA, Canada, Germany and the UAE respectively.
The Metropolitan Group in the UAE includes two full-service real estate agencies: Metropolitan Premium Properties (Dubai) and Metropolitan Capital Real Estate LLC (Abu Dhabi). The group also has Metropolitan Consulting FZE, a supporting company that provides personal and business legal services in the UAE.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
Discovery Dunes to be the first of its kind in the region with its members-only premium residences.
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The overall sales for ultra luxury houses in the UAE has experienced steady growth in recent years with the country being globally recognized as one of the prime markets for ultra-high-net-worth individuals (UHNWIs) looking to invest. The combination of strong business opportunities along with a lavish lifestyle has ensured that developers are always committed to providing the best possible product to meet increasing demand.
Mike Meldman, Discovery Land Company Founder and Chairman commented “Dubai is synonymous with luxury, and the influx of UHNWIs in recent years is exemplary. This demographic has invested heavily in the city’s real estate landscape and is one of the key reasons for our expansion into the Middle East.”
According to global real estate leader, CBRE, Dubai reached AED 120 billion in residential sales in Q3, marking an increase of over 30% compared to the same period last year. This growth shows the high sales potential for ultra-luxury developments in Dubai, coupled with strong interest from wealthy individuals looking to invest in the city’s premium real estate market.
Knight Frank, the reputable financial consultancy firm, predicts that UHNWIs are expected to spend $4.4 billion in buying Dubai property this year, up 76 percent compared to 2023, showcasing the continuous surge of the ultra-luxury market in the city and the requirement of developers to continue looking at ways to evolve and creating new innovative luxury developments to target additional interest from global investors. A new trend of luxury concepts that the public has not seen before is unfolding, from megaprojects such as elite private members clubs, and lavish underwater suites.
Discovery Dunes, the first of its kind in the region with its members-only premium residences, also looks to play a part in this ultra luxury market surge. As part of Discovery Land Company, a global leader in private clubs and communities, spread across 35 destinations, including USA, Latin America, Europe, and the Caribbean, the ultra-luxury exclusive project looks to create long-lasting memories through a rich, diverse offering across 27 million square feet.
Discovery Dunes is located in the Golf district of Dubai South, the largest single, urban masterplan development in the UAE near the area’s new airport expansion and where house demand for approximately a million people will be generated, making it one of the up-and-coming areas for UAE residents to live in. The new ultra-luxury development will look to provide its members with a feeling of ‘elevated luxury’ through various exclusive facilities, along with having a fully dedicated concierge style services team to enhance members’ experience through various tasks such as organizing travel arrangements, home preparations while they’re away, restaurant reservations, booking golf lessons, just to name a few.
Meldman added “With Discovery Dunes, our goal is to take this to the next level and provide our members and their entire families with unforgettable experiences in an ideal market such as the United Arab Emirates, which was our first choice when we had made our decision to expand in the region.”
Through both Discovery Dunes and Discovery Land Company globally, Discovery members can also experience organic farms, equestrian facilities, kids clubs and cultural programming, as well as access to Discovery Downtown, located at ‘The Dubai EDITION Hotel’ which includes a signature Discovery restaurant and lounge, a private dining room, indoor-outdoor terrace and a state-of-the-art golf simulator, allowing the club to host cinema screenings, among many other activities and benefits.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The partnership reflects the Fund’s confidence in Dubai’s real estate market and AMIS Development’s reputation for high-value luxury developments.
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First APAC Fund VCC (Fund), a leading Singaporean investment fund, has signed a Memorandum of Understanding (MOU) to invest up to AED 5 billion in Dubai-based AMIS Development. The partnership reflects the Fund’s confidence in Dubai’s real estate market and AMIS Development’s reputation for high-value luxury developments.
AMIS Development has multiple upcoming projects in major areas of Dubai that have already received high interest from its customers, investors and partners. The investment by First APAC Fund will be used by AMIS Development to further expand its growth, both locally and internationally by growing its land bank, project pipeline, global brand partnerships, project team and investments in technology. AMIS Development’s portfolio represents a convergence of innovative design, superior amenities, and prime locations, promising an elevated living experience that exceeds expectations.
The Fund is incorporated in the Republic of Singapore that may form multiple sub-funds, each of which constitutes a separate sub-fund of the Fund (Sub-Fund). The Fund is managed by Pilgrim Partners Asia (PPA), a Singaporean fund management company licensed by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services License number CMS100612-1 for fund management under the Securities & Futures Act (SFA) and is also an Exempt Financial Adviser under the Financial Advisers Act (FAA).
The Fund along with PPA is currently in the process of completing its due diligence on AMIS Development. PPA has further appointed Greenback Capital Limited, a CAT 3C firm incorporated as a private company in the Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates, as the Sub Investment Manager (GBCL) to provide sub-investment management services to the Fund Manager, in respect of the Sub- Fund. GBCL will aid in evaluating and structuring the Transaction on behalf of the Sub-Fund.
The partnership between AMIS Development and First APAC Fund follows the former’s recent success with the Woodland Residences project, a highly anticipated AED 425 million development located in District 11 of Meydan, just 12 minutes from Downtown Dubai. The project, which features a 100-meter swimmable lagoon exclusively for residents, was completely sold out within one week of its launch. The development is scheduled for handover in April 2026.
Neeraj Mishra, Founder and CEO of AMIS Development said: “We are proud to partner with First APAC Fund VCC, a globally respected fund with a proven track record. Their investment reaffirms our focus on luxury real-estate development and increases our ability to launch larger and more exciting projects for our customers. An investment from an international well renowned fund like First APAC Fund also confirms the international investors’ confidence in our mission to deliver truly exceptional quality of developments and to build well-integrated communities, while also providing high ROI to investors in our units or projects.”
Darrell Lim, Founder and Shareholder of the First APAC Fund VCC added: “This partnership reflects our commitment to identifying high-potential investment opportunities in key markets. Dubai’s burgeoning real estate sector and AMIS Development’s exceptional leadership team, management systems and track record make this collaboration an exciting prospect.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
