AQUA Properties set to launch two projects worth AED 3 billion

The real estate firm aims to hand over more than 500 residential and commercial units in the first quarter of 2024.

Dubai, December 08, 2023

AQUA Properties, a premier real estate firm in the UAE, is set to launch two groundbreaking projects in the next six months with a combined valuation of AED 3 billion, its Founder Mr. Ali Tumbi has announced.

Known for its comprehensive development approach, AQUA Properties specializes in delivering high-caliber residential and commercial properties tailored to meet clients’ expectations in quality finishes, smart home features, and prime locations.

“Currently overseeing three ongoing projects with two more in the pipeline, including upscale apartments and strategically located mixed-use developments, AQUA Properties stands at the forefront of innovative real estate solutions,” Mr. Tumbi said.

Among the upcoming projects is a distinguished more than 50-storey luxury tower on Sheikh Zayed Road and a sprawling 300,000 sq.ft. plot, marking the largest land parcel in the Arjan area. Having successfully completed four residential and commercial projects in the UAE, AQUA Properties offers high-quality living spaces and attractive investment opportunities.

Mr. Tumbi affirmed the company’s ambitious goal to deliver over 500 residential and commercial units in the first quarter of 2024. Noteworthy completed projects include J5, J8, O Ten, and Mysk, contributing to positive client responses, high occupancy rates in completed projects, and robust investor interest in ongoing developments.

“AQUA Properties aims to provide clients with exceptional real estate solutions, leveraging our expertise and extensive network to offer a wide range of property solutions and investment opportunities,” stated Mr. Tumbi.

This year, AQUA Properties achieved a historic milestone by acquiring the largest piece of land in Arjan, spanning an impressive 300,000 sq.ft., surpassing any previous land purchases in neighbouring communities to-date.

UAE realty market and outlook

Reflecting on the UAE realty market, Mr. Tumbi emphasized its consistent robustness, driven by investor confidence in developing infrastructure and the attraction of new developers amid global increases in interest rates. Dubai’s distinctive market dynamics, influenced by cash transactions, continue to position it as a preferred destination for real estate investments, he added.

According to recent data from the Dubai Land Department, Dubai recorded 116,116 new property transactions worth approximately Dh430 billion, or $117 billion, in the first nine months of 2023. The real estate sector registered significant growth, with transactions surging by 33.8% annually and values rising by over 36.7% during the period.

In closing, Mr. Tumbi remarked, “This significant development sends a powerful message to international investors who are eager to safeguard their wealth by investing in real estate, which is increasingly recognized as the new global currency.”