AHS Properties to Invest $850 Million in Grand Project for Dubai

17 Oct, 2023

AHS Properties to Invest $850 Million in Grand Project for Dubai

AHS Properties, based in Dubai, is gearing up to launch an $850 million project next month, driven by the surging demand for luxury properties in the emirate, according to its founder and chief executive.

The forthcoming Casa Canal project, situated along Dubai Water Canal, will feature a diverse range of boutique residences. This includes three-bedroom penthouses, four and five-bedroom "sky" villas, as well as six-bedroom "sky" mansions and palaces. The pricing of these units spans from Dh22.5 million ($6.12 million) to Dh185 million, with a planned completion date set for the fourth quarter of 2025, as confirmed by Abbas Sajwani in an interview with The National.

Mr. Sajwani, the son of Damac founder Hussain Sajwani, established AHS in 2021, strategically capitalizing on the growing appetite for luxury real estate in Dubai. Last year, the company successfully launched two projects totaling $650 million, both of which were quickly sold out. The Casa Canal project represents AHS Properties' third major undertaking, with plans for the introduction of additional projects in the coming year.

AHS Properties presently maintains a portfolio valued at approximately $1.5 billion, with project financing facilitated through its own cash reserves.

Dubai's luxury real estate market has experienced remarkable growth, with the first nine months of the year witnessing a record high of 277 home sales valued at more than $10 million, as reported by global consultancy Knight Frank. The emirate recorded a substantial 40.7% annual increase in the volume of residential sales surpassing the $10 million mark in the third quarter of 2023.

Dubai remains a front-runner in the Knight Frank Prime Global Cities Index, with luxury property prices surging by 48.8% in the first half of the year. Notably, luxury property prices in Dubai have rebounded by an impressive 225% since reaching a pandemic-induced low in the third quarter of 2020.

Mr. Sajwani expressed confidence in the continuing growth of property prices, emphasizing that demand remains robust.

While AHS Properties aspires to expand into other countries, they have no immediate plans to go public. Their focus remains on catering to the super luxury segment of the market. London is a potential destination due to its appetite for super luxury, and Saudi Arabia is also under consideration, given its status as a growing and vibrant market.

AHS Properties embarked on its journey with villa projects in Palm Jumeirah, yielding a combined value of approximately $75 million. They also recently completed a villa project in Emirates Hills, which fetched $45 million in sales. This strategic evolution aligns with their commitment to delivering luxury penthouses and residences.