News

Check out market updates

Back In Action: Azizi Developments believes in creating affordable quality real estate.

Azizi Developments believes in creating affordable quality real estate. The business has a vast portfolio that is constantly driven to grow with minimum possibility of running into financial risks. This month, CBNME looks in to the company’s property development in an up and coming area of Al Furjan.

What gives us a competitive edge is the affordable pricing, yet elegant lifestyle,” says Mohsen Kamel, CEO of Azizi Developments. “We specialise in luxurious apartments designed to meet customer needs, and which attract investors from all around the world.” He says that the demand for luxury homes is growing significantly as Dubai has become a city where most investors and high-profile individuals visit and work. Azizi has consciously focussed on creating modern projects to match market expectations. He adds, “Most of the clients, especially Europeans, are keen on buying properties that contain exclusive features. Our tailor-made projects are the right fit for them as they provide a sophisticated lifestyle experience.” The company’s latest investment in Al Furjan has been an estimated AED 4.5 billion driven by robust local demand for affordable luxury and value homes. The company launched five largescale residential projects in 2014 – including the sold-out Azizi Iris. As for the rest namely Azizi Liatris, the Azizi Orchid, the Azizi Yasamine and the Azizi Feirouz, have been sold out by 70%. Construction works for all five properties commenced in May last year.

According to the CEO, Azizi Developments focuses on projects that set them apart from others in terms of choosing the location of Al Furjan. He says, “The area was chosen mainly due to its strategic location that at the same time offers affordable living to our clients.” The area is located next to some of the city’s main attractions. “For instance, Dubai Marina and JBR are only a few minutes’ drive away, while Ibn Battuta Mall and the Dubai Metro network are even closer,” says Kamel. He adds, “It’s a short distance from the World Expo 2020 site and the Al Maktoum Airport. Additionally for sport lovers, it’s an ideal location for golf and many other activities.” The area will soon be an integrated society accommodating schools, offices and residential buildings, says Kamel. “As the projects near completion, the location will steadily become a hub for business as well as a place that will allow people to live luxuriously” As for challenges faced during the development, Kamel says, “We didn’t face many challenges while building in Al Furjan, as we have had great support from the master developer, Nakheel, and all the other government agencies.” “The only part that was particularly challenging was the dewatering, as it took longer than anticipated.” Sustainability will be integrated in the future as well. Kamel says, “We have not yet applied the energy efficient aspect for these five buildings in particular. This means that all activities relating to structural, thermal, mechanical and electrical parts do comply with these rules.

All our projects are LEED certified, and we also try to go the extra mile as much as possible in order to implement further energy efficiency such as the usage of LED lights throughout our buildings and for instance high quality electrical cables that prevent them from heating up and causing hazards, providing long and sustainable future of our projects.” During the financial crises of 2008, Azizi Developments cancelled its previous projects in order to help clients that were facing financial difficulties failing to continue the payments of the already invested projects. The top management then decided to hold off sales and construction, meet all clients and fully refund their payments. Cancelling the previous projects proved to be the right strategy at the time, and the company’s efforts to refund clients only brought more trust. Kamel says, “This has worked in our and the clients’ favour as we gained more trust and repeat clientele.” Dubai’s property sector has recovered and experienced steady growth since then due to more strategic management. During the last quarter of 2014, nearly all segments of the local property market witnessed subdued growth levels.

According to Jones Lang LaSalle1, the average prices and rentals in the residential sector appear to have stabilised over recent months, with some locations registering marginal declines. Azizi Developments has made progress in maintaining an upward trajectory. Kamel says, “We worked hard and strategically rescheduled our projects based on market demands to cover various customer needs. This allowed us to increase our sales to become one of the major competitive real estate developers in the UAE. Basically, we got the four main P’s right: product, price, place and promotion.” Kamel says,“2014 was a great year for our company as we experienced a substantial sales increase, key department expansions, and a strong marketing push.” One of the significant growth drivers is the market’s robust appetite for upscale property projects as high net-worth individuals continuously view Dubai as a secure place for their investments. “Other key elements for our growth are the high standard of quality and craftsmanship that we adhere to as well as our strong business ethics that have fostered long-standing relationships with our clients.” He adds, “For 2015, we expect to sustain our growth momentum from 2014. Current and upcoming projects will help generate high sales and increase profit. We are expecting this year to be very successful after our return from recession.”

AZIZI IRIS PROJECT UPDATE

• Waterproofing works for the ground water tank (Tank Capacity is 220 m3).
• Steel fixing, shuttering and concrete pouring of foundation and walls of ground water tank.
• Scaffolding and shuttering of first flab (Area of slab is about 3500 m2).
• Steel fixing of first slab.

AZIZI ORCHID PROJECT UPDATE

• Waterproofing works for the ground water tank (Tank Capacity is 220 m3).
• Steel fixing, shuttering and concrete pouring of foundation and walls of ground water tank.
• Scaffolding and shuttering of first flab (Area of slab is about 3500 m2).
• Steel fixing of first slab.

AZIZI LIATRIS PROJECT UPDATE

• Waterproofing works for the ground water tank (Tank Capacity is 250 m3).
• Steel fixing, shuttering and concrete pouring of foundation and walls of ground water tank.
• Scaffolding and shuttering of first flab (Area of slab is about 3800 m2).
• Steel fixing of first slab. • Post-tensioning works of first slab.
• Mechanical, electrical and plumbing works of fist slab.

AZIZI YASAMINE PROJECT UPDATE

• Steel Reinforcement and shuttering of first floor columns and shear walls.
• Concrete pouring of first floor columns and shear walls.
• Scaffolding and shuttering of second slab (Area of slab is about 3800 m2).
• Steel fixing of first slab.
• Post-tensioning works of first slab.
• Mechanical, electrical and plumbing works of fist slab.
• Scaffolding and shuttering of swimming pool body at second floor.
• Steel fixing of swimming pool body at second floor.

AZIZI FEIROUZ PROJECT UPDATE

• Waterproofing works for the ground water tank (Tank Capacity is 220 m3).
• Steel fixing, shuttering and concrete pouring of foundation and walls of ground water tank.
• Steel fixing, shuttering and concrete pouring of parking ramp (slab of ground water tank).
• Scaffolding and shuttering of first slab (Area of slab is about 3500 m2).
• Steel fixing of first slab.
• Post-tensioning works of first slab.
• Mechanical, electrical and plumbing works of fist slab.
• Concrete pouring of first pour of first slab.

Source: http://issuu.com/constructionbusinessnewsme/docs/cbnme_march15