If I say it like I mean it…
…then maybe I will just believe it? Kipp doesn’t know whether to respect this Dubai property developer’s ambition or chuckle at it?
April 27, 2011 3:12 by Eva Fernandes
If you’ve been reading Kipp for some time now, you’d notice that very rarely do we ever mention the “Dubai property market” without a “cursed”, “troubled” or some other depressing adjective following shortly after. And, no, that isn’t because Kipp’s nothing but a grumpy old androgynous website (well maybe we are) but because the property market in Dubai is in fact depressingly cursed and troubled: what with the hundreds of construction projects put on hold, the jaded investors who bought off-plan and the super duper supply of units.[Note to Damo: it is the return of the colon! Sorry I tried to limit it, but I did think that last one worked there]. (OK I’ll let you have that one J)
OK, we are not going to launch into a tirade and start quoting the results of Jones Lang LaSalle’s first quarterly report, we will just let you read our article on the story titled “Doom and Gloom in JLS Q1 Residential Report” (subtle? Yeah, we know).
Given the gloomy and dreary outlook for the sector, Kipp was pleasantly surprised when we read this article on the ambitious (or delirious) SaileshIsrani, director of Sun and Sand Developers who recently inaugurated Suntech Tower in Silicon Oasis Dubai.
What sets our good friend Israni apart from other developers in the region, is that he actually ventured in his project at the heart of the crisis and did not choose to sell off-plan either (not that anyone was buying at the time thinks Kipp). But wait, that is not all. What really sets him apart from other developers is an unbelievably optimistic attitude.
Speaking to Gulf News,Israni said: “Looking back, I feel we could not have chosen a better time to go ahead with the launch of construction; in fact delaying it would have cost me even more… Moreover, by starting early and not going by the market circumstances at the time, we have given ourselves an extra six to nine months. This way, we expect to have full occupancy – or close to that – when the market picks up… and we are starting to see the first signs.”
At this point, perhaps it is best to be quiet but Kipp can’t help ourselves. So instead we are just going to post what JLS had to say about the office supply in their Q1 report this year:
“Total Office stock as at the end of Q1 2011 is approximately 60.2 million square feet. Approximately 4.6 million sq ft was completed in Q1 with major new supply in Business Bay, Jumeirah Lake Towers and TECOM C. The single biggest completion in Q1 2011 was the U-Bora Tower in Business Bay with a total GLA of 770,000 sq ft. 2011 new supply is currently forecast to be around 14 million sq ft, broadly similar to the 2010 figure. Further postponement and cancellation of projects is, however, expected, which might reduce the 2011 completion figure.”
Market picking up? Whatever you say Israni!