First-time Dubai developer sells out two identical towers worth over Dh204 million within days of launch

First-time Dubai-based real estate company Meteroa Developers entered Dubai’s real estate market this month by selling out its maiden projects – two identical towers - worth over a combined Dh204 million.

The East Crest and 7 Park Central – both rising 19 floors above District 17 of Jumeirah Village Circle (JVC) – were launched one after the other in Q2 this year and sold out within days, reflecting a sharp demand for the affordable luxury segment in the emirate, according to the developers.

Rising 250 feet above ground and spread over a total construction area of over 167,000 sq. feet, The East Crest will have 118 one-bedroom residences spanning 19 floors, each apartment with a carpet area ranging from 648 to 775 square feet. The Dh102m project was launched in May after the structure was made ready with in-house funding and is planned for handover in the second quarter of 2024. The property was snapped up by investors, buyers and brokers within days of its introduction, prompting Meteora Developers to subsequently announce their second identical tower 7 Park Central in the adjoining neighbourhood in JVC .

“More tenants in Dubai today are keen to turn end-users thanks to the rising rents. This is where we come in with projects that are super profitable for investors in the long-run because of our pricing structure and post-handover payment plans we offer,” said Sharma, who runs the company with his Jordanian partner Omar Al Amour, who owns an unlimited height contracting company. “That gives us an immense advantage over others. Most developers take 20 per cent upfront and investors pay at least another 12-24 per cent over the next one to two years but we, as a policy, start our construction and launch our projects only after reaching a substantial stage, thus reducing our delivery period and in turn giving our investors a finished product that at least 10-15 per cent more cost effective,” said Sharma.