14 minute read
Site Visit
Urban Oasis by Missoni
PROJECT NAME:
Urban Oasis by Missoni
DEVELOPER:
Dar Al Arkan
PROJECT ENGINEER:
LACASA
MAIN CONTRACTOR:
Delta Emirates Contracting
NUMBER OF UNITS:
455
PROJECT VALUE:
$217.7 million
Making a Mark
ZIAD AL CHAAR, VICE CHAIRMAN OF DAR AL ARKAN, TAKES BIG PROJECT ME ON A TOUR OF URBAN OASIS BY MISSONI, THE SAUDI ARABIAN DEVELOPER’S FIRST PROJECT OUTSIDE OF THE KINGDOM, AND REVEALS WHY THE RESIDENTIAL TOWER IS SO IMPORTANT TO IT’S GLOBAL EXPANSION PLANS
arly in October 2021, Dar Al Arkan, the highly-regarded Saudi Arabian real estate developer, unveiled the first project of its regional expansion strategy, and its first project in the UAE – Urban Oasis by Missoni, a luxury residential tower in Dubai.
Located in close proximity to Downtown Dubai’s major attractions, such as Burj Khalifa and The Dubai Mall, the project is situated directly on Dubai Water Canal and is being built in collaboration with Missoni, the luxury Italian fashion house known for its bright colours and zigzag motifs, stripes and wave patterns.
The launch of the $217.7 million development also marked a major step forward for the Italian luxury brand, as the bespoke living spaces have been designed by the fashion brand’s Missoni Home line, which is dedicated to interiors, decors, and furnishings – a first in the Arab World.
Construction of the 38-storey tower was already well underway when the unveiling announcement was made, and work on the project is set to be completed before the end of 2023. The building consists of 455 highend one-, two-, and three-bedroom apartments, as well as a limited number of four-bedroom penthouses, all with luxury interiors by Missoni.
These penthouse apartments are accessible by private elevator and come fully fitted with high-end Missoni fixtures and décor elements, while the one-, two- and three-bedroom apartments also come in a variety of sizes, complete with luxury facilities and services, Dar Al Arkan says.
These include amenities such as a swimming pool, a children’s play area, car parking, a fully equipped
A step forwards
Urban Oasis by Missoni marks the first entry of the luxury Italian brand into the Arab World.
38
Number of floors in the tower
gymnasium, as well as round-theclock security services, it adds.
With the Saudi developer now ramping up its international expansion plans, Big Project ME visited the Urban Oasis by Missoni project site with Ziad Al Chaar, the vice chairman of Dar Al Arkan Real Estate Development Company, to learn why the project is vital for the company’s global expansion plans.
Having topped out the tower in April 2022, the project is well on track to meet its scheduled completion data, Al Chaar says, adding that nearly 88% of the tower has been sold to a diverse range of homeowners and investors from all over the world, with around 55 nationalities represented.
“This was the first project for Dar Al Arkan outside of Saudi Arabia, so it has received a lot of special attention from everybody at the company. [We want to make sure] that the project gets delivered on time, and that it is delivered to the highest specifications of the company, as well as to the requirements of Missoni as a brand,” he tells Big Project ME.
“This was the starting point of our global expansion. We now have a company called Dar Al Arkan Global, which is specialised in real estate development and investment outside of Saudi Arabia, which is in addition to a 28-year-old company that is one of the biggest real estate developers in the Kingdom.
“Since we started this project, we now have two additional projects in Dubai – one is the Dar Al Arkan Pagani Tower, which will be 80 units and one of the highest spec’d towers in Dubai. The third one is the W Residences which has also been a very big success because of the location and the choice of the co-brand. People trust Dar Al Arkan because they are getting to know us – from a financial perspective, we have one of the strongest balance sheets amongst most of the developers in Dubai, which gives a very important sense of trust that we give to customers who buy from us,” Al Chaar highlights, adding that the developer is highly regarded because it paces itself.
Even if there is strong demand and positive sentiment in a sector, there is no rush to launch projects into the market all at once, he explains.
“We like to pace ourselves per city, so that we’re sure we’re delivering to the quality and expectations of our potential clients. If you look back to 2017, we only really had real estate in Saud Arabia, with mainly Saudi clients. Now, we have 55 nationalities in our customer base, and we have projects in Dubai, Sarajevo in Bosnia, and we’re starting a key, iconic masterplan in Muscat, Oman. We’re also starting in Qatar, and we have opened offices in Beijing and London and are looking at projects in those cities.”
As the first project outside of Saudi Arabia, Al Chaar says that the developer did not want to be too extravagant with the design of the building, preferring to keep the flamboyance to the interiors instead. Rather, the development team went with an external structure that blends in with the overall style of Downtown Dubai, while still being efficient and eye catching.
“However, we got very creative when it came to the interior design of the project. We worked with Mrs Rosita Missoni herself – she was actually in this mock-up (that we’re showing customers) about four months ago, inspecting the way things are being designed. Take the
Creative interiors
While the exterior of the building has been designed to fit in with its surroundings, the developer and its co-brand partner have been creative with designing the interior spaces.
455
Total number of units available
lobby for example, you’re going to see a very colourfully aggressive lobby, which was designed by Mrs Missoni as well. There is a lot of interaction from the brand because they like interior design.
“This is the value of co-branding, when the brand owner interacts with you on every element. This is what the customer expects when they buy a co-branded apartment – they expect uniqueness, a limited series of real estate. You cannot build just any apartment and then put a stamp on the lobby (of the co-brand). You will lose credibility,” he asserts.
He adds that he expects the project to finish construction approximately
Expecting uniqueness
Customers expect a unique, limited series offering when buying units that have been built with a co-brand.
88%
Percentage of units sold so far
three months ahead of schedule, in September or October of this year. This will then give the development team more time for snagging and handover.
Al Chaar states that the success and speed of delivery for the project was down to the longstanding relationship between the developer and the various project stakeholders, which allowed them to work efficiently and effectively together.
The concept design for the project was carried out by a designer who has worked on a number of projects in Downtown Dubai, but once that was complete, LACASA was brought in for the schematic and detailed design, he reveals. The main contractor for the project was Delta Emirates, while SAIFCO handled the MEP works. Opaal Interiors were interior design consultants on the project as well.
“Frankly, (we chose LACASA) because we’ve worked with them before, and they have many projects in Downtown Dubai. They know how to optimise the GFA and the sellable area. They are people we’ve dealt with before and it’s the same thing with the contractor – our construction team and I have worked with them previously (on different projects) and we saw how they perform, and that they also work properly with the nominated subcontractors given.”
With the project now close to completion and work well underway on other projects in Dubai, Al Chaar is able to reflect on what it is that makes Dar Al Arkan’s properties an attractive investment opportunity for people around the world.
In addition, there are identifying touches through the property that identify it as a Dar Al Arkan development, Al Chaar points out. He explains that while the company is still working on building its DNA in terms of its global expansion, there is a clear criterion for the types of projects that are undertaken outside of Saudi Arabia.
“Our speciality is second homes, vacation homes or special purpose homes. This is the category we’re in and we won’t be deviating from that. The second element is that all of our projects will have a key location, which will make sure that there is a low supply of units within the city. This is why, for example, when you see us in Dubai, we’re either only on the water or in Downtown.
“Our criteria is to always select locations where we can build projects where the supply is limited – that is how we planned our expansion. This will be a key ingredient of Dar Al Arkan – that you can always be sure that you’re buying something unique and with a limited supply. In real estate, from a psychological and economic benefit, it’s always good to know you’re buying something that is low in supply.”
The response to Urban Oasis reflects that approach, Al Chaar says, pointing out that close to 88% of the project has been sold to investors and homeowners from around the world, with most of them citing the location, brand name and strengths of the developer as reasons for investing their money into the project.
However, it is in Dubai where he feels that the market will continue to have the most potential for the company, pointing out that while there’s plenty of competition, there’s also still a lot of opportunities available to developers.
“Dubai still has a lot of bandwidth in terms of attracting demand and building demand, and in bringing more people
Statement project
Ziad Al Chaar says that Urban Oasis by Missoni is a statement project for Dar Al Arkan as it is the developer’s first outside of Saudi Arabia.
2023
Scheduled completion date for the project
to the city. People think that we have millions of units, but since the law of freehold ownership started in 2002, till date, all of the developers in Dubai have barely delivered a million units.
“In a strategic geographic location like Dubai, which has many incentives for people to buy and invest in it – from safety and security to stability of the currency being pegged to the dollar, to the golden visas and the tax-free environment, and you have more than 150 nationalities buying here, then I’m sorry, but a million units is nothing. The capacity for Dubai to build more and attract more people is still very much in line with what we started in 2002. Markets may go up and down, but mainly from a financial or geopolitical perspective, the attractiveness of Dubai as a place to buy a first or second home, or a vacation or business home, is still valid. Compare us to any travel or second home hub across the world and our prices are still very competitive.
“Our taxes are still very competitive, the cost of ownership and maintaining a house in Dubai is very competitive, and the safety and security that you feel is incomparable to any other hub across the globe.
“This was one of the main attractants to us starting our operations in Dubai, and we continue to acquire more projects here, because we are convinced about the demand parameters of this city,” he concludes.
THE OBEROI / DUBAI / UAE THE OBEROI / DUBAI / UAE
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