With an eye-catching Azizi’s Dh220m mansions having the starting price of Dh45 million, Azizi Developments is gradually drawing super-luxury off-plan residential property options in the Dubai South Community.
However, before these launches in Dubai South have been between mid-to upper-mid priced, with average prices falling between Dh1 million and Dh3 million. Azizi is in full planning to defy the pricing trend and raise prices. For example, The “Monaco Mansions,” which are a component of the Venice Azizi mixed-use project in Dubai South, are expected to cost Dh3.5 billion to develop. Only 109 homes of The “Monaco Mansions,” will be available, and they will cost between Dh2,300 and Dh5,000 per square foot.
The construction of Azizi Venice will cost Dh20 billion.
“Our Venice masterplan was launched approximately a year back,” said Farhad Azizi, CEO at Azizi Developments. “Sales for some of the Venice apartment buildings have started and they’re selling rapidly. Construction is progressing well.
“The ‘Monaco Mansions’ are now at next phase of the Venice masterplan.”
Dubai South, is expected to become the city’s next luxury residential area if the risk taken by Azizi on the ultra-premium pricing attracts investors. For the unversed, before Dubai South the last one to undergo this change was Dubai Hills, which in no time became a posh neighborhood for single-family houses after the post-Covid Dubai real estate boom began.
Dubai South is home to the notable Al Maktoum International Airport as well as the surroundings of Expo City. One of the largest pricing ranges for off-plan homes is now available in the development. The ‘Terra Heights’ at Expo City, which Emaar just opened, offers residences starting at Dh1.45 million.
No compromisation on comforts
The plot sizes of the Azizi Monaco Mansions range from 10,000 to 20,000 square feet, with each apartment featuring six to eight bedrooms and can remain fully furnished or left un-furnished. Customers can expect bespoke features like wall panels, chandeliers, and “sculptural staircases.”
Other features in the four-story apartment fronts include both the road and the lagoon, and they also have two swimming pools, a rooftop patio, a private theatre, a spa with a Turkish hammam, and several kitchens.
The masterplan of Venice
The “Venice” that features 36,000 homes spread across more than 100 apartment buildings will house the 109 Monaco Mansions. A lagoon that “encircles” the homes provides the water element. “The turquoise waters are bordered by sandy beaches (and) an 8- kilometer long cycling and jogging track, yoga and sports facilities,” said a statement.
Along with a 400-seat theater and a performing arts academy, Azizi will also take over a 2,500-seat opera house in Venice that Zaha Hadid Architects created.
The 725-meter-tall “Azizi Burj” on Sheikh Zayed Road is part of the developer’s current, busy portfolio of projects in Dubai.
“Over the past 3 months, construction costs in Dubai have remained fairly stable, with only slight increases of approximately 0.5-0.75% per month, equating to 1.5-2.25%,” said Tizian Raab, Azizi spokesperson.
“This increase is in part due to scarcity of materials, resources, and reliable contractors, but rather negligible and is not felt by us.”
To ensure quality, the developer directly procures construction materials ‘rather than letting third-party contractors do so on our behalf’. “As such, we benefit from economies of scale and deals that are closed early in advance, allowing us to sign framework agreements and respective contracts at lower price points,” said Raab.
Source: Propertynews
