Dubai: Is there space for a new developer to emerge in Dubai’s property market? Atif Rahman will find out soon enough.
Rahman has the credentials, having been a property market insider for the better part of the last decade. He has now launched ORO24, and he believes it is still possible to come up with concepts that will resonate with property investors. Gulf News spoke to Rahman to get a feel of what ORO 24 will be about.
What will the company focus on – super-luxury? Because that’s what is selling in the market now? ORO 24 is my vision of creating formidable real estate assets – but one that has something to offer to everyone. I have drafted five verticals for the organisation. We will be dealing in affordable housing, luxury, business parks, hospitality and co-living, thus fashioning innovative real estate.
Each segment has been devised with absolute clarity of thought on what the company intends to offer as a unique proposition.
Is this a joint venture you have come up with? Do you have other investors lined up? And what about land? I have retained sole proprietorship of the company shares and packaged it with private equity funds. I have been offered 60 plus projects of which currently I have shortlisted a few options. In my opinion, business is all about concept, vision and infrastructure; there is no dearth of land or capital if you have a unique proposition.
Is there space in Dubai property market for niche developers? Dubai has always been a breeding ground for innovation, and there remains a huge demand for real estate with difference. Through ORO24, I am building a people-sensitive company that will offer innovative real estate solutions with a combination of convenience and tech-led sophisticated infrastructure.
Developers are reviving up their offplan launch plans - will it cost more to make your project visible? It is as much about marketing as it is about the product itself. I have always believed that the real brand is the “real estate” combined with its associated services, which is then supported by marketing channels for communication.
When will you go live with the first project? At this stage, will you be attempting only one at a time? From my experience of the last two decades, I believe the launch of any project depends on consumer demand that is not always directly linked to the market conditions; a good product creates its own market. On a parallel track, full attention must be given on the drawing board without any time limit so that it’s a thoroughbred design.
A well-designed asset will succeed regardless of market conditions. We are in advanced stages of planning few projects and shall be announcing a series of projects soon.