Chairman USquare Luxe described signing of AED 175M JV with Grovy Real Estate
Chairman Mr Ubaid Ur Rehman Shaikh described the signing of AED 175M joint venture with Grovy Real Estate facilitated by Coldwell Banker for development in Dubai Islands.This partnership highlights the company’s vision of delivering premium residential projects with world-class amenities.
Talking to Khaleej Times and Zawya, Mr Ubaid Ur Rehman Shaikh, Chairman USquare Luxe Properties, said:
“This is our first joint venture project that was liaised by Coldwell Banker and it has been a delightful experience. Also, a positive outlook on the luxury real estate sector is encouraging. Our collaborative efforts have developed a holistic perspective for the project prioritizing convenience, privacy, security, sustainability, and smart technology; as few of the non-negotiables for our high-end apartments.”
The two developers, Grovy Real Estate and U Square Luxe Properties signed an agreement to the joint venture through Dharamvir Singh Chauhan, who heads the Commercial department of Coldwell Banker. Co-founded by Abhishek Jalan, Grovy Real Estate is Dubai’s leading boutique developer; and U Square Luxe Properties, founded by entrepreneurs Muhammad Umeed and Ubaid Ur Rehman Shaikh, is known for high-end luxury villa development.
Positioned as an upgraded version of the iconic Palm Jumeirah, the project, valued at AED 175 million, will be developed at the much-anticipated Golf Community in the Dubai Islands.
The project will house well-proportioned apartments for families, encompassing more than 30 amenities including an infinity pool, Jacuzzi, and theatre to heighten the lifestyle quotient. Responding to the rising demand for sustainable and energy-efficient homes, the project will be equipped with an advanced waste control system and, the residences will be designed to minimise heat and maintain a cool environment indoors.
The joint venture plans to remain steadfast on its vision to develop a premium residential space characterised by infrastructure of exceptional quality, exclusivity, and world-class amenities. The project will attract buyers across consumer segments like those investing in second homes, for rental income and quick buy and sell to optimise profits.