Nine Yards is about to sign contracts worth USD 544M for the construction of a complex on Yas Island
Metropolitan Capital Real Estate (MCRE), a leading full-service real estate agency, sold the entire “Ohana by the Sea” development, a collection of 45 premium villas located at the Dubai and Ghantoot Area, in under 30 days. The total cost of the units sold amounted to AED 240M.
This marks one of the quickest off-market sales in the UAE for an entire development of villas given to an agency on an exclusivity basis. Over 80 percent of the villas were sold, off-market, to VIP clients of the Metropolitan Group consisting of customers from various European and CIS countries.
“Ohana by The Sea Villas” is a luxurious residential community by Ohana Development located between Abu Dhabi and Dubai. The community, which is situated along the Arabian Riviera in Ghantoot Area, offers coastal living in a secluded family friendly community. The residential project consists of four to five bedroom villas starting from AED 4,600,000 and ranging from 275 sq. m. to 555 sq. m.
Located in Ghantoot
Villas for sale in Ohana By The Sea community in the Ghantoot Area, between Dubai and Abu Dhabi. Developer Ohana Development offers units for sale at favourable prices.
Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, said:
Most real estate projects in the UAE are sold on the open market which means multiple agencies are involved in the sales process. However in many international real estate markets projects are given to trusted agencies on an exclusivity basis as this can really streamline the process for a developer. For one agency to sell the entire project in under 30 days is probably a record in the UAE and, after the success of Ohana, I wouldn’t be surprised if working on an exclusivity basis with niche developers is the start of an emerging trend in the market. For a luxury project outside of a major UAE city to sell out so quickly shows that there is appetite for premium coastal locations across the country, not just in Dubai or Abu Dhabi.
Husein Salem; Chief Operations and Development Officer of Ohana Development said:
We looked at several options for the best way to market and sell our project and finally decided to award it to Metropolitan Capital Real Estate on an exclusivity basis. Their experience in off plan projects, overall brand visibility and reputation in the market was key to our decision. Their team also immersed themselves in our product and their ability to take on the entire project from A-Z including the sales & marketing was appealing to us and proved to be the right decision.
About Ohana Development
Ohana Development has operations across the entire MENA region specializing in the conceptualization, designing and building of state-of-the-art luxury projects at the heart of key locations. Ohana Development has brought to life many premium properties and residential communities including more than 300 luxury villas. Ohana Development started with a simple mission – to change the way Real Estate development is perceived through building family oriented communities and in providing a fully-customizable high-end luxurious experience, with projects spread across 3 continents all with the same focus: excellence from concept, to flexibility in design, to the perfect execution, and on time delivery.
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