Construction News
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K-Mavins Group hands over $109m Dubai residential project

23-11-2024

UAE-based group K-Mavins has announced that it has successfully handed over its luxurious residential project, Terraces Marassi Drive, located in Dubai's Business Bay. 
 
An AED400 million ($109 million) project, Terraces Marassi Drive features a range of unique amenities developed with the highest standards of quality and luxury in addition to the stunning views of Dubai Canal and Burj Khalifa.  
 
These include private pools, a fully equipped fitness centre, oxygen rooms, Himalayan salt rooms and ice rooms.
 
Speaking on the occasion,  K-Mavins Group Chairman Munther Al Ali said its investments in the UAE have reached nearly AED1 billion ($272 million) over the past three years, reflecting the increasing confidence in Dubai's real estate market.
 
"Dubai’s real estate market has experienced remarkable growth in the early months of 2024, solidifying the emirate’s position as a global investment destination. Reports indicate a 12% increase in total property transactions compared to the same period last year," he stated.
 
As part of its expansion plans, Al Ali said it will soon be launching a new project in Al Jaddaf being set up at an investment of AED340 million ($92.5 million). It will be ready in the fourth quarter of 2027. 
 
The group is also expanding its retail portfolio with the development of The Villa Square and Liwan Mall, reflecting its ambitious strategy to develop new projects that cater to Dubai's growing market, he added.-TradeArabia News Service



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