Wednesday, Jun 29, 2022
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Feature Real Estate

Dubai’s CK Architecture wins contract to develop ultra-luxury projects

CK Architecture Dubai_IFM_Image
The real estate sector in Dubai recorded the best first-quarter performance in the last six years

Dubai-based vertically integrated design and build boutique specialist CK Architecture Interiors has secured several ultra-luxury projects in the city, media report said.

CK Architecture is currently working on six ultra-luxury villas in sought-after areas such as Palm Jumeirah in Dubai. The company is also working on a super-luxury residential 2.5-bedroom apartment in Burj Khalifa.

Founder and Managing Director Cem Kapancioglu told the media, “Dubai’s premium property sector is built on solid foundations and remains resilient to recessions and immune to pandemics. And thanks to the recent announcement from the government granting retirement visas, we expect even more pent up demand by non-resident UHNWI’s to invest in the city and take advantage of its luxurious lifestyle.”

So far, the company has worked in residential, commercial and hospitality projects including apartments in Burj Khalifa, Blue Waters, Palm Jumeirah, Seven Hotel and Residences, Sterling and Wilson, Ferro Expo and Boulevard Plaza.

Dubai’s real estate sector witnessed the completion of around 14000 residential units during the first six months of this year, despite Covid-19 crisis. This is about 30 percent of the units that are scheduled to be handed over in 2020.

According to ValuStrat Price Index (VPI) report, second-quarter residential home sales transactions accounted to 4,459 units, down 48.8 percent quarter-on-quarter and 39.3 percent year-on-year, with a value of Dh7 billion and an average ticket size of Dh1.57 million.

The real estate sector in Dubai recorded the best first-quarter performance in the last six years, despite the coronavirus pandemic, according to ValuStrat’s May 2020 report.

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