Ellington Properties is Going to Hand Over Dubai Homes by End of Year

Ellington Properties, the development firm set up by Robert Booth in Dubai, the former chief-executive (Operations) of Emaar Properties Dubai, is going to hand-over its first project by the end of the year.

The company, which Mr Booth set up in 2014 apace with his shareholder, companion and managing director Joseph Thomas, has already topped out its first project worth Dh200 million – ‘Belgravia’ in Jumeirah Village Circle (JVC), it has four-storey scheme that intends to start handing-over homes to clients by the end of year. It has 181 units and Mr Thomas said around 97 percent of units has already been sold.

The company was set-up in 2014, currently; it is directly developing or advising on projects of worth US$2 billion. Company has a land bank of 3.6 million sq. ft., which has been building for years while valuations are relatively low according to Mr Thomas. The project is financed by its partners with own resources and wealthy investors in projects, including the well known Raghu Kataria, businessman in Dubai and Vikrant Bhargava, internet entrepreneur in London.

The company is having seven projects under construction – all are in established areas of the city, as per Mr Booth. It has already started to build DT1, which is a 17-storey tower having 130 apartments in Downtown Dubai; it has set of four luxury villas on Palm Jumeirah known as The Ellington Collection; and a five-storey block in JVC named Belgravia II with 188 units.

It is also been advising entrepreneur Ravi Pillai on two major projects in Dubai – the 50-storey has 268 unit named RP Heights tower in Downtown, Dubai and RP One tower for Business Bay.

Mr Booth said that it’s in now in design and we anticipate that construction will begin in November this year. He continues that Ellington Properties was founded as an opportunity to position a real-estate company as a boutique player that is product-led, design-led and the most important customer-focused.

If you look at the consumers, they are craving design according to Mr Booth. Look at the successful companies– Facebook, Apple, and Samsung. These are all design-led companies and that’s really fundamental to our DNA.

The company has 2,200 units that are under-development, which it expected to be build within three years. However, it also plans to develop 10,000 affordable rental units by the year 2020 and to provide a regular source of income, and to create a facilities management arm, Chrome & White, to maintain this stock.

Mr Booth said: We have no desire to become biggest developer, but want to be the most respected.

Luxhabitat, the luxury properties developer said, transactions in prime residential market in Dubai are doubled in the first three months of this year, worth Dh3.2bn of deals have been completed in 12 areas. 240 villas were sold at an average price of Dh5.9 milli on and 957 apartments for an average of Dh1.9 million. Three busiest areas for transactions were Palm Jumeirah, Dubai Marina and Downtown Dubai.

About the Author:-

The article is written by Reenna Arora, associated with Own A Space, one of the leading property portal of Dubai. We cover all kind of properties across Dubai and other Emirates. It is your Own Space catering to various real-estates related needs and it’s here the buyer and seller meet online with detailed information on property requirements of the client.

The article is written by Reenna Arora, associated with Own A Space, one of the leading property portal of Dubai. We cover all kind of properties across Dubai and other Emirates.