Xanadu Real Estate Development, a property developer based in Dubai, has announced the delivery of nearly 200 luxury villas and townhouses with a development value of over Dh750 million ($204 million).

This is part of the Dh8 billion ($2.2 billion) worth of projects Xanadu helped deliver along with its partners over the last six years, said the company in a statement.

These include 130 townhouses at Jumeirah Village Circle, worth Dh300 million ($82 million) and 68 luxury villas at Jumeirah Golf Estates, worth Dh450 million ($122 million).

Xanadu, established in 2010, is the brainchild of an UAE national entrepreneur Adel Al Breiki, founder and Cenk Yabas. It has been partnering with property developers by undertaking the management of stalled projects and completing them by investing its own resources.

Following the global financial crisis of 2008-09, many property developers found it difficult to carry on with projects due to tough market conditions marked by the absence of buyers and investors.

While some developers had the ability to continue with projects, most were not lucky, resulting in a good number of projects being stalled.

In 2010, Xanadu entered the real estate market with a vision to change it and help revive and manage stalled projects. It started with a cluster of townhouses and delivered it with the help of the previous developer, said a senior official.
 
"Gradually, Xanadu picked up a number of challenging projects, infused capital and delivered them. This way, it helped revive, manage and delivere Dh8 billion worth of projects – that has a far-reaching impact in the emirate’s real estate sector and economy," remarked its founder Adel Al Breiki.

"Dubai’s real estate market requires a quite different set of developers as it matures and demand is likely to be driven by real property buyers," he noted.

"Therefore, committed customer-centric developers with a focus on quality and timely delivery will be crucial differentiator for successful developers," noted Al Breiki.

As a developer, Xanadu has pioneered the concept of partnering with developers to turnaround challenging real estate projects and steered them towards successful completion and handover to customers, he said.

Yabas said one of Xanadu's key strengths was its ability to manage projects efficiently - on time and within budget - while maintaining high quality standards, as per the latest trends and to suit the taste of the modern families.

“While taking over the management of certain stalled projects, we changed the fittings and amenities to match the latest trends in design and products – that has helped us to offer a better proposition to the customers. This helps in value appreciation of properties and when new buyers inquire for homes – they look for contemporary designs,” noted Yabas.

After partnering with developers, Xanadu is gradually developing its own project portfolio with new projects, he added.-TradeArabia News Service