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Abdullah Al-Ajaji, executive partner of Lamar Real Estate Development Company, revealed that the company is in the process of launching two real estate projects on the Dubai Water Canal at a cost of more than 4.5 billion dirhams.
In statements to Al Bayan, he explained that the first project is located next to Al Safa Park on Sheikh Zayed Road and is being developed in collaboration with the world’s elite architects and includes an integrated multi-building residential complex comprising between 300 and 400 residential units, including serviced apartments and branded apartments A luxury hotel and a five-star hotel, in addition to high-end retail shops, restaurants and cafes. The project is being built on a floor area of around 1.6 million. feet, with an estimated total cost of around 4 billion dirhams, assuming that the details and designs of the master plan for the project will be finalized early next year.
As for the second project, it is an extension of the success achieved by the “Sea Mirror” palaces on the island of “Jumeirah Bay”, which formed Lamar Development’s first projects, where the company built 18 luxury villas with areas of more than 15,000 feet each, and the was completely sold after being marketed in 2021. The project’s sales amounted to more than 1.5 billion dirhams, with 80 million dirhams per villa. Al-Ajaji pointed out that Lamar will launch a project worth 500 million dirhams with the same brand name “Sea Mirror Residences” on the Dubai Water Canal, next to the “Four Seasons” hotel, and explained that the project is an exclusive building for luxury. penthouse apartments spanning 6 floors with multi-space units consisting of apartments, 3 and 4 rooms and duplexes, and the final design approval for the project will be completed by the end of this year.
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