At a time when developers are vying with each other to offer unique incentives to attract buyers, one company is counting on location, competitive pricing and build quality to stand out from competition. L-I-V Real Estate Development has launched sales on its flagship project in Dubai Marina and is confident of attracting both investors and owner-occupiers with a competitive payment plan and pricing.
L-I-V Developers says the LIV Residence Dubai Marina is coming up on the last prime plot in the precinct, purchased in 2015. The waterfront property comprises 179 units, an even mix of studios, 1-beds, 2-beds and 3-beds.
The average price per sq ft at the project is Dh1,500, with studios priced at Dh749,000 and one-beds at Dh1.19 million. There will be three duplex penthouses that will be tailor-made to clients' tastes.
"The price will be released on request. The penthouse collection has not been released to the market as yet. We are the only developer in Dubai Marina to offer a two-bedroom apartment with a maid's room," says Latif Habib, CEO of L-I-V Developers.
"Our location is prime and the quality of the product speaks loud," the CEO adds.
What the developer does offer is a competitive payment plan - 40 per cent during construction (10 per cent each stretched across 240 days) and 60 per cent upon handover.
The Dh400 million project will be ready by Q2 2019. Construction began in September 2016 and is at 20 per cent today. "Moving forward, we will finish one floor every eight days. By the summer of 2018, we will have finished 17 floors," explains Habib.
L-I-V Developers has opened an experience centre in Marina Plaza to the public.
With buyers spoilt for choice of off-plan projects to choose from, the developer wanted to show concrete progress on ground before commencing sales. "Our motivation was to bring construction to a healthy percentage before launching sales. Since September 2016, we have been perfecting our concepts and designs and maximising views from every apartment," the CEO observes.
There has been good interest in the apartments, both from end-users and investors. "Local demand has been good, so we don't see the need to go overseas for marketing the project," Habib adds.
While 70 per cent of the apartments in the project offer marina views, residents will also have exclusive private beach access.
L-I-V Developers has delivered custom-built homes in Los Angeles and New York and has ongoing projects in Istanbul. It has also developed custom-built villas in Emirates Hills. The group has land bank in Dubai and is looking to acquire more plots.
"Our corporate culture is to only focus on key locations and established communities. Our brand will benefit from it. It makes sense to have our flagship project in a location such as the Marina," Habib adds.
The developer has no leverage and is funding development with its own equity.