The Mumbai-based real estate major, Sunteck Realty Ltd, has come into the UAE market officially by its international division, Sunteck International, presenting the location of its first ultra-luxury project in Downtown Dubai. The firm plans to build the two ultra-luxury residential towers on this 2.5-acre land. It is a major milestone for Sunteck as the company is making its first move abroad to Dubai.
The endeavor represents a part of a dream project portfolio with a gross development value (GDV) of over AED 15 billion within three years, of which the first flagship development corresponds to AED 5 billion only. The company stated that this ultra-luxury project in Downtown Dubai would be the first to shell out such an extravagant lifestyle.
The first development of Sunteck International is very close to the world-famous landmarks like Burj Khalifa and The Dubai Mall in the last few pieces of land of the Burj Khalifa Community, the company said. The firm stressed that it is the location that constitutes a large part of the project's attraction.
“The flagship Downtown Dubai project, estimated at AED 5 billion in GDV, will be developed in partnership with MAS, as its strategic partner. Our focus right now is on ensuring that the inaugural project reflects the highest expression of ultra-luxury living, about which more information will be revealed,” said Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd, in an interview with Hindustan Times Real Estate.
Khetan explained in more detail the group's plan for UAE: The company would be using the extra cash flow from this project to grow in the region. We are very optimistic about the market. Our focus is on HNIs who come to Dubai because of its growth, infrastructure, and lifestyle. At Sunteck, we were looking for another location to extend our reach, and I cannot think of a better market than this one. The international component of Sunteck will be the main pillar of the group's UAE expansion strategy. "
According to Khetan, the decision to enter Dubai was driven by the city’s unmatched global positioning in luxury real estate. “Among the world’s greatest luxury capitals including New York, London, Miami and Singapore, Dubai stood out as the unequivocal choice for our international debut. Few cities have demonstrated such a decisive, sustained rise in luxury real estate. Investor-friendly policies, global connectivity, best-in-class infrastructure, tax-efficient environment and an unmatched concentration of ultra-high-net-worth residents have transformed Dubai into the world’s most future-ready luxury market,” he said.
He went on to explain that as a futuristic, ultra-luxury, socially-conscious type of developer, Dubai is the only city out of all that offers the flawless intersection of architectural innovation, economic stability, and a global sophisticated consumer. It was not just a beautiful market, but the only market that fit our ambitions. Our place is among the top most desirable neighborhoods in the world and we are going to innovate what ultra-luxury can mean by making the spaces that go beyond what are already there.
In contrast to normal real estate unveils which usually present fully conceptualized towers and masterplans, Sunteck International chose to reveal the land first only. With this single move, the company draws attention to the exclusivity and immense value for the future of one of the last parcels of land in Downtown Dubai. According to the announcement by the company, the act of showing the place first is a way of emphasizing the singularity of the investment and also a sign of confidence in the market potential.
The collaboration of the project will include top global names like HBA London for interior direction and JTP for architectural strategy and design. Sunteck International is looking forward to having branded residences as a result of a partnership with world-leading hospitality brands and they will be revealing more details soon.
Sunteck Realty, a company listed on the stock exchange, has a portfolio of more than 50 million sq. ft. spread over 32 projects in Mumbai, out of which 80% is residential and 20% is commercial/retail, with a GDV of over $5 billion. The company's strong performance in the domestic market and its expertise in premium residential and commercial development make it a good fit to enter the ultra-luxury market in the UAE successfully.
As Dubai remains the preferred destination for ultra-high-net-worth individuals, according to the reports, more than 9,800 millionaires are relocating in 2025 alone—Sunteck International's first move is a vote of confidence in the city's long-term attractiveness and its increasing importance as a global luxury real estate hub.
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