Purchase of 18 Plots Yields AED 1.4B

The Project:

Driven Properties and its investor group comprising Lamar Development and a group of institutional investors, sought high upside real estate capital allocation opportunities in the Dubai market. The team’s analysts conducted a thorough market analysis and shortlisted options for purchase. Reon Curry, Chief Development Officer at Lamar Development notes, "Driven’s in-depth analysis of over 340 properties in the market highlighted several strong capital investment candidates, but pointed to one opportunity that stood above the rest.” As a result, the principals and investors agreed to approach Dubai Holding about the prestigious Jumeirah Bay Island project.

The Solution:

In early 2019, Driven and its investor group initiated negotiations with Dubai Holding to acquire 18 plots in Jumeirah Bay Island that would be named Sea Mirror Villas. They secured a deal in December 2019 for AED 188 million, translating to 800 AED per square foot, with a convenient 2-year payment plan.

After acquiring the plots, Driven worked closely with its development partner, Lamar Development, and three world-renowned architectural and design companies - Studio MK27, Jacobsen Arquitetura, and Studio Urquiola to build 18 visually stunning residences. “We were thrilled to have brought on such renown architectural experts. Their vision, creativity, and execution were second to none and the results truly resonated with our buyers,” said Mr. Curry, Lamar’s Chief Development Officer.

Prior to architectural design, the development team solicited input via one-on-one interviews from Sea Mirror Villas’ ideal buyer profile- high net worth individuals (HNWIs). From the interviews conducted, the team yielded two key insights. The first was that prospective buyers desired a residence that had a unique personality of its own while also fitting a larger neighborhood design theme. In practice, this meant avoiding repetitive design that would make all units look the same. The second was that the ideal buyer profile needed an enlarged basement area with garage access to hold greater than 3 vehicles. This was because HNWI buyers often have an array of vehicles that need indoor parking.

To accommodate these insights, Driven Properties’ architects created a bespoke exterior façade for each residence that highlighted a unique luxury building material such as mahogany, copper, or bronze. Doing so gave each villa a distinct look all its own. To match the look of each residence, the team named villas after their respective building material. One, for example, was named “Mahogany” for the architect’s heavy use of mahogany on the facade, while another was named “Copper” for its integration of copper. This creative use of building materials and names would distinguish Sea Mirror Villas from one another, and tie them to the greater theme of the neighborhood.

As development commenced, the in-house marketing team brought in one of the most prestigious real estate marketing consultancies in the world to develop hero assets such as architectural renders, a core hero video, a brochure, and website. All outputs were employed heavily in marketing the luxury residences to its ideal buyer profile.

Launched in the Spring of 2022, Sea Mirror Villas were built to attract high-end clientele seeking a mix of artistic beauty, engineering precision, and state-of-the-art amenities nestled next to the azure waters and sandy beaches of the island.

The Results:

Through a combination of Driven Properties’ in-house brokerage team, database of recurring high net worth clients, and agency network, the project achieved 100% sell-out with revenue totaling AED 1.4 billion. Principals and investors garnered an Internal Rate of Return (IRR) of over 35%, exceeding expectations.