Elysian Developments, one of the major real estate brokerages in Dubai, is expanding its horizons as it planning an entry into property development. As part of its initial plans, the company aims for creating a pipeline of projects worth Dh1 billion over the next few years.

“We feel that there is still a niche in terms of what’s coming in the market that we can cater to, and we aim to cater to this segment with our offerings. This is what we call as wellbeing. We felt that a lot of buildings that’s coming in the market, there is not much of amenities that gives wellbeing a healthy lifestyle. And the generations of buildings are coming, the buildings are not healthy. We decided that we should take that market niche, become a lifestyle boutique developer and core focuses of well being. And we believe that this trend is growing,” Noman Mahmood - Co-Founder, Elysian Developments, said.

“We believe that the residents will be happier, healthier, living in those buildings. And I would say the market is still growing. We see more growth so and of course, 18 years in the experience of in real estate, we know not just selling the property. We understand from construction, from architects, from meeting the clients, we want to be one stop solution. It’s not just selling properties,” Masood Naseeb - Co-Founder, Elysian Developments, said.

With close to two decades in the industry, Elysian has witnessed the city’s growth cycles. “Development was in the past versus now is completely different. You know, the government has introduced a lot of things which make it very stable. So you’re not seeing any developer run away which was the past, because the fundamentals are very strong for a developer. Your land has to be fully paid. You have to give 30 per cent bank guarantees on your construction and all those before you even are allowed to market and escrow to open. These are things which, foundationally are make it very worthwhile that there’s no reason for a developer do not finish, because you know that element is there,” Mahmood said.

The founders are not too concerned about the widespread belief about the shrinking land bank in Dubai. “Yes certain mature areas are filling up, but there are many other areas where land is still plentiful,” Mahmood said.

Elysian is betting that its focus on wellbeing will garner strong buyer interest. “Wellbeing for us is a more holistic concept. It’s a concept which is not just about adding, you know, those health and fitness related things, but it’s also, how do you feel mentally when you walk into the lobby when you are using the amenities. When you enter inside your apartment, we’re not making apartments where your dining room is inside the kitchen, where the bathroom is shared between as a powder room and as a bedroom. A lot of those are things developers are doing from a commercially driven aspect. We want to develop things that will remain very attractive. And there’s still a huge segment of market which is craving for good quality, well-thought out layouts. We’re incorporating a lot of details in our building, which are not necessarily considered by developers. For example, every apartment has a filtration system coming from the main line, so any water going into your apartment is filtered.” Mahmood said.

The company’s first project will be launched next week in Dubai Islands. “After that, we are planning a project in Meydan,” Naseeb said.

While apartments will form the initial projects, the company will also look at villas in future. “We’re looking for anything that makes sense for us. If we can do something better, we will definitely do and it could be also commercial, but we will not look at just making another apartment, a building we’re making,” Naseeb said.

The profit aspect remains core to Elysian’s strategy. “We want the buildings to be profitable. Our target is that a tenant pays the highest rent in our building We don’t look at Dubai as a temporary place. We’re looking at it from a brand perspective, building our reputation, a lot of different aspects which are very close to our heart,” Mahmood said.