Saudi-based real estate developer Dar Al Arkan has launched its first international project with a $218m (AED800m) Roberto Cavalli designed residential development in Dubai.
Located in Business Bay, the I Love Florence 34-storey high-rise tower will offer one-, two-, three-, and four bedroom apartments as well as penthouse views of the Dubai Water Canal.
This will be the first time the Roberto Cavalli fashion brand will lend its name to a real estate development anywhere in the world, providing interior fit-outs and signature designs from floor to ceiling.
The penthouses will have elevators that open directly into the apartments. Building amenities include lobbies, a gym, a swimming pool, a yoga area, and an outdoor training area.
Gian Giacomo Ferraris, chief executive officer of Roberto Cavalli Group said: “We are excited to be entering for the first time as a group to the real estate sector with the Roberto Cavalli brand, and we believe that the developer couldn’t have chosen a more suitable location for this project in the Middle East, where Roberto Cavalli enjoys a strong following."
The tower’s architecture has been designed by VX Experts. DAAR has also appointed La Casa Engineering Consultants has the lead designer.
Ziad el Chaar, chief executive officer of Dar Al Arkan told Construction Week on the side lines of the event: “To complete construction as quickly as possible, we have cut the project into parts.
“Enabling works, shoring and excavation have already started, with piling works are to begin next. When that is completed, the main contractor will then mobilize.”
El Chaar said tendering for the main contractor will begin between March and April to start work by mid-2018, he added.
The project, which is scheduled to break ground by January, is due to be completed in June 2021.
On the property front, el Chaar highlighted that the main challenges of the current market in the region was mainly due to liquidity.
“Liquidity is always a challenge, so the more flexible banks are with customers, the more fluid the market would become.
“Although the market is doing very well today without the engagement of the financial sector, it would still benefit the end-users [for more flexible payment plans}.
Dar Al Aran is looking to expand further into other markets, and is currently looking at potential project launches in Bosnia and London.
Al Chaar said that there will also be a “very big” project launch in Riyadh early next year.
“We have a gem of a market, a real gem, and it relies on the international customer – the customer is not in Dubai,” he said.