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Source: Amazing Architecture
Published on 12/31/2024

Rising Tender Prices Test UAE's Luxury Development Market

AED2.3B Luxury Project Amid Rising Tender Costs in AI Marjan Island

The Luxe Developers is set to deliver La Mazzoni, an AED 2.3 billion ($626 million) luxury residential development on Al Marjan Island, Ras Al Khaimah, by Q4 2028. Chairman Shubham Aggarwal cited Al Marjan Island's growing global recognition, driven by the Wynn Resort, and strong demand for ultra-luxury residences as key factors behind the launch. Their previous project, Oceano, is already 95% sold out.

Designed by Dewan Architects + Engineers (who also worked on Oceano), La Mazzoni emphasizes wellness-centric living inspired by the coastal landscape. Cracknell is designing the lush green spaces. Key features include a panoramic rooftop pool, a state-of-the-art wellness center (gym, yoga studio, paddle court), a private spa (saunas, hammams, therapy rooms), children's play areas, co-working spaces, and a sky deck.

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The project is privately funded. While acknowledging rising tender prices due to the UAE's booming real estate market, increased raw material costs, and competition, Aggarwal stressed the company's commitment to prioritizing top-tier contractors and suppliers to maintain their high standards of quality. He affirmed that this strategic approach ensures the delivery of the luxury experience their brand is known for, regardless of market fluctuations.