Dubai-based Sikanta Developments plans to launch two additional residential projects by mid-2026, with a combined investment of 250 million UAE dirhams ($68 million), its Founder and Managing Director Mohan Dass Saini said.
Saini previously served as Managing Director & CEO of Indian construction giant Shapoorji Pallonji, where he was also a member of the board. Over his 40-year tenure with Shapoorji Pallonji, he led both Indian and international operations.
"Each [project] will reflect our boutique ethos and respond to evolving buyer preferences," he told Zawya Projects.
Last month, the boutiqe developer had announced the launch of its flagship project, Myra Residences, a collection of 64 premium apartments, in Dubai South.
The decision to build in Dubai South was driven by the area's major transformation, anchored by Expo City and the upcoming Al Maktoum International Airport, according to Saini.
"With a projected population of one million and strong infrastructure investment, it offers long-term value and connectivity," he said. "Myra is our response to this momentum - a boutique sanctuary aligned with the district's growth trajectory."
The project, which includes studios, one-bedroom, and two-bedroom residences, is scheduled for handover in the second quarter of 2027.
"We plan to issue tenders by end of August 2025 and award contracts by October 2025," Saini said. "This aligns with standard pre-construction cycles in Dubai's residential sector."
Though he declined to disclose construction costs, Saini said Myra is being funded by a mix of equity and purchaser deposits.
He added there is a growing interest in alternative financing models beyond traditional off-plan sales.
"We're seeing growing interest in structured project financing, joint ventures, and REIT participation - especially from institutional investors seeking yield and stability," he said.
The Sikanta founder said tender prices have increased by over 15 percent over the past year, driven by demand and contractor capacity constraints.
"The surge in launches has stretched contractor bandwidth. We're mitigating this by our established relationships built over 20 years in the UAE, and vetting of partners early in the cycle," he explained.
Saini agreed that securing prime plots in Dubai is a major challenge.
"Downtown and Palm Jumeirah remain highly competitive [for land acquisition]. Dubai South, Arjan, and MBR City still offer value and growth potential," he noted.
Excerpts from the interview:
When did you acquire the land for Myra Residences? Are you now seeing an increase in land prices in Dubai South?
We secured the land in early 2024. Since then, Dubai South land prices have seen a sharp increase year-on-year, now ranging from AED 280 - 300 per sq. ft.
What are the design and sustainability highlights of Myra?
Myra blends generous floor layouts, tropical landscaping, interconnected pools, and smart home tech with beautiful hotel like interiors by acclaimed architects. It's a boutique retreat that redefines luxury through intimacy and detail.
We're pursuing integrating energy efficient systems, water-saving fixtures, and native landscaping. Sustainability is embedded in our design ethos.
How much land is owned by Sikanta in Dubai? What is the company's planning cycle with regard to projects?
We currently hold strategic plots in Dubai South and are actively planning on expanding our footprint across emerging districts. We operate on a 36-month cycle from concept to handover, allowing for agile execution and thoughtful design.
How are you mitigating the twin challenges of cost escalation and supply chain delays on the material front?
We're pre-ordering key materials, working with regional suppliers, and exploring modular construction to reduce on-site dependencies and cost volatility. This is where our experience of over 50 years differentiates us.
What is your outlook on the real estate market in the UAE, particularly Dubai's off-plan market, for this year and 2026?
Dubai's off-plan market remains robust, buoyed by population growth, Golden Visa incentives, and first-time buyer programmes. With 80 percent more units expected to be delivered in 2025-2026, competition will intensify, but well-positioned, design-led communities like Myra will thrive.
Are there any plans to expand into other markets in the Middle East?
No, we're currently focused on opportunities in Dubai and Abu Dhabi. Our goal is to bring Sikanta's design forward philosophy to emerging lifestyle destinations within these two Emirates.
Lastly, what are some of the challenges new developers face when launching projects in Dubai?
Navigating regulatory approvals, securing quality contractors, and differentiating in a crowded market are key hurdles. Experience, trust and execution capability are critical.
(Reporting by Anoop Menon; Editing by SA Kader)
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