Dubai Developments, a major developer, has unveiled plans for its Lumia Residence project in the New Administrative Capital, Chairman Abdel Fattah Al Murr said.

Located on 36 acres in district R7, the project overlooks major roads near schools, universities, and a medical center. It was designed by MTA Consulting, which worked on capital buildings.

Lumia comprises various residential units suitable for different needs, from medium to large units, Al Murr said. With its modern, sophisticated design and smart services from Etisalat Misr, the units have unique luxury finishes.

The company succeeded in selling 70% of Lumia within 30 days, confirming demand, Al Murr said.

While 2022 exchange rate fluctuations concerned investors, units offer good short- and long-term returns whether delivered in 2023 or 2026, he explained.

Gulf buyers were significant given product similarities, aided by engineer Mohamed Talaat’s designs, Al Murr said. Foreign investors seek stability, prompting Etisalat partnership.

Projects attract over 13 nationalities across levels and spaces, with some repeat buyers, he noted, though strong foreign currency sales prevent disclosing totals.

All projects are self-financing, not using banks currently. A fourth, to be announced in 2024, is currently being studied as expansion continues.

Global inflation poses pricing challenges amid rapid cost changes, but the company aims for the best value, Al Murr added.

Dubai Properties seeks to expand its business with smart communities and fourth-generation cities.