Swank Development in Dubai Lays Foundation for Dh320 Million Project

In the esteemed District 11 of Mohammed Bin Rashid City, Meydan, Swank Development, a prominent European real estate developer, has officially begun construction on its latest high-end residential project, "Lua Residences." Valued at Dh320 million, this development marks a significant advancement for the company as it seeks to expand its footprint in Dubai's flourishing real estate market.

The foundation-laying ceremony saw the participation of key figures from Maravilla Building Contracting and SKOON Architectural Design Consultancy, two vital partners in this prestigious endeavor. Among those present were Prasenjit Ghosh, General Manager of Maravilla, and Moustafa Elsaid, Managing Director and Board Member of Swank Development.

Lua Residences will feature 37 villas, each ranging from 4 to 6 bedrooms, designed with unique interiors and a wealth of amenities, including private pools, internal elevators, and landscaped gardens that enhance the quality of life for residents. The villas will also incorporate state-of-the-art solutions, such as smart technologies and sustainable practices, ensuring a modern and healthy lifestyle for all occupants. The project will offer a range of public amenities, including retail stores, supermarkets, health clinics, lakes, gyms, mosques, and expansive green outdoor areas.

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Moustafa Elsaid expressed enthusiasm about the project, stating, “Lua Residences represents a bold step in expanding our real estate portfolio by introducing innovative lifestyle concepts that redefine luxurious living in premier destinations like Mohammed Bin Rashid City.” He further highlighted Swank Development's commitment to elevating living standards in the UAE through the creation of modern, meticulously designed spaces that deliver unparalleled elegance and sophistication, providing an exceptional living experience for residents.

Elsaid also emphasized that Swank Development’s entry into the Dubai real estate market signifies the onset of a new era characterized by innovation and sustainable development. This vision focuses on meticulous attention to detail, aiming to create unique homes that align with the aspirations of each resident, surpassing traditional construction methods.

Furthermore, Elsaid reported that sales for Lua Residences have exceeded initial forecasts, with all villas anticipated to sell out rapidly. He confirmed that construction is progressing as planned, with all residential units expected to be delivered on schedule in the second quarter of 2026. This ambitious project promises to set new benchmarks for luxury living in Dubai's competitive real estate landscape.

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