KASCO announces self-financed VAL and ONDA projects in Al Jaddaf Waterfront and Business Bay.
KASCO Developments Announces Self-Funding for VAL and ONDA Projects in Dubai
Dubai-based real estate developer KASCO Developments has revealed that its two prominent projects, VAL and ONDA, located in Al Jaddaf Waterfront and Business Bay, respectively, will be entirely self-funded.
According to Mustafa Al Kaissi, Chairman of KASCO Developments, this strategic decision underscores the company’s solid financial foundation and dedication to completing its developments without depending on external funding sources.
Progress on VAL and ONDA Projects
The VAL project, a 13-floor residential building featuring 121 units, has already completed its tendering phase. Construction is on track, with an anticipated completion date in the fourth quarter of 2026. Meanwhile, the ONDA project, a 23-storey residential tower, is currently under construction and is expected to be delivered by the third quarter of 2027.
Strategic Locations and Rising Demand
Highlighting the appeal of Al Jaddaf Waterfront, a vibrant area along Dubai Creek, Al Kaissi emphasized its role in selecting the location for the VAL project. He noted:
“The increasing demand for premium, sustainable residential spaces in this rapidly growing area played a significant role in our decision.”
Tackling Market Challenges
Al Kaissi also addressed the competitive nature of Dubai’s booming real estate market. While there has been increased competition for top-tier contractors, KASCO Developments has successfully secured reliable partners due to its well-established relationships and efficient project management practices.
He further noted the impact of rising tender prices, attributing the increase to heightened demand for premium construction services within the UAE’s flourishing property sector.
“This reflects market dynamics influenced by a surge in demand for quality construction, highlighting the sector’s robust growth,” Al Kaissi added.
Significant Investment and Market Confidence
The total investment for the VAL and ONDA projects is valued at $327 million, showcasing KASCO Developments’ confidence in Dubai’s resilient real estate market. In a statement made in October 2024, Al Kaissi remarked:
“Our financial framework and capital structure are built to endure and thrive, even in challenging market environments.”
Remaining optimistic about the sustained growth of Dubai’s property market, KASCO Developments aims to mitigate risks and maintain a steady course toward the successful completion of its flagship projects.
