Sikanta Developments, headquartered in Dubai, is planning to launch a pair of residential projects by the middle of 2026.
Together, these projects will entail an investment of Dh250m ($68m), company founder and managing director Mohan Dass Saini said.
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Saini, who was previously managing director and CEO of Indian construction company Shapoorji Pallonji, told Zawya Projects: “Each project will reflect our boutique ethos and respond to evolving buyer preferences.”
In a recent announcement, Sikanta Developments confirmed Myra Residences, a 64-unit apartment project in Dubai South.
The decision to embark on the Dubai South project was influenced by ongoing development in the area, including Expo City and the planned Al Maktoum International Airport, along with expected population growth and infrastructure investment.
Myra Residences will feature studios, and one and two-bedroom units. The project is scheduled for handover in the second quarter of 2027.
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By GlobalDataThe company is looking to incorporate energy efficient systems into the project, along with fixtures that reduce water usage.
It plans to issue tenders by the end of this month and award contracts by October 2025.
While construction expenses remain undisclosed, Saini indicated that Myra will be financed through equity and purchaser deposits.
The company is also considering alternative financing models including structured project financing, joint ventures and Real Estate Investment Trust participation.
Saini highlighted that tender prices have grown by more than 15% in the past year due to demand and limited contractor capacity.
He noted the increased contractor demand and stated that the company is mitigating this by selecting partners early in the development process.
Saini further said that competition for land remains high in areas such as downtown and Palm Jumeirah, while Dubai South, Arjan and MBR (Mohammed Bin Rashid) City continue to attract new developments.
