KASCO Developments to self-fund VAL and ONDA projects in Dubai
KASCO Developments, a Dubai-based real estate developer, has announced that its VAL and ONDA projects in Al Jaddaf Waterfront and Business Bay will be fully self-funded.
Mustafa Al Kaissi, Chairman of KASCO Developments, highlighted that this decision reflects the company’s strong financial standing and commitment to delivering its projects without reliance on external funding.
The tendering process for the VAL project, a 13-floor residential development with 121 units, has already been completed, with construction expected to conclude in the fourth quarter of 2026. Meanwhile, the 23-storey ONDA tower is currently under construction, with a planned delivery in the third quarter of 2027.
Prime locations and demand for premium housing
Al Kaissi emphasised the strategic importance of Al Jaddaf Waterfront, located along Dubai Creek, as a key factor in the selection of the site for the VAL project. He stated:
“The growing demand for premium, sustainable residential spaces in this rapidly developing area were key factors in selecting the site.”
Navigating competitive markets and rising costs
Discussing the challenges posed by Dubai’s flourishing real estate sector, Al Kaissi noted heightened competition for top contractors. However, he affirmed that KASCO Developments has not faced difficulties in securing quality contractors due to its existing relationships and robust project management.
He also acknowledged an increase in tender prices amidst the UAE’s real estate boom, attributing this to market dynamics driven by higher demand for premium construction services.
“This aligns with market dynamics driven by heightened demand for premium construction services, underscoring the sector’s growth trajectory,” Al Kaissi remarked.
Investment and market resilience
The combined investment in the VAL and ONDA projects is estimated at $327 million. In an interview conducted in October 2024, Al Kaissi stated:
“Our organisation and capital structure are designed to withstand and thrive under adverse market conditions.”
KASCO Developments remains optimistic about the sustained growth of Dubai’s real estate sector, while cautiously navigating potential risks to ensure successful project delivery.
