Meraki Developments plan Dh1.75 billion worth of projects in Dubai

Meraki Group, one of the UAE’s most forward-looking and vertically-integrated private real estate and construction conglomerates, is currently in the process of developing five real estate projects with 1,400 residential units, with a development value of Dh1.75 billion in the next three to five years, a top official said, with at least two more projects in the pipeline. Meraki Group’s business portfolio includes Meraki Developers, Meraki Education, Meraki Integrated Contracting LLC.– that has Civil and MEP Contracting Division, Meraki Façade and Glazing Systems, and Ikigai Steel Industries. Its education portfolio includes four of the best educational institutions in the UAE and Singapore. Collectively, its businesses employ more than 2,500 professionals and workers across all the portfolios in the UAE and Singapore. Ajay Rajendran, Chairman of Meraki Group, said, his company has already delivered two projects – Haven and Genesis – with 550 homes with a sale value of around Dh750 million. “We are currently developing five more projects that will see the delivery of 1,400 homes in the next three years, with a combined development value of Dh1.75 billion. In total, as of today, our residential portfolio value exceeds 1,950 homes with a development value exceeding Dh2.5 billion,” Ajay Rajendran, Chairman of Meraki Group, tells Gulf Property in an exclusive interview. “We design and deliver homes that speak to aspiration – places where quality, design, and community come together to enrich daily life. Our vision is to shape living environments that nurture both the private comfort of a home and the shared spirit of a community. “Every detail is chosen with purpose: to foster wellbeing, encourage connections, and create opportunities for celebration and growth. By doing so, we offer residents a lifestyle they can embrace with pride, and we provide buyers and investors with enduring value through communities that remain relevant, vibrant, and sought after for years to come.” A chemical engineer by training, Ajay Rajendran who hails from the South Indian state of Kerala, achieved his Master of Business Administration before joining a Singapore-based company where he had diverse experience in sourcing coffee and cocoa from African countries such as Cameroon and Ivory Coast. He then came to Dubai in 2002 and joined Sobha Realty – that was expanding its construction and real estate business in the Gulf countries. It was the same year – 2002 – when Dubai Government had announced that it would extend freehold property ownership rights to non-Arab and non-GCC nationals in selected communities. This was a game-changing move by Dubai Government – taken about nine months after the historic and fatal September 11 attack in the USA – that forced many Arabs to divest in Western assets and move capital back to the GCC region. The landmark freehold property ownership decision created a new opportunity for the investors of the repatriated capital who started to pump their money into Dubai’s real estate. Dubai Marina and the Palm Jumeirah were the first two master-planned communities that were opened up for foreign freehold property ownership. Within years, Dubai’s desert sandscape had started to change drastically to extend its urban landscape – that saw a vast swathe of sandscape converting into planned cityscape and through the development of some of the most iconic projects including some of the world’s tallest towers and the Palm-shaped islands – billed as the 8th wonder of the world. Later, the International City, Discovery Gardens, Jumeirah Lake Towers, Jumeirah Village Circle, Dubai Motor City, Dubai Sports City, Dubai Investment Park, Jumeirah Golf Estates, among many others were developed that changed Dubai’s economic landscape in the next two decades. Ajay Rajendran laid the foundation of Sobha Realty’s business in Dubai early on and helped it to grow amid the Global Financial Crisis of 2008-09 and helped firmly establish the business by the mid- 2010s. As Sobha Realty’s Co-Chairman, he had delivered three properties in Business Bay following which he helped transform Sobha into developing master-planned communities with its flagship development, Sobha Hartland and Mohammed bin Rashid City-District 11 by Meydan Sobha, a joint venture with another master developer Meydan City Corporation. In 2015, he shifted his focus towards education and went on to build two schools – Hartland International School and North London Collegiate School Dubai – on Sobha Hartland’s land bank. Despite his towering achievements as a developer and creator of sound business practices, Ajay Rajendran remains a humble media-shy person and hasn’t been in the media spotlight, preferring to focus on core business activities. He is a quality-driven, result-oriented entrepreneur who believes in creating world-class assets. His real estate projects and the schools that he established, speak for himself – his attention to details, from design to the functionality as well as the contemporary modern and stylistic design approach make these assets stand out from the rest. Meraki Genesis is a G+10 residential tower in the Arjan community of Dubai that is a blend of contemporary architecture with spacious living. The tower features a variety of residential options including studio, 1-bedroom, and 2-bedroom apartments with high-end finishes and contemporary designs. The apartments range in areas from 466 square feet to 1,052 square feet. The project was delivered in 2021. The units come with spacious living spaces, well-fitted kitchens, built-in wardrobes and other amenities. The building also offers a range of facilities such as temperature-controlled rooftop swimming pool, basement parking facilities, a well-equipped gymnasium with sauna and a dedicated children’s play area. Meraki Genesis was certified by the inspectors of Dubai Land Department as one of the Top 10 Projects of 2020 for the speed of construction. Its second project, the Haven is a meticulously designed residential community that offers the perfect blend of luxury and tranquility. Nestled in Majan in the heart of Dubailand, The Haven – with 330 residential units – offers residents the opportunity to escape the hustle and bustle of urban life while still being close to all the amenities and conveniences of the city, with an open garden at its backyard where residents can enjoy recreational activities in a natural setting. Conceived as a modern urban retreat, The Haven combines contemporary architecture with a serene community setting. The development features an array of lifestyle amenities including wellness facilities, co-working spaces, separate adult and kids’ swimming pools, solar-powered parking, a party hall, recreation lounge, and indoor and outdoor children’s play areas. The Haven community boasts a wide range of luxurious homes, each designed with the utmost attention to detail, featuring spacious floor plans and high-end finishes. The community also offers a wide range of amenities, including a state-of-the-art gymnasium and yoga center, swimming pools, co-working spaces and multiple play areas for children. Whether you’re a young professional or a growing family, The Haven offers something for everyone. “A home is one of life’s most meaningful investments as it is a place that shapes individuals, nurtures families, and strengthens communities. Every Meraki community is a testament to conscious design, refined living, lasting quality and a seamless journey that begins long before the keys are handed over,” Ajay Rajendran says. “At Meraki, our vision is to create residences that not only provide comfort and pride of ownership but also enrich the spirit of those who live in them. With The Haven, we have sought to bring this vision to life, and I am deeply proud of the team behind this project and their unwavering dedication to excellence. We assure you of our commitment to deliver properties that stand out for their quality, elegance, and customer experience.” Developed under Meraki’s fully integrated model — covering design, engineering, construction, and post-handover maintenance — The Haven reflects the developer’s holistic approach to quality and community-building. Although Meraki Group may be known for delivering quality homes, it has built its foundation by delivering world-class educational facilities – Hartland International School and North London Collegiate School Dubai – built with a cost of Dh500 million about eight years ago. Both the schools are ranked among the top schools in Dubai. “Both the schools have been outranking their peers in delivering high quality education. Of these, the North London Collegiate School Dubai is currently recognised as being among the top three schools in Dubai,” Rajendran says. “Due to our success in education, we established two schools in Singapore that are doing very well. One of them was established during COVID-19 pandemic when we had 270 student enrollment for the inaugural academic session. “We are currently looking for facilities to start one more school in Dubai and one in Abu Dhabi. We are known for the high quality educational services we provide and protecting and growing this is paramount for us.” The two schools in Dubai currently have more than 4,200 students. The tuition fees at Hartland International School ranges from Dh48,700 to Dh92,800 per year, while tuition fees at North London Collegiate School Dubai ranges from Dh92,000 to Dh143,000. With average tuition fees of Dh80,000, this translates to a whopping revenue of Dh360 million (US$98 million) per year. Meraki Education had sold the real estate part of both the schools to private equity firms – that released its investment capital – in two separate deals. In June 2018 PNC Investment, parent company of Sobha Realty had sold the real estate – land and building assets of North London Collegiate School to Amanat Holding for Dh405 million. However, Amanat recently said, it was selling the same for Dh453 million. In June 2018, the real estate component of North London Colleagiate School was sold to Amanat Holding for Dh405 million. It was recently reported that Amanat was selling the property at Dh453 million. Similarly the real estate component of Hartland International School was sold for US$100 million Dh367 million to Elevate – backed by Rava Partners and Alta Capital, in a deal in May this year. “The sale of the real estate assets was part of the overall strategy to focus on the operating business and helped us in our expansion plans,” Ajay Rajendran explains. “As a group, Meraki aims to build communities, whether through its real estate developments or schools, offering the highest quality of services, a reputation for excellence, and the best customer experience. In all its projects, the Group remains true to the meaning of the word Meraki – doing something with soul, creativity, and love, and putting "something of yourself" into what you're doing,” he concludes.