Villa redevelopment in Dubai's trophy communities
We buy legacy villas below asking in supply-constrained communities, redevelop and extend them to the permitted maximum, and sell them turnkey to end users. This page sets out what we do, what we have delivered, and the four villa projects currently open to new investors.
See the open opportunitiesA disciplined fix-and-flip operator, now focused on larger villas
Palm & Peak has completed eight value-add projects in Dubai since 2024: seven waterfront apartments and one villa. The same method now moves up in size, where the gap between a dated house on a great plot and a finished one is measured in tens of millions.
The business is simple to describe. We source villas in established, low-supply communities where the plot and the position are the value and the house is not. We buy below asking, against registered comparable sales. We then rebuild the interior, extend the built-up area to the permitted limit, and re-landscape, working to a fixed scope agreed before the purchase closes. The finished villa is sold to an end user through a broker network that Palm & Peak has built and manages directly.
Each project sits in its own SPV. The investor funds the equity in full; Palm & Peak underwrites, executes and sells, and is paid principally from profit above a preferred return to the investor. There is no debt in the base case except where a project is structured with a lending investor (Sienna Lakes), no cross-collateralisation between projects, and no exit that depends on the market moving.
What is open to new investors
Four villa redevelopments, underwritten and ready to proceed, together requiring about AED 228M of equity; each can be funded on its own. All are described in full in Open opportunities.
| Jumeirah Golf Estates, Lime Tree Valley | AED 32.7M equity · 12 months · 25.7% project IRR |
| Al Barari, The Residences Type B | AED 61.6M equity · 15 months · 21.0% project IRR |
| Al Barari, Jasmine Leaf A Type | AED 115.9M equity · 18 months · 27.2% project IRR |
| Jumeirah Golf Estates, Sienna Lakes | AED 17.7M equity plus senior debt · 12 months · 34.0% equity IRR |
| Structure | Deal-by-deal SPV, 100% investor equity |
| Investor return above an 8% preferred return | 80% of profit to the investor, 20% to Palm & Peak |
The spread between a dated villa and a finished one is the return
In Al Barari and Jumeirah Golf Estates the land is scarce and the buyer is an end user. Renovated villas have printed AED 4,800 to 5,300 per square foot; unrenovated stock on the same streets trades at AED 3,500 to 3,750. The work in between is what we do.
Scarce land, dated houses
The first generation of Dubai's gated villa communities is 15 to 20 years old. Plots of 10,000 to 15,000 sqft on golf or garden frontage cannot be created again, but most of the houses on them were finished to a 2008 developer standard.
End users pay for finished
The buyer of a AED 40M to 80M villa is a family relocating or upgrading, not a trader. They pay a premium to avoid an 18-month build, and the premium is visible in registered prices: renovated resales at Jasmine Leaf 5 set the AED 80M benchmark in July 2025 and the developer buyer of an unrenovated Desert Leaf 3 paid AED 3,573 per sqft four months later.
Fewer competitors, larger profit per deal
Apartment flipping is crowded and the ticket is small. A villa redevelopment ties up capital for 12 to 18 months but returns AED 8M to 17M of profit per project against AED 0.7M to 1.8M on an apartment, with the same team and the same method.
One method, run by the principals on every project
The process is the same on a AED 6M apartment and a AED 60M villa. What changes is the size of the numbers and the length of the build.
Source off market
Direct owner approaches and a broker network of 600+ agents managed in our CRM. We look at many villas to buy one.
Underwrite to registered comps
Exit price anchored to Dubai Land Department transactions of renovated villas on the same street, never to asking prices. Sensitivity tested before an offer goes in.
Buy below asking
Offers are made against the evidence, with walk-away discipline. Al Barari Type B is negotiated at AED 38.0M against a AED 40.0M ask.
Redevelop and extend
Fixed-scope, fixed-price contracts with staged draws and a held contingency. Extension to the GFA cap, full interior rebuild, landscape, staging.
Sell turnkey through brokers
Listing at the top of the renovated set, distributed through our broker network with professional photography and a furnished, finished house.
Evgeny Gasnikov
Founded Palm & Peak and has led every acquisition and exit since 2024. Previously Director of Sales for Central and Eastern Europe at WeWork, launching buildings in three countries to 80%+ occupancy at opening, and Head of Flex Space at JLL. Runs the broker network and investor reporting personally.
Vadim Kniazev
Fifteen years in construction, including Olympic-programme projects. More than 50 fit-out projects delivered in Dubai, over 15 villa renovations and 50,000+ sqft of office. Owns scope, contractor selection, staged payments and quality control on every Palm & Peak site.
Eight projects completed and sold since 2024
Every project below was bought, rebuilt and resold. Figures are actual transaction values from the Dubai Land Department transfers and our project accounts, gross of investor profit share.
| Project | Type | Purchase | Total cost | Sale price | Gross profit | ROI on cost | Project IRR | Months |
|---|---|---|---|---|---|---|---|---|
| Balqis Residence 412Palm Jumeirah · bought Mar 2024, sold Dec 2024 | 3BR apartment | 4,400,000 | 5,572,200 | 7,100,000 | 1,378,700 | 24.7% | 34.9% | 8.5 |
| Beach Vista 1504Emaar Beachfront · bought Apr 2024, sold Jul 2024 | 3BR apartment | 7,800,000 | 9,151,347 | 10,300,000 | 932,353 | 10.2% | 43.2% | 2.8 |
| 1 JBR 1001JBR · bought Jun 2024, sold Dec 2024 | 2BR apartment | 8,050,000 | 9,191,050 | 10,400,000 | 990,550 | 10.8% | 20.8% | 6.2 |
| The Address JBR 2701JBR · bought Aug 2024, sold Feb 2025 | 3BR apartment | 8,000,000 | 9,268,000 | 10,250,000 | 874,375 | 9.4% | 16.7% | 6.8 |
| Sunrise Bay 705Emaar Beachfront · bought Sep 2024, sold Jan 2025 | 3BR apartment | 5,850,000 | 6,956,850 | 8,700,000 | 1,560,450 | 22.4% | 61.6% | 4.4 |
| Beach Vista 2404Emaar Beachfront · bought Sep 2024, sold Jul 2025 | 3BR apartment | 7,850,000 | 9,078,850 | 10,000,000 | 711,150 | 7.8% | 9.6% | 9.8 |
| Balqis Residence 602Palm Jumeirah · bought Jun 2024, sold Jun 2025 | 4BR apartment | 12,200,000 | 14,744,200 | 16,850,000 | 1,760,375 | 11.9% | 11.9% | 12.0 |
| Meadows villaThe Meadows · bought Sep 2024, sold Jun 2025 · with partners | 4BR villa | 8,850,000 | 12,089,850 | 16,350,000 | 3,916,800 | 32.4% | 43.6% | 8.9 |
| Eight completed projects | 63,000,000 | 76,052,347 | 89,950,000 | 12,124,753 | 15.9% | 30.3% avg | 7.4 avg |
Total cost includes purchase price, DLD transfer fee, buy-side broker fee and the full renovation. Gross profit is sale price less total cost and sell-side broker fee. IRR is on the project cash flows, transfer to transfer. A ninth apartment, Sunrise Bay 908 (bought Jul 2025, AED 6.1M), is renovated and on the market.
The Meadows villa
Bought at AED 8.85M with AED 2.7M of redevelopment, the largest renovation budget we had run at the time. The full interior was rebuilt and the house sold fully finished at AED 16.35M, 32.4% on cost, within nine months of purchase. Executed with partners; it is the template for the villa programme.
The Residences, Al Barari: a 6-bedroom Type B villa, shell and core
Our fully underwritten villa case. A corner plot backing the Woodland botanical garden, delivered as shell and core with two basements and a lift already in, bought against two live offers and finished to the standard that renovated neighbours have already sold at.
The asset
| Community | The Residences at Al Barari |
| Type | Type B villa, corner unit |
| Configuration | 6 en-suite bedrooms, staff quarters, 3-car garage |
| Levels | Two basements, lift installed |
| Condition | Shell and core, to be finished |
| Outlook | Backing the Woodland botanical garden |
| Plot | 14,719 sqft |
| Built-up area, existing | 14,919 sqft |
| Built-up area, after extension | 17,000 sqft (+2,081 to the GFA cap) |
| Asking price | AED 40.0M |
| Purchase price underwritten | AED 38.0M (live offers at 37.0M and 37.25M) |
The plan
Acquire at AED 38.0M
Below the AED 40.0M ask and just above the two competing bids. Transfer through the Dubai Land Department under an all-equity SPV.
Build and extend, AED 20.7M, 12 to 13 months
AED 17.0M full construction and fit-out from shell, plus AED 3.7M for the permitted extension to 17,000 sqft at AED 1,800 per sqft. Starting from shell and core removes demolition: roughly AED 1.0M to 1.5M and six weeks saved against refitting a finished villa.
Sell at AED 80.0M
AED 4,706 per sqft on the extended area, level with the top of the renovated 6-bed set. Sensitivity shows the project stays profitable down to a AED 65M exit.
Returns, base case and live sensitivity
Where the money goes
Sensitivity: net profit, AED M (project IRR)
Proof of exit: registered Al Barari villa sales
| Date | Sub-location | Beds | Plot sqft | BUA sqft | Price, AED | AED / sqft BUA |
|---|
Source: Property Monitor, Savills and Dubai Land Department registered transactions, AED per sqft on built-up area. Highlighted: the near-identical Desert Leaf 5 (14,918 sqft, AED 72.0M, May 2026) and the 6-bed Jasmine Leaf 5 that set the AED 80.0M benchmark. Last row: this villa at the target exit. Live interactive memorandum with the full model: egasnikov.github.io/al-barari-type-b.
Four villa redevelopments open to new investors
All four are underwritten to registered comparables and each can proceed on its own funding; three are all-equity in the base case and Sienna Lakes is structured with senior debt. Together they require about AED 228M of investor equity and target AED 81M of net profit to equity.
Jumeirah Golf Estates, Lime Tree Valley
| Position | First line on the golf course, one of the most sought-after streets in JGE |
| Plot / BUA | ~10,000 sqft plot · ~6,000 sqft existing, ~8,500 after extension |
| Purchase price | AED 22.5M (AED 3,750 per sqft on existing area) |
| Redevelopment | AED 8.0M full renovation and 2,500 sqft extension, plus 3% construction management; 5% contingency held in reserve |
| Target exit | AED 42.0M, AED 4,941 per sqft on extended area |
| Street evidence | Renovated Lime Tree Valley villas sold at AED 48.5M (5,272 per sqft) and AED 34.5M (5,227 per sqft) |
| Investor net, indicative terms | AED 6.72M profit · 20.5% IRR · 1.21x |
Al Barari, The Residences Type B
| Position | Corner unit backing the botanical Woodland garden, downtown skyline view |
| Plot / BUA | 14,719 sqft plot · 14,919 sqft existing, 17,000 after extension |
| Purchase price | AED 38.0M against a 40.0M ask, two live offers at 37.0M and 37.25M |
| Redevelopment | AED 17.0M construction and fit-out from shell, AED 3.7M extension to the GFA cap |
| Target exit | AED 80.0M, AED 4,706 per sqft on extended area |
| Street evidence | Jasmine Leaf 5 at AED 80.0M (Jul 2025), Desert Leaf 5 at AED 72.0M (May 2026), both 6-bed renovated |
| Investor net, indicative terms | AED 13.27M profit · 16.9% IRR · 1.22x |
Al Barari, Jasmine Leaf A Type
| Position | One of the largest plots in Al Barari, about 2.3 times a standard A Type, backing onto the community waterway |
| Plot / BUA | 37,717 sqft plot · 16,902 sqft existing, 25,000 after extension |
| Purchase price | AED 65.0M against an 80.0M ask, inside the 60-75M range Savills models |
| Redevelopment | AED 30.0M full rebuild to ultra-prime specification plus AED 16.2M for the 8,098 sqft extension |
| Target exit | AED 170.0M, AED 6,800 per sqft on extended area (AED 4,507 per sqft of plot) |
| Street evidence | The Reserve, the only comparable-scale plot (33,159 sqft), sold at AED 121.2M in April 2025: its plot rate gives 137.9M on this land, its BUA rate 184.1M on 25,000 sqft |
| Investor net, indicative terms | AED 40.32M profit · 22.0% IRR · 1.35x |
Jumeirah Golf Estates, Sienna Lakes Villa 13
| Position | Golf-front Serena with direct golf and lake frontage, vacant, in original condition |
| Plot / BUA | 9,992 sqft plot · 7,600 sqft existing, 9,000 after extension |
| Purchase price | AED 23.0M against a 23.8M ask (AED 3,026 per sqft on existing area) |
| Redevelopment | AED 10.0M full refit including the 1,400 sqft extension over 10 months, plus a 10% contingency |
| Target exit | AED 45.0M, AED 5,000 per sqft on extended area; comparable set supports 45-50M |
| Capital stack | Levered: AED 18.3M senior debt from a lending investor (75% of acquisition cost, 10.5% simple, repaid at exit) and AED 17.7M of equity; an all-equity case runs in the memorandum |
| Investor net, memorandum terms | AED 4.65M profit · 26.3% IRR · 1.26x on the equity slice |
Jumeirah Golf Estates: live sensitivity
Sensitivity: net profit, AED M (project IRR)
Equity summary
| Project | Equity, AED | Net profit | Project IRR | Investor net IRR | Months |
|---|---|---|---|---|---|
| Jumeirah Golf Estates | 32,722,300 | 8,395,700 | 25.7% | 20.5% | 12 |
| Al Barari Type B | 61,580,500 | 16,589,500 | 21.0% | 16.9% | 15 |
| Al Barari Jasmine Leaf A | 115,880,200 | 50,399,800 | 27.2% | 22.0% | 18 |
| Sienna Lakes Villa 13 (levered) | 17,666,800 | 6,010,733 | 34.0% | 26.3% | 12 |
| All four projects | 227,849,800 | 81,395,733 |
Investor net is after the indicative profit share below and before any taxes of the investor. Each project can be funded separately or together by one investor.
One SPV per villa, investor capital first, operator paid on performance
Indicative terms, consistent with our completed projects. Final terms are agreed per project in the SPV documentation.
| Vehicle | A dedicated SPV per villa; the investor holds the equity, Palm & Peak is the operator |
| Capital | 100% investor equity, drawn at acquisition and in staged construction calls; no debt in the base case, except Sienna Lakes, where a lending investor funds 75% of acquisition cost at 10.5% simple interest, repaid at exit |
| Preferred return | 8% a year to the investor before any profit share to the operator |
| Catch-up | Operator catch-up after the preferred return, to 20% of total profit |
| Profit share | 80 / 20 investor / operator up to a 30% project IRR; 75 / 25 from 30% to 45%; 70 / 30 above 45% |
| Management fee | Fixed per project, inside the budget: AED 0.45M on JGE, AED 0.25M on Al Barari |
| Reporting | Every two weeks during works with photographs and cost to date; monthly during sale; full invoice access |
| Investor approvals | Final purchase price, budget overruns above 5% of contingency, any sale below target price |
| Controls | Segregated SPV accounts, fixed-price contracts with staged draws, site visits at any time, audit right |
| Exit fallback | Price adjustment protocol if no offers in 60 days; rental fallback on every villa |
How the profit splits at base case
Worked example: Jumeirah Golf Estates
Equity 32.72M for 12 months, net profit 8.40M. The investor receives the 8% preferred return of 2.62M first, the operator catches up with 0.65M, and the remaining 5.12M splits 80 / 20. Investor total 6.72M, a 20.5% net IRR; operator 1.68M plus the fixed fee.
What can go wrong, and what we do about it
Every target is anchored below or level with registered renovated sales on the same street, never to listings. Sensitivity is published for each project: Al Barari stays profitable to a AED 65M exit, JGE to AED 37M. Any sale below target needs the investor's approval.
Scope is specified and priced before the purchase closes. Fixed-price contracts, staged draws against progress, a held contingency, and Vadim Kniazev on site. Overruns above 5% of contingency go to the investor for approval.
Trophy villas in low-supply communities have a small pool of buyers but little competing stock. The sensitivity grids show returns across 12 to 24 months. If no offers arrive within 60 days of listing, a pre-agreed price adjustment protocol applies; the villa can also be let while marketed.
Extensions are sized to the permitted GFA, priced at market rates per sqft, and the base exit does not depend on approvals beyond the cap. Design and approvals run in parallel with the purchase.
Entry below asking and below competing bids, an end-user buyer base, and no bank debt: a softer market lengthens the hold rather than forcing a sale (Sienna Lakes' investor loan accrues interest over a longer hold; break-even exit 38.9M). Dubai villa prices rose 17% year on year in H1 2026 on DLD data.
Two principals run every project directly with a lean team, which keeps overhead low but concentrates execution. Investor rights in the SPV (approvals, account access, step-in on default) sit alongside contractor agreements held by the SPV, not by the operator.
Data room
Underwriting models, comparable evidence, agreements and project photography. Public items are linked; the rest are shared on request after an introductory call.
From this page to a funded project in four steps
Introductory call
Forty-five minutes with Evgeny Gasnikov: the method, the two projects, your questions.
Site visit and model walk-through
Visit the villa and a completed project. Full models and comparable evidence shared.
Term sheet
Project, equity, preferred return, profit share, approvals and reporting agreed in writing.
SPV, capital call, purchase
SPV set up, funds called at transfer, construction starts within four weeks of purchase.
Evgeny Gasnikov, Chief Executive, Palm & Peak, Dubai.