Prescott Developments

Developer overview

Prescott says it was established in 2006 to build commercial and residential property in the UAE. Its about page describes a focus on premium finishes and a stated aim of combining modern design with sustainable practices. The company's earlier completed projects carry the "Prime" name, while its newer launches have individual names such as Elevate, Verano, Legado and The Caden.

Prescott divides its portfolio into ongoing and completed projects. Ongoing projects listed on its website include The Caden, Verano, Legado, Fairway Residences, Serene Gardens, Serene Gardens II and Elevate. Completed work sits under the Prime label, including Prime Residency I, II and 3, Prime Views, Prime Villas, Prime Townhouses, Prime Gardens and Prime Business Centre. That split is useful for DPF users: the newer names are typically off-plan contracts, while the Prime buildings are ready homes.

Portfolio and locations

The Prescott projects that link to current DPF listings are:

• Elevate by Prescott – a project in Arjan offering fully furnished smart homes as studios and one- and two-bedroom apartments, with a gym, pool and barbecue area. See Arjan listings and the Arjan area guide.
• Verano by Prescott – a resort-style apartment project in Dubai Studio City with smart home systems, branded appliances, concierge and valet services, a cinema, a fitness centre, children's play areas and a pool. See Studio City listings.

Other ongoing Prescott projects include Legado in Jumeirah Village Circle and Fairway Residences in Dubai Sports City, plus The Caden, which Prescott places in Meydan Horizon. See Jumeirah Village Circle listings and Dubai Sports City listings.

Property types

Prescott's newer Dubai projects are apartment buildings, with studios and one- and two-bedroom homes at Elevate and family-sized apartments at Verano. Elevate's homes are sold fully furnished, which affects how they compare with unfurnished units nearby. The completed Prime portfolio adds villas, townhouses and a business centre, so check whether a "Prime" listing is a home or commercial space.

What buyers should verify

1. Off-plan or ready. Elevate, Verano and Legado are listed as ongoing, so the seller will usually hold an Oqood certificate rather than a title deed. Check registered progress with the Dubai Land Department's Project Status Enquiry service.
2. Furniture and fittings. For Elevate, confirm the furniture package and smart home features included in the contract for the specific unit.
3. Resale rules. Prescott's project FAQs cover the resale procedure. Ask the seller for the developer's current transfer requirements in writing.
4. Community name. Prescott markets Verano as being in Studio City; confirm the community named on the Oqood record.

Finding distressed and below-market Prescott properties

With most current Prescott projects still under construction, a distressed property in Dubai from this developer usually takes the form of an off-plan resale, or assignment. An investor who bought at launch may want to exit before a large instalment, or may prefer to put the money into a completed home. Such a motivated seller may present the listing as a distress sale or urgent sale. If the seller asks less than their original Prescott price, the listing is below original price (below OP); if the price is lower than recent sales of comparable units in the same project, it is described as below market value.

In an assignment, the buyer steps into the seller's contract and the rest of the payment plan. Ask for Prescott's statement of account to see paid and outstanding instalments, confirm any transfer fee, and check the conditions Prescott sets before issuing its NOC, which the Dubai Land Department needs to register the transfer. For ready Prime units, add a title deed check and confirm that any mortgage will be cleared. Cash buyer deals can move quickly, but these checks still apply. For furnished units at Elevate, also confirm that the furniture package transfers with the contract, since an assignment covers only what the original sale agreement includes. Ask the seller to show the original agreement alongside the current statement so you can see every figure in one place.