Lazord by Lapis
From AED 750,000
Dubai developer profile
Two off-plan projects, two emirates and no completed building between them — Lazord from AED 750,000 in Majan, Azure from AED 790,000 at RAK Central.
Lapis Properties is a small Dubai developer with two live projects and a head office in Downtown Dubai. The first, Lazord, is a single residential building in Majan with studios, one and two-bedroom apartments, advertised for handover in December 2026. The second, Azure, is a 40-storey seafront tower at RAK Central in Ras Al Khaimah, completing in Q4 2028. The company is chaired by Emad Mohareb, with Khaled Owaidat as chief executive and Bilal Khashan as chief operating officer. The two projects could not be more different in ambition. Lazord is entry-level Dubai: units from a reported 371 sq ft, launched at AED 499,000 in 2024 and now quoting from AED 750,000. Azure is resort-market Ras Al Khaimah, priced from AED 790,000 and running to sky villas around AED 9.5 million, three minutes from the Wynn. What links them is the sales model rather than the architecture: both are sold off-plan on long payment plans, both lean on the same amenity list, and neither has been handed over. That is the thing to understand before buying. Lapis has no completed building to point to. Lazord began construction in January 2025 and was 13% complete at the end of April 2026, against a December 2026 handover date — a programme that looks optimistic rather than achievable. Azure, launched at the end of 2025, has four years to run. A buyer here is underwriting a first delivery, and the questions that matter are about escrow, contractor and programme rather than finishes. The company’s own communications are worth reading with that in mind. The site says 12 years of experience in one place and 20 years in the chairman’s message; the amenity list on the Majan project includes beachfront and marina facilities that the district cannot offer, apparently carried over from the Ras Al Khaimah project; and neither project page publishes a unit schedule, a floor count or a payment plan. Everything quantitative in this profile comes from DLD-linked records and portal listings, and is labelled that way.
Both projects are written up in full, with the reported unit data, payment plans and construction position set out and labelled.
Majan is a car-dependent Dubailand district selling to Dubai commuters and yield buyers; RAK Central is a resort market selling to investors pricing in the Wynn. The same developer, the same payment-plan logic, two very different exit risks.
Lazord launched at AED 499,000 for a studio in 2024 and quotes from AED 750,000 in October 2026, with registered sales of AED 597,500 for a 356 sq ft studio in July 2026. Early buyers have done well; late buyers are paying roughly 50% more for the same building.
The site claims both 12 and 20 years of experience, reuses one amenity list across a Dubailand plot and a RAK seafront, and publishes no unit mix, floor count or payment plan for either project. It is a sales site, not an information source.
Lazord is the first building, 13% complete in April 2026 with a December 2026 handover. There is no track record to inspect, which is why the escrow account and the contractor matter more here than the brochure.
A developer selling its first two buildings. The due diligence is about delivery, not design.
A Dubai-based developer with two off-plan projects — Lazord in Majan and Azure at RAK Central — chaired by Emad Mohareb, with Khaled Owaidat as CEO.
Neither project has been handed over yet. Lazord is due in December 2026 and was 13% complete at the end of April 2026; Azure completes in Q4 2028.
Lazord quotes from AED 750,000 for a studio; Azure from AED 790,000, with penthouses from about AED 6.3 million and sky villas around AED 9.5 million.
Majan in Dubailand, and RAK Central in Ras Al Khaimah. There is no third project on the developer’s site as of October 2026.
Lazord is reported at 20% on booking, 54% during construction, 10% on handover and 16% post-handover. Azure is 75/25 — three-quarters before handover.
It is early. The pricing has been competitive and the payment plans are generous, but there is no completed building and the first handover looks behind schedule. We check escrow, contractor and programme before advising a client to reserve.
lapisproperties.com, with a head office at 48 Burj Gate, Office 601, Downtown Dubai. The site carries prices and amenities but no unit schedules or payment plans.
Tell us which project and budget. We will send the current price list, the payment schedule as written in the SPA, the escrow details, the latest construction inspection, and our honest read on buying into a developer’s first handover.
Sources and verification. Company background, leadership, amenities, locations and starting prices were checked against Lapis Properties’ official site (lapisproperties.com) in October 2026. That site publishes no unit schedules, floor counts or payment plans for either project; unit counts, sizes, payment structures and construction progress come from DLD-linked records and portal listings and are labelled reported. Committed to publication: nothing here is a valuation, a promise of return or appreciation, or a statement that any unit is available.