Since its founding in 2009, MOD Developments has quickly risen to become a leader in Toronto's real estate development industry and has won numerous awards. Known for its design excellence and thoughtful urban planning, the company strives to create the perfect combination of innovation and quality. MOD Developments (also known as MOD) has been working with many outstanding community partners, the industry's top architects, designers and industry experts to create innovative spaces that redefine modern living. Each project reflects the company's extreme pursuit of detail and keen eye for aesthetics.
MOD Developments’ latest luxury residence 55C
This issue of Supreme had the pleasure of having an in-depth interview with Noorez Lalani, President of MOD Developments, which not only revealed MOD’s core values and business philosophy, but also explored the company’s history, the secrets of its success, and its vision for the future.
Why did you make the career change from account manager to president of a real estate development company? Was there any special story or experience that led to this change?
I was originally a lawyer and worked in commercial banking for many years. I have always had a passion for real estate and an entrepreneurial spirit, so I decided to pursue an MBA in Real Estate Management at York University Business School. In 2009, I co-founded MOD Developments with Gary Switzer. Since then, we have built MOD Developments into one of the best development companies in Toronto. This year we will celebrate 15 years of MOD Developments and have successfully delivered over 3,300 homes.
How do you think the job of a president is different from your previous job? Has your life changed significantly as a result?
Owning your own company is very different than working as a consultant or employee. Although the pressure is greater, the sense of accomplishment is also greatly enhanced. This role allows me to tap into my strengths and passions, both in entrepreneurship and in my mission to advance cities. This role change not only allows me to look at problems from a more comprehensive perspective, but also allows me to promote the success of each project with a more far-reaching influence.
What is the biggest challenge facing real estate development?
One of the biggest challenges is that in a condo development, we go from design drawings to selling homes, and the delivery time can sometimes be as long as four to five years, depending on the size of the project. We must accurately determine costs upfront to ensure that the home ultimately delivered to the homebuyer will meet or exceed their expectations. Our finished buildings are always what was promised during the marketing phase, or better, and we pride ourselves on delivering high-quality homes on time and on budget.
Noorez Lalani, President of MOD Developments
How has your past work or education prepared you to succeed in the role of President?
As a lawyer, I have developed a methodical way of thinking and the ability to solve problems in a systematic way. Subsequently, my experience in the banking industry further deepened my understanding of the importance of financial literacy. Ultimately, the MBA program allowed me to effectively bring these experiences together and gain a deeper understanding of the operating models and complexities of the real estate development industry.
What do you think is unique about the Chinese real estate market in Toronto? What plans or strategies does MOD Developments have?
Toronto's Chinese real estate market is one of the most intelligent and dynamic sectors today. In our experience, the Chinese community has a particularly strong pursuit of value and quality. Our focus on sophisticated suite design, extensive facilities and superior construction quality has resulted in MOD’s developments such as Five St. Joseph and Massey Tower, which have achieved significant success in the Chinese community. These factors combined not only enhance resident satisfaction, but also result in above-average resale values and rental returns, making our projects stand out in the market.
Aside from price, how do you think luxury homes differ from regular real estate? What does the perfect luxury home look like to you?
Luxury homes are more than just premium finishes and appliances as many developers believe. For MOD, the concept of luxury residences begins with the design of the building's exterior, continues through the lobby, elevators, common areas and corridors, and ultimately is reflected in each suite. This encompasses livability, room proportions, the quality of light coming from windows, as well as high-quality finishes, advanced mechanical systems and sustainability.
55C The Capsule Collection Luxury Residences
While size may play a role to some extent, it is not the determining factor. There are many 600 square foot units that can still look luxurious, whereas in some buildings, even a 2,000 square foot unit may lack these qualities. Therefore, to me, the perfect luxury residence should reflect these values from the moment you step through the building's front door to every step into your personal suite, allowing residents to experience unparalleled luxury.
What qualities do you think make the 55C so successful?
The newly completed 55C luxury condominium is located in the prestigious Bloor Yorkville community, offering the best luxury living experience in the whole of Toronto. The 55C project embodies our pursuit of low-key luxury and is also favored by many buyers. Our attention to detail is reflected in the use of exquisite art and high-end materials in public areas, thoughtfully designed suites, and extensive 20,000 square feet of facilities on the 9th floor, including the indoor and outdoor C Lounge space. These outstanding designs make the 55C stand out in the highly competitive market.
With the recent launch of 55C The Capsule Collection and our new art customization program in partnership with amco studio + gallery, we are providing buyers with a very unique experience. Buyers will have the opportunity to commission a personal piece of art for their new suite, making their residence more personal and artistic, further enhancing their quality of life and taste.
What do you think is different about MOD from other developers?
MOD is unique in that many of our homebuyers buy from us multiple times when MOD launches a new development, especially when life circumstances change. For example, they might move from a small one-bedroom unit in Massey Tower to a larger two-bedroom unit in Waterworks as their family grows. In the 15 years since its establishment in 2009, homeowners know that with MOD’s buildings they will not only receive excellent design, but also a solid investment security that the home will be delivered on time and within budget. Whenever we design a building, we consider it as part of our larger portfolio and its overall impact on us as a developer. We view construction not just as a one-time project, but as part of an ongoing build-out for many years to come, and are committed to continually maintaining or improving our reputation for quality in Toronto.
MOD Developments Team
MOD's success stems from our attention to detail in every aspect, from design to construction to customer service. We are always committed to providing our owners with the best living experience while ensuring that each project becomes a solid long-term investment. This commitment makes us stand out in the Toronto real estate market and earns us the long-term trust and support of our buyers.
