Select set to deliver 1,700 residential units
Dubai, December 5, 2011
Select Group, one of the largest private real estate companies in the UAE, said it is poised to deliver over 1,700 residential units in three projects at Dubai Marina.
The three projects which are in handover phase include the 684-unit The Torch, the world’s tallest residential tower; the 365-unit Botanica, which boasts the only sky garden in Dubai’s real estate sector; and the Bay Central, a three-tower podium development with a total of 735 apartments.
The developer said the cumulative value of the three projects is Dh1.85 billion ($503 million).
Rahail Aslam, chairman, Select Group, said: “There is no doubt, the property market in Dubai has gone through one of the toughest and challenging phases in the last two years with developers facing harsh choices of adjusting to the market conditions. The situation demanded patience and prudence and we now believe that Dubai’s real estate market is showing signs of an emerging momentum which should gather steam in the foreseeable future.”
He said the market will soon see a more sustainable growth cycle from increased demand and a slow down in quality supply resulting in increased valuations, yield compression, and take up in the rental market in the medium to long-term.
The potential of Dubai’s real estate economy in providing returns that are higher than the global average will kick start development activities in the medium to long term, he said.
Aslam said the handover of apartments at The Torch is already more than two thirds complete and nearly 440 residents have already moved in. “We are seeing an extremely positive response in all these three projects with a demand side resurgence making us state with confidence that we are regaining confidence on Dubai’s real estate market.” – TradeArabia News Service