Lootah unveils new $95m Dubai project
Dubai, April 14, 2014
Lootah Real Estate Development has announced the official launch of its new Dh350 million ($95.2 million) Shamal Community development in Dubai, which consists of over 1050 units including villas, lofts and studio apartments on an area spanning over 147,000 sq ft.
A Dubai-based high-end real estate developer, Lootah said it has already delivered more than 1,000 units to its clients in Ewan Residences - Dubai, with many more planned for the future in other communities.
Shamal Community is strategically located on the intersection of two major roads in Dubai – Sheikh Mohammed Bin Zayed Road and Al Khail Road and in close proximity to Jumeirah Park, Emirates Living Community, Dubai Marina, Palm Jumeirah and golf courses.
The new development consists of the Shamal Terraces, a cluster of three bedroom villas with optional swimming pools; and the Shamal Residences, a mixture of high-end studio apartments and one bedroom lofts.
Speaking at the launch, Saleh Abdullah Lootah, the executive director of Lootah Real Estate Development, said this was a highly positive year for the UAE real estate industry, with improved performance across the majority of sectors.
"We are witnessing a cautious but massive investor interest and high demand for the quality lifestyle in our Shamal Community," he stated.
“Our tie-up with specialized partners is aimed at creating high quality and competitive residential offers to our valuable investors and occupants. We assure superior pre and post sales services and long term relationships.” asserted Lootah.
The enabling tender has already been issued and the main construction package will be ready next month. The Shamal Terraces villa community is estimated to be completed within the next 15 months and the Shamal Residences, a townhouse community, in 20 months.
Ahmad Saeed, the senior director, (Construction supervision division) of Arif and Bintoak, said: “Today is a milestone day for both Arif and Bintoak and Lootah Real Estate Development. We see it a start of a new chapter in the real estate history of UAE. We have been given a huge responsibility of creating a futuristic, traditionally legendry and an impactful development at the heart of Dubai, which has become a hotspot for regional and international tourists, investors and residents.”
The Jumeirah Village Circle is a community development popular among investors due to its green landscaping, central position in the downtown and a family-friendly environment.
Alex Andarakis, the founder & managing director of Andarakis Advisory Services, a strategic management advisory firm associated with the Lootah Real Estate Development Company, said: "We can definitely feel the emergence of momentum and positive market sentiment post the economic crisis within the UAE real estate sector. We are experiencing maturity of the developers, and customers alike, with greater understanding of the regulatory and investment parameters."
"The business model we have developed for Lootah has been aligned with the changing market trends, with greater developer accountability, and better understanding of current and future requirements of our various stakeholders within the UAE and abroad," he added.
With the media launch of Shamal Community, Lootah Real Estate is kicking off the sale of Shamal Terraces starting from April 22 at Conrad Hotel, Sheikh Zayed Road, Dubai, from 9am to 6pm.
Road- shows will follow soon in neighboring business corridors in the city such as Dubai International Financial Centre (DIFC), Dubai Media City (DMC), Dubai Internet City (DIC), and Jebel Ali Free Zone (Jafza).-TradeArabia News Service