Good investor response for Lootah's Dubai project
Dubai, May 21, 2014
Lootah Real Estate Development said it has received an overwhelming response from investors for its Dh350 million ($95 million) Shamal Community development in Dubai.
A Dubai-based high-end real estate company, Lootah said the sales of first phase of the development, had been a big success with an estimated 40 per cent bookings of Shamal apartments, villas and lofts.
The Shamal Community project consists of over 1,050 units including villas, lofts and studio apartments on an area spanning over 147,000 sq ft.
The first phase of the project includes Shamal Terraces with 30 villas and Shamal Residences with 204 studio and 55 loft apartments. Residential units of first two buildings at Shamal Residences are currently for sale with a starting price Dh632,400 for a studio measuring 527 sq ft.
The Shamal villas will have a total built up area of 4,481 to 6,362 sq ft. The overall build up area of the Shamal Community development spans over 147,000 sq ft.
“We are delighted to witness the keenness of investors in our Shamal neighbourhood, which reflects Dubai continuing to be an attractive destination to invest, live and work. An estimated 40 per cent bookings of Shamal apartments, villas and lofts are a testament to our quality lifestyle offerings in our brand new neighbourhood community at Jumeirah Village Circle”, remarked Saleh Abdullah Lootah, the company's executive director.
"Our meetings with the variety of individual and bulk buyers clearly demonstrated that investors do not compromise on quality lifestyle and hence choose projects, such as Shamal Community, that are offered by established and well reputed developers," he added.
Each unit is featured with high ceilings, large glass sliding doors, spacious living areas, expansive terraces, attached bathrooms, modern kitchen, swimming pool, a fully equipped gymnasium, a sauna, car garage, round the clock maintenance and security for the whole Shamal Community.
The developer said Shamal Community project was scheduled to be completed and delivered in 20 months. "The easy-to-avail payment plan of Shamal studios is simple: 10 per cent upon booking, 10 per cent after three months, 10 per cent in next three months, 20 per cent based on construction progress and remaining 50 per cent at the time of handover in 2016," explained Lootah.
The company also signed four agreements with the most professional and reputed real estate brokers.-TradeArabia News Service