Dubai-based realty major Radiant Star said work on its Dh325-million ($88.4 million) freehold development, Riah Towers, at the Dubai Culture Village is nearing completion and will be ready for handover in the fourth quarter of 2016.

A 17-storeyed property overlooking the historic Dubai Creek, Riah Towers, offers prospective investors and end-users 156 residential units and four commercial spaces near the central business district of Dubai.

Balaji Parthasarathy, the director of Radiant Star Group of Companies, said: "We are confident that `Riah Towers,’ will add to the skyline of Dubai Culture Village offering end users and investors best-in-class residential accommodation in a natural ambience with architectural excellence influenced by the Emirati culture.”

“The fact that we are nearing completion of the development, with major construction milestones achieved, makes `Riah Towers,’ an exclusive and compelling proposition in Dubai’s realty market which is now driven by a sustainable and increasing demand from end users,” remarked Parthasarathy.

`Riah Towers’ will comprise six duplex penthouses, 45 one-, two- and three-bedroom units each, 15 studios and four units of commercial spaces.

All apartments are equipped with modern and luxurious fittings with carefully planned entrance lobby, retail spaces and public areas in the property being developed by Radiant Star along with a JV partner.

Parthasarathy said Dubai’s residential real estate market had passed through major overhaul in the last three years and market preference for projects nearing completion and completed ones were high on the agenda.

“Banks and financial institutions also prefer projects which are completed or are in advanced stages of completion and this makes it comparatively easy for investors to access mortgage finance,” he said, adding that the location of the development closer to Old Dubai and its age-old charm is  yet another value addition.

Dubai Culture Village located along the shorelines of Dubai Creek is being developed by Dubai Properties Group into a world-class destination that will blend old and new world appeal with a modern and sophisticated ambience.

In line with the positioning of Dubai Culture Village where the rich Middle Eastern history and heritage of ancient Dubai mingles, `Riah Towers’ reflects the spirit of this master community.

Studios in `Riah Towers,’ will range from 450 to 700 sq ft while penthouses will be in the range of 4,000 to 5,000 sq ft. One-bedroom units range from 700 to 1,000 sq ft, two-bedroom units from 1,100 to 1,600 sq ft and three-bedroom units from 1,600 to 2,300 sq ft.

In addition to 24-hour security, `Riah Towers’ will boast of a number of recreational facilities including a hitech swimming pool, well-equipped gymnasium for men and women and steam and sauna for men and woman.

The project is close to Palazzo Versace, Jadaf Metro Station and the Canal Shopping Promenade.

On the realty market, Parthasarathy said: "Dubai’s property market continues on the recovery mode and with the rapid infrastructure development taking place in the context of Expo 2020 and other positive indicators of  strengthening non-oil economy of the emirate, we are confident that the upswing will sustain in the long-term."

“Coupled with this is the high rental yield in Dubai which is even today higher than the global average, that makes investing in Dubai a sensible decision,” he added.-TradeArabia News Service