Sunday 5 July 2020

Reportage set to begin work on Dubailand villas

ABU DHABI, November 19, 2019

Abu Dhabi-based Reportage Properties is set to begin construction on the first phase of Rakan Lofts in Dubailand in the first quarter of next year in collaboration with Continental Investment.

"The first phase of Rakan Lofts offers about 349 villas," said Nasser Al Khamees, chief executive officer of Reportage Properties Group. "The prices of one-bedroom townhouses with two storeys, start from Dh575,000 ($156,500), while the two-bedroom townhouse starts from Dh895,000,all prices include the registration fee of 4 per cent.”

He pointed out to the easy payment plans available for buyers, where they can pay 10 per cent as down payment, then 10 per cent after a year, and then pay only 1 per cent per month for two years. The total payment at the time of hand over equals only 44 per cent of the whole cost.

Al Khamees said that the project’s location in the ‘Safa Valley 7’, near the Arabian Ranches, means that it is  close to the most prominent shopping centres, golf courses and entertainment complexes. It is also close to the ‘Expo 2020’ site, one of the main factors of high demand for the project.

He expected the real estate market in the UAE to stable during the current period, with strong indicators of improved demand with the start of the countdown to ‘Expo 2020’.

Al Khamees said that the area of the one-bedroom townhouse is up to 1060 sq ft, the building block is 820 sq ft per unit, with a garden of 240 sq ft. The total land area is 650 sq ft. The two-bedroom townhouse area is 1,970 sq ft, the built block is 1,290 sq ft per unit, with a garden of 390 sq ft, while the land area is up to 1,330 sq ft.

He added that the first phase of the project will be delivered on schedule by the first quarter of 2022, confirming the fact that Rakan Lofts is one of the major projects that will provide more than 1,300 villas.

The project is spread over a total area of 3 million sq ft, more than 60 per cent of which is open and green public spaces that create an attractive residential environment for the family. The project has been carefully designed to provide ample green spaces, cycling and walking paths, and various recreational and service facilities. It also features a commercial area consisting of retail spaces as well as picnic areas.

Al Khamees said: "Reportage Properties" is keen on developing projects that provide units of high quality and special specifications, as all the townhouses and villas in the project have been designed so as to comply with world-class practices, with Italian raw materials of high quality.”

He explained that the company had encouraging response immediately after the project units offered for sale recently, with record sales numbers during the first weeks, thanks to the various advantages provided by the project.

The company's list of projects also includes the lately handed over Leonardo Residence residential project in the city of Masdar, which provides 177 apartments. The company is also  developing 3 projects in the city of Masdar, Oasis Residence 1, which will add 612 apartments, "Oasis Residence 2” which offers 304 residential units, and The Gate” which will provide 420 apartments.

At Al Raha Beach, the company is developing the Al Raha Loft 1 with 164 units and the Al Raha Loft 2 offering 110 units. – TradeArabia News Service


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