Dubai-based Diamond Developers is getting ready to launch the third and final phase of its 'Sustainable City' residential project at Dubailand following the successful sale of all the villas in the first and second phase of the project.

The Sustainable City includes 500 modern residential villas, housing units, a resort, commercial areas, playgrounds, gardens, organic farms, service centers, schools, training centers, a planetarium, a water canal and a sports track.

In the coming days, investors will start receiving title deeds from the Land Department, said the company.

Diamond Developers sees the speedy sale of the two phases and attraction of UAE national investors as a clear indication of confidence in its unique project that implements sustainability criteria which have strategic benefits and great positive impacts on people, environment and economy.

Diamond Developers is concluding contractual procedures with 250 investors in the project. Half of these investors are from UAE and GCC countries.

The project exempts investors from service and maintenance fees, which make it one of the most attractive free hold projects in the city. The project’s total area is 46 hectares and is set to be completed in 2016.

This unique offer is considered a milestone in Dubai’s new property boom.

The project was widely welcomed at Cityscape Global exhibition held recently in Dubai. Experts and major developers expressed their appreciation of the unique aspects of this premium project especially in terms of the bold step taken by Diamond Developers of exempting property owners and residents of maintenance and service fees.

The company has received booking requests from 300 investors with 250 confirmed and is receiving dozens of inquiries on a daily basis from investors in UAE and abroad regarding the details and sustainability aspects of this unprecedented project being shaped at the Dubailand.

“The service and maintenance fees is major challenge facing the growth of property market and has become a source of concern for some investors looking to own property given the financial burden attached to it”, remarked Faris Saeed, the chairman of Diamond Developers.

He noted that these fees are lifting rental value in the market which in turn reduces attractiveness and effects quality, as some owners are targeting reduced maintenance fees to secure financial savings and increase investment returns.

According to Saeed, the exemption from certain fees will reshape the property market and urge other developers to deal seriously with the new challenges in creative ways.

Eliminating these fees isn’t just a marketing technique but it is a practical implementation of sustainability which brings together the best practices for society, environment and economy, he noted.

"Each owner at the Sustainable City will receive a share of the commercial area returns, which will include a trade center, stores, cafes and restaurants. This share is enough to cover all maintenance and service fees in the City without the need to pay anything during ownership," he added..

Saeed clarified that each owner at the project will receive the respective share when the title deed is issued. These shares are calculated with accuracy in order to cover the costs while the owners will enjoy premium services.

The residents in the project aren’t considered property owners but they are partners in financial returns of commercial businesses in the city as well and they are partners in creating a new phase of property development in which humans enjoys premium living conditions without endangering or wasting natural resources while eliminating unnecessary financial costs," he added.-TradeArabia News Service