Al-Duaa Holdings, the Dh4 billion ($1.08 billion) UAE-based property development, advisory and real estate investment company, and A&A Investments, a regional leader in investment services, have launched ‘The Residence’, a Dh240 million freehold residential project located in Jumeirah Village, Dubai.

The 10-storey project will offer 277,929 square feet of premium quality residential and retail space with ample parking and access to all the major hotspots in Dubai like the Dubai Marina, Dubai Internet City (DIC) and Dubai Sports City, said an official spokesman.

‘The Residence’ is also in close proximity to Dubai’s three main transportation arteries; Sheikh Zayed Road, Al-Khail Road and Emirates Road.

“We took special care in the design phase to make sure that the unit layouts reflect unique features that provide a sense of individuality to them,” said marketing director of Al-Duaa Holdings Noreen Khan.

“With its groundbreaking design, state-of-art amenities and large living space, The Residences enjoys its own level of privacy, daytime natural light and views of the city.”

The project, which was designed by Dimension Engineering Consultants, consists of 146 units with 23 studios, 95 one-bedroom apartments, 21 two-bedroom apartments and seven lofts. It incorporates many amenities including a gym, steam room, sauna and swimming pool with Jacuzzi. The Loft apartments on the top floors of the project have their own private rooftop swimming pool.

According to recent studies, the demand for residences in Dubai is expected to grow by an estimated 24,000 units by the end of 2008 and potentially by a further 45,000 units by year 2015 to meet the expected 1.4 million increase of the population.

“The Residences demonstrates Al-Duaa and A&A’s commitment to customer service, timely delivery and product excellence,” said sales manager at A&A Hisham Aziz.

“It will attract the highest end private tenants and will become the address of choice in Jumeirah Village. We expect 50 percent of the project to be sold out in the pre-launch phase, while prices are expected to rise by 15 percent post launch.”

Finance is available for up to 85 per cent from Al-Noor Islamic Bank, one of the largest Islamic banks in the world.

Al-Duaa plans to launch its ambitious project (Al-Dua’a World Islands) on the World Island in September 2008. The project is being uniquely designed to match the vision of vice-president and prime minister of UAE and Ruler of Dubai Shaikh Mohammed bin Rashid Al Maktoum. – TradeArabia News Service