DUBAI- Following the recent launch of a Dh350 million ($95 million) Shamal Community by Lootah Real Estate Development, a Dubai-based high-end real estate developer, the sales of first phase of the development, held at the Conrad hotel Dubai, has received a massive investor interest,
“We are delighted to witness the keenness of investors in our Shamal neighbourhood, which reflects Dubai continuing to be an attractive destination to invest, live and work. An estimated 40 per cent bookings of Shamal apartments, villas and lofts are a testament to our quality lifestyle offerings in our brand new neighbourhood community at Jumeirah Village Circle”, commented Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development company.
Saleh Lootah added: “our meetings with the variety of individual and bulk buyers clearly demonstrated that investors do not compromise on quality lifestyle and hence choose projects, such as Shamal Community, that are offered by established and well reputed developers.”
Phase 1 of the project includes Shamal Terraces with 30 villas and Shamal Residences with 204 studio and 55 loft apartments. Residential units of first two buildings at Shamal Residences are currently for sale with a starting price Dh 632,400 ($ 173,260) for a studio measuring 527 square feet. The Shamal villas will have a total built up area of 4,481 to 6,362 square feet. The overall build up area of the Shamal Community development spans over 147,000 square feet.
The Lootah Real Estate Development officials revealed at the launch event that the Shamal Community project is scheduled to be completed and delivered in 20 months. The easy-to-avail payment plan of Shamal studios is as follows: 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.
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 press and sales launch concluded in four agreements signed with the most professional and reputed real estate brokers. Individual, wholesale investors and agents had a close look of the mockup, maps and mosaic of properties on display with an aim to offer their customers with a line of attractive residential property options at Shamal Community development. Partnering brokers were of the view that tie up with the Lootahs was worth it due to Lootahs longstanding and pioneering position in the property market of Dubai in particular, and of UAE in general.
Mr. Nabil Abo Mazid, the first buyer, a Canadian businessman who has recently moved to Dubai, commented:“I am delighted to have a stylish home in a tranquil Shamal Community and in the heart of Dubai city. Prior to buying an apartment here, I compared different residential options and found Shamal the most suitable for me and for my family. I am delighted that I am one of the first 20 lucky buyers to catch an attractive offer of free furniture with the purchase of an apartment, which saved me a sizeable amount of money. I am grateful to Lootah Real Estate Development for helping me in having a nice home in Dubai”.
Following an enormous response from investors and individual buyers, Lootah Real Estate Development is planning to develop more neighbourhood communities in future.