Lootah Real Estate Development has announced that it has received massive investor interest during the sale of the first phase of the Dh350-million Shamal Community. The developer conducted a sales event at the Conrad Hotel Dubai following the recent launch of the project.
“We are delighted to witness the keenness of investors in our Shamal neighbourhood, which reflects Dubai’s ongoing attractiveness as a destination to invest in, live and work,” said Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development.
“We achieved an estimated 40 per cent bookings of Shamal apartments, villas and lofts — a testament to the quality lifestyle offerings in our brand new neighbourhood community at Jumeirah Village Circle.
“Our meetings with individual and bulk buyers clearly demonstrated that investors do not compromise on quality of lifestyle and hence choose projects such as Shamal Community, which are offered by established and reputed developers.”
Phase one of the project includes Shamal Terraces with 30 villas and Shamal Residences with 204 studios and 55 loft apartments. Residential units of the first two buildings at Shamal Residences are currently for sale with a starting price of Dh632,400 for a studio measuring 527 sq ft. The Shamal villas will have a total builtup area of 4,481-6,362 sq ft. The overall built-up area of the Shamal Community development spans more than 147,000 sq ft.
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. They also revealed that those who take advantage of the payment plan for the Shamal studios will pay 10 per cent upon booking, another 10 per cent after three months, 10 per cent in the succeeding three months, 20 per cent based on construction progress and the remaining 50 per cent during the handover in 2016.
Each unit features high ceilings, large glass sliding doors, spacious living areas, expansive terraces, attached bathrooms, a modern kitchen, a swimming pool, a fully equipped gymnasium, a sauna and a garage. There is also around-the-clock maintenance and security for the entire Shamal Community.
The developer also signed four agreements with reputed real estate brokers during the sales launch. Individual buyers, wholesale investors and agents also had an opportunity to see mock-ups and maps of the properties.
“I am delighted to have a stylish home at the tranquil Shamal Community in the heart of Dubai. Prior to buying an apartment here, I compared different residential options and found Shamal the most suitable for me and my family,” said Canadian businessman Nabil Abo Mazid, who recently moved to Dubai and was the first buyer at the launch.
Source: Property Weekly