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While Dubai Properties (DP) has been busy completing and expanding existing projects as well as embarking on new developments, residents are enjoying a first taste of what is proving to be a popular place to live in — Mudon.
The first batch of units of the Cairo Townhouses project in Mudon was recently handed over. The four-bedroom homes, conveniently located between Emirates Road and Shaikh Mohammad Bin Zayed Road and close to the Dubai Polo and Equestrian Club, have a charming Arabian design and spacious living at around 3,800 sq ft. Around 120 units offered at the recent International Property Show were snapped up, completing the sale of the project's first phase.
Abdulla Abushabieb, Executive Director of Sales and Customer Care at DP, attributes the success to the good value of the generously large homes, which are being sold from Dh2.5 million. ''At Dh800-Dh850 per square foot, depending on the plot size and location, Mudon offers [some] of the best prices in Dubai, making it more attractive than comparable communities,'' he says.
The developer believes demand for such homes will continue to grow in the area, and construction of Mudon's second phase is in progress. ''The market is stable, buyers are looking,'' says Abushabieb. ''We are targeting investors and end users [with] a value offering.
The second phase of Mudon comprises 400 units — three- and four-bedroom town houses as well as three to five-bedroom detached villas. ''We decided to introduce independent villas to Mudon because there aren't that many around,'' he explains. ''You can find more attached villas in projects around Dubai. The strategy is to offer more privacy and space, which end users are demanding, according to our market studies.''
Mudon's Arabella Townhouses also have a contemporary style with reflective glass façades and clean lines. They come in a three bedroom detached or semidetached and four-bedroom semi-detached formats, in generous sizes ranging from 1,984-2,603 sq ft.
The affordable market
''Following a tremendous response from investors and end users for the first release of Arabella Townhouses, DP has offered more units to let interested people invest,'' says Abushabieb. ''Current trends suggest that there is a significant demand for affordable housing units and Arabella Townhouses caters to this niche market.''
Mudon features the 41-acre Mudon Central Park, which has outdoor exercise stations, a 1.5km running track, cycle tracks, water areas, garden pavilions, space for open-air markets and various cafés. There are also children's play areas, while Gems Education is preparing to welcome its first pupils in Mudon in September next year. The community centre, which will have a selection of retailer brands, cafés, a nursery and medical clinic, will open this year.
''We're offering an active lifestyle within beautifully landscaped neighbourhood parks with easy access to various modern amenities,'' says Abushabieb. ''We will complete the 60,000-sq-ft community centre, featuring plenty of retail choices, by the middle of this year and expect to hand over the second phase in batches starting next year.''
Value and convenience
The second phase won't be the last. ''Mudon will have future developments. We're studying the market in this respect,'' he adds.
Just across the highway, where DP says a new access road is expected to extend from Hessa Street, is the Remraam community, a master development positioned in the affordable housing segment. The landscaped community is being expanded by another 18 buildings.
''We are expanding Remraam with future phases,'' says Abushabieb. ''It is great for mid-income people. There's none quite like it in terms of size and price in the surrounding areas.''
Remraam offers a ready unit for as low as Dh500,000 and a one-bed apartment for Dh700,000 on average, says Abushabieb. However, DP declines to reveal the pricing for the units now being built.
''We've only just started working on the tendering for the new phase, so no decision on price yet,'' he explains.
Heading down to Culture Village at the Dubai Creek, prices become dear as projects are more exclusive.
''We haven't fully sold out as we're releasing units for sale in phases,'' says Abushabieb. ''It is a very luxurious project, so the average price of apartments is around Dh1,800 per square foot.''
With a quarter of construction work done, Manazel Al Khor in Culture Village is slated for completion by the end of next year, according to the developer. Only three and four-bedroom apartments have been launched so far, although the project will also have one- and two-bedroom options. The residential buildings, plus an Anantara Hotel featuring an Arabian theme, are set along a retail promenade by the marina.
At Dubai Wharf and its 6km waterfront promenade, DP has opted for contemporary architecture. And while it's a stylish high-end development complete with swimming pools and a lot of green spaces, prices start a little lower at Dh1,300 a square foot with a flexible payment plan, according to DP.
The four-tower mid-rise development offers spectacular views of the Dubai Creek. The developer has just released a building within the development for sale, offering 200 units ranging from 646-2,045 sq ft.
''The new residential tower at Dubai Wharf offers residents an opportunity to experience creek-side living in the heart of the city,'' says Abushabieb. ''The four buildings will feature a retail area and gym in its shared podium overlooking an internal canal linking to the main creek.
''Our first phase of sales has attracted good demand locally and internationally, and we are upbeat about a strong response to this tower from investors and end users. ''The project is valued at around Dh700 million and will be completed by middle of 2017.''
The Culture Village master plan is quickly taking shape. Infrastructure, including the road network and internal bridges connecting to the main highways and Al Jaddaf Metro station, as well as power supply stations, are ready to go. The remaining waterworks have been completed and landscaping will be done by the third quarter next year. Sub-developers can already start working on their projects.
Meanwhile, DP is bullish about the market outlook, as it claims more projects will have to be built to cover future demand.
Gearing for launch
''We should be clear that investors are more educated today, [and] we have more regulations, which have helped stabilise the market,'' explains Abushabieb. ''DP has escrow accounts [registered] with the Dubai Land Department and we don't allow investors to sell their units before they have paid at least 30 per cent.''
Will DP add new concepts to its pipeline? ''We're focusing on completing everything we have started,'' says Abushabieb. ''However, yes, we are studying and checking on market demand. There could be a nice project coming up in the Al Qudra area.''
Check out the theme parks which is to add Dh14b to economy
Source: Nicole Walter, Special to Property Weekly