Dubai: The City and the Canal — the combination’s already proving a heady mix for Dubai’s real estate market. And going by what the multi-phase, one million square feet Al Habtoor City has been able to achieve to date, other developers will not be wasting too much time to see how a location beside the newly-opened Water Canal can be utilised to their advantage.
“Demand is high — The Westin Dubai is running at near full capacity, and this is the last hotel we opened within Al Habtoor City,” said Mohammad Al Habtoor, CEO and Vice-Chairman at Al Habtoor Group.
“The Dubai calendar is packed full from January to December. However, we don’t want to be complacent, so we try ensure we are one step ahead of the competition at all time.”
There are three hotels within this cluster, bounded by Shaikh Zayed Road on the one side and the canal’s waters on the other. Apart from the Westin, there are the St Regis and the W, and already a hospitality landmark on a stretch of road that also bears the Jumeirah Emirates Towers.
So, what sort of effect has the canal’s opening had on Al Habtoor City itself? Are there any project schedules being brought forward?
“The schedule is as planned — we have worked in conjunction with the RTA since the beginning,” said Al Habtoor. “This is our unique selling point. We work closely with government bodies to ensure our success.
“Our company motto is ‘Growing with the UAE’. And that’s exactly what we are doing.”
According to market sources, next year will see other developers unveiling their canal-side offerings. The entire stretch extends to 3.2km and it is believed that the majority of the plots — if not all — have been sold to developers.
Al Habtoor City itself has three residential high-rises, one of which has already seen units put up for sale while the other two are being retained by the developer as rental properties.
“We have no plans to sell the other towers as they are a good real investment,” said Al Habtoor.
“The other towers will be available for rent. We are seeing a lot of demand — you don’t get any better views, location and amenities on one spot.
“The chairman — Khalaf Al Habtoor — announced that we are studying reviewing increasing prices. There will always be a premium as the location is unrivalled.
“Residents will get the benefits of the luxury hotels right on their doorstep in addition to facilities within the Residence Collection — including the UAE’s largest pool deck and a tennis academy with the only indoor court in the UAE. In addition, they will have easy access to a world-class theatre [1,300-seats] once La Perle opens next year.”
According to Mahendra Singh of One Broker Group, the estate agent handling the first tower sales, 40 per cent of units released since November have been sold. The units range from Dh1.9 million for a one-bedroom apartment to a whopping Dh200 million for a one-off penthouse spread over four floors.
“The payment plan is 20 per cent now [10 per cent on booking and 10 per cent within another 60 days] and the balance on handover in [the third quarter of 2017],” said Singh. “The fact that all of the glamour and lifestyle is right on the most famous part of the canal is a big draw for buyers.”
Two of the high-rises are 74-storeys apiece and the third is 52 floors high.
Al Habtoor City will have a retail element as well
The residential skyscrapers are there and so are the top-of-the-line hotels and food & beverage (F&B) options.
The developer is also putting in a retail component “along the European-style Boulevard between The Hotel Collection and The Residence Collection,” said Mohammad Al Habtoor, vice-chairman.
“The Boulevard extends to The Dubai Water Canal. In addition, there are a few retail outlets within the hotels.”
