Looking to cater to a niche market, developer Gulf General Investments Co. (GGICO) Group is moving away from the “shoebox” concept with its new project in Dubai Silicon Oasis. GGICO’s Topaz Premium Residences is firmly positioned in the family home segment, taking advantage of a community that already offers a wide range of lifestyle amenities. The developer is making the housing complex even more attracting with a post-handover payment plan extending over three years.
PW speaks to Mohammad Harib Fadhel Almazrooei, managing director of GGICO, about the group’s various development projects, with a focus on Topaz.
More than 50 per cent of the Topaz Residences has been completed. When will it be ready for handover?
Our aim is to have Topaz Premium Residences ready by the fourth quarter. Topaz Residences Building 3 will be ready by the third quarter. We have an affordable payment plan, which is 40 per cent during construction, followed by 60 per cent over a three-year period post project completion.
What sets Topaz Residences apart from other developments?
In planning the series of Topaz Residences buildings, we’ve moved away from the concept of shoebox living that pervades the market and which is not an attractive long-term investment for both investors and residents, considering its potential returns and resell value. Instead, we focused on architecturally well-designed homes that will harness natural sunlight, which is abundant in this region all year round, while boasting of beautiful community views. A premium home apartment like Topaz Residences adapts to the lifestyle and needs of families and hence will always be in demand.
You’re introducing a concept that allows to convert a one-bedroom apartment into a two- or three-bedroom house when needed. Would families be interested in such a concept?
Our focus on Topaz Premium Residences is to create a living space that allows families to live comfortably in an expansive environment. With the rampant shoebox apartments swarming the market, we took an in-depth look at our customers, comprising couples, families and even investors. Inspired by their dreams and lifestyle in Dubai, we came up with this concept that will cater to the families’ expanding needs.
The one-bedroom apartments are equipped with a generously sized living area that can be converted into a second bedroom with a bespoke modular cabinet that turns into a bed at night. A few units are also available with a store room that can be modified into a third bedroom or den. Each unit also has spacious balconies that extend the space for ideal indoor and outdoor living.
Each one-bedroom unit has an average size of 1,000 sq ft. The adaptive living space is offered at the lowest price, starting from Dh691 per square foot, making it a valuable investment. The total apartment value starts at Dh708,695, with a monthly instalment starting at Dh1,750.
Who would be interested in the Topaz Premium Residences?
Taking into consideration the top nationalities who invest in the UAE as per the Dubai Land Department (DLD), we are expecting a high ratio of investors from India, Pakistan, the UK, Egypt, Jordan, China and Lebanon. We do expect a higher interest from UAE residents compared with foreign investors, possibly at 60 per cent, since this is the best property for end users.
Tell us about amenities in the area such as schools?
When families move into our properties, they will have several educational options at their fingertips. Topaz Premium Residences is adjacent to Dubai Academic City. There are many educational institutes that families can choose from, from Zayed University to Dubai Men’s College, American University in the Emirates, British University, Heriot-Watt University, Amity University, German International School Dubai, Fashion Design School, IMT Dubai and Hamdan Bin Mohammad Smart University to mention a few.
Would Dubai Silicon Oasis be accessible, considering that at this point there is no connecting Metro line?
Dubai Silicon Oasis is considered accessible irrespective of the proposed Metro. You can access other parts of Dubai through public transport such as taxis and buses. There are also bus shuttles, which takes you to the nearest Metro station in Rashidiya and back. Private cars can also reach the Dubai International Airport and other tourist areas of Dubai, like the Dubai Mall, in just 10-15 minutes.
What’s next in the pipeline?
With the success of Topaz Residences, you may expect another addition to the Topaz Residences Buildings series in Dubai Silicon Oasis.
