Dubai: The second phase of sales featuring residential units at Al Habtoor City on Shaikh Zayed Road is complete, with 180 of the high-end apartments sold so far. Prices start at Dh1.9 million for a one-bedroom unit and feature formats of up to seven bedrooms. Owners will receive their keys in Q4-17.
“Investors are not buying off-plan ... they are buying into a tangible product which they can see with their own eyes,” said Khalaf Ahmad Al Habtoor, the Group Chairman. “The Residence Collection is already 63 per cent finalised — this is verified by the Dubai Land Department.”
In all, there will be 1,460 apartments spread through the three high-rise towers that make up The Residence Collection. The first phase involves Noora Tower, featuring 548 units, situated directly on the banks of the Dubai Water Canal.
Following the first phase of sales, prices were increased to “take into account the high demand, market conditions, added benefits and superior product offering”, the developer said in a statement.
Loai Al Fakir, CEO of One Business Group and the brokers for the Noora Tower, said: “For Investors it is a great opportunity for high capital growth, a trophy asset in an iconic location on the canal.
“We have received a lot of interest internationally, particularly from GCC nationals. While there is a lot choice of affordable homes in Dubai, the high-end, luxury market remains strong and buoyant.”
The units include loft style apartments, simplex penthouses, duplex penthouses and ultra-VIP penthouses boasting 360 degree views of Dubai’s famous skyline.
“Demand has been high,” said Khalaf Ahmad Al Habtoor. “There is nothing like this project anywhere else in the world. It is unique because of its location, directly on The Dubai Water Canal and along Shaikh Road. It is an unrivalled lifestyle destination with exceptional facilities. Residents get the benefit of having three international hotels within Al Habtoor City. And, later this year the complex will be home to La Perle offering world-class theatre right on the doorstop.”
The Leisure Collection incorporates multiple restaurants and bars, a Tennis Academy — which includes an indoor tennis court for year-round play — and a permanent state-of-the-art, high-tech theatre. La Perle, by cultural creation company Dragone, will open later this year.
The one million sq ft development includes an array of retail and leisure facilities including a European-style boulevard, a marina, and a 35,000 sq ft swimming pool podium.
The Residence Collection has garnered interest from local and overseas investors. Earlier this week the Bank of Singapore brought a group of potential investors to Al Habtoor City. The delegation included Ultra High Net Worth Individuals from Singapore, Hong Kong, China, Indonesia and Malaysia. They got the opportunity to see all three collections within the luxury development: The Hotel Collection (The St. Regis Dubai; W Dubai — Al Habtoor City; Westin Dubai, Al Habtoor City), The Leisure Collection, and The Residence Collection.