Buying spree. Of the 145 villas sold so far, 125 villas were picked up by an undisclosed buyer at Meydan Dubai Image Credit: Supplied

DUBAI A mystery buyer has snapped up 125 villas in the upcoming ‘Millennium Square’ residential project in the heart of Meydan Dubai.

It is not clear if the buyer is an individual or a company as the realty company handling the development has refused to disclose details.

Millennium Square, developed by G & Co, comprises 700 semi-detached four-bedroom villas across 2.5 million square feet. As part of the first phase of sales, 210 villas were launched on January 17. “We have sold 145 units till now. The response has been good so far,” said Ranjeet Chavan, Director, SPF Realty - the exclusive realty agent selling the project.

Easy payment plan

The starting price of a villa is Dh4.3 million. “One of the unique selling points of the project is its easy payment plan. For the first year, the buyer only pays 30 per cent of the villa price – 10 per cent on booking, 10 per cent after six months and another 10 per cent at year end. The rest is payable after the project gets completed in the last quarter of 2017.”

Construction is scheduled to begin in July.

According to SPF Realty, there is no financing available now. “We should have some banks coming on board soon. When the project is completed and the buyers have to pay 70 per cent, they will have sufficient financing options.”

Every villa in the Millennium Square project will have en-suite bedrooms, maid’s room, store room and terrace area. “The developer is also giving an option to build an extra room on the ground floor with no additional cost,” said Chavan.

The size of the villa is 3,479 square feet. In the last couple of months, many developers have been launching villa projects in Dubai. “With limited off-plan financing in the market, it is important for these developers to have a flexible and easy payment plans to get buyers,” said Craig Plumb, head of research at JLL MENA – a global real estate service company.

SPF Realty, on the other hand, is positive about the interest they have seen so far. “There are not too many villa options in premium locations of Dubai. Our properties are priced well and we should not have a problem finding buyers for the project. When completed, we anticipate the villas to rent for around Dh250,000 per annum fetching a six per cent rental yield on the property,” he added.