Thursday, June 02, 2011

New villa community likely to come up in Jumeirah

The H&H Investment & Development, the Dubai-based real estate Management and Development Company announced that it is currently developing a villa community in Jumeirah.

The residential villa community project in Jumeirah, which is now at design stage, will comprise 20 to 25 high-end villas with some retail componenets, revealed the Chief Executive Officer of H & H Investments, Shahab Lufti.

According to real estate experts, villas in Jumeirah are much in demand among GCC nationals. With the current unrest in Middle East region, the demand has soared further, with average rents ranging between Dh.200,000 and Dh.350,000.

Lufti said that his company has stopped working on or developing projects in freehold area. In fact, the company is concentrating on non-freehold areas such as Bur Dubai or Deira, as these locations are still lucrative, and gain an occupancy rate of 80 to 85 percent on completion.

H & H Investment is working on the design of a residential project located close an Island on ‘The World’. Being a third party project, H&H will monitor the development of the project, in case the owners of the island decide to go ahead with the project.

However, no further details of the project have been revealed, although Lufti said that his company may re-use some old designs for the new project. One of the sister concerns of H & H Investments was working on the D51 project of Venture Capital Bank. The design of the project was nearly 70 percent complete and had won the initial approval from concerned authorities.

1 comment:

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