One of the private real estate companies and developer of world’s tallest residential towers, Select Group, announced plans to deliver 1700 residential units in Dubai Marina, from its projects worth Dh.1.85bn.
The Chairman of the Group, Rahail Aslam, who spoke about the realty market in Dubai, said that the market had undergone one of its challenging and toughest phases over the past two years, with developers having to face and adjust to market conditions. This requires patience and prudence, with real estate market in Dubai now showing signs of growing momentum, which will further gather strength in near future.
The real estate economy in Dubai has the potential to offer higher returns than the global average, and this can help kick start developmental activities during medium to long-term.
Three projects by Select, which are in their handover phase, are ‘The Torch’ with 684 units, ‘Botanica’ with 365 units, and ‘Bay Central’ with 735 units.
The handover of The Torch units is more than two-thirds complete, with at least 440 or more residents having moved in already. On the other hand, the Dh.393.5mn, 41-storey, Botanica project, which boasts of the only sky garden in Dubai realty sector, is 87 percent sold out, Aslam said.
Meanwhile, construction at the three tower podium Bay Central development is in full progress, at the Bay Central unit. The Dh.785.9mn project is 95percent complete. The first 43 storey residential tower and the second 51-storey residential towers were launched for sale in 2006. The third tower is a five-star hotel and serviced apartment, which will be managed and operated by a reputed international hotel operator.
The extremely positive response received by the projects shows that Dubai’s property market is regaining its confidence. Dubai is a global and regional destination for investments, and even during the current unrest in the region, Dubai continues to draw investors, due to its reputation of being a safe haven, Aslam said.