Friday, November 01, 2013

Sustainable City residential project Phase 3 to be unveiled soon in Dubailand

The Dubai-based Diamond Developers is getting ready to launch the third and final phase of its ‘Sustainable City’ residential project in Dubailand, following successful sale of all villas in its first and second phase of the project.

The Sustainable City includes 500 modern residential villas, housing units, resort, commercial areas, gardens, playgrounds, service centres, organic farms, schools, training centres, water canal, planetarium and sports track.

The total area of the project is 46 hectares and is due for completion by 2016. In the coming days, investors will begin receiving title deeds from Land Department, the company said.

According to Diamond Developers, the quick sale of the two phases and the increasing interest shown by investors is a clear indication of the confidence that people have and the positive impacts of the sustainable criteria on people, environment and economy.

The Diamond Developers is concluding contractual procedures with 250 investors in the project, with half of these being from UAE and GCC nations.

The project exempts investors from service and maintenance fee, which also makes it one of the most attractive freehold projects in the city. The project, which gained wide recognition at Cityscape Global Expo, is considered as milestone in the new property boom of Dubai.

The Chairman of Diamond Developers, Faris Saeed, said that the service and maintenance fee is a major challenge facing the growth of property market in Dubai and exemption from certain fee will help reshape the property market and will help bring in best practices to the property market.

Each owner at the Sustainable City will be given a share of commercial area returns, which  would include stores, trade centre, restaurants and cafes, and this share can help cover all maintenance and service fee in the city, without having to pay anything during ownership, he pointed out.

The residents in the project are not considered as property owners, but, they are partners in financial returns of commercial businesses in the city, and are partners in forming a new phase of property development, which offer quality living conditions without endangering environment, while also reducing unnecessary financial burdens, he added.

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