The second phase of the upcoming Al Habtoor City Residences project in Dubai has been sold, the developer said.
Since the start of the project in 2016, a total of 180 units have been sold, Al Habtoor Group said in a statement.
The global collection of residences includes 1,460 luxury apartments in three high-rise towers – the Noora Tower, the Amna Tower and the Meera Tower. The first phase concerns the Noora tower, made up of 548 units, located directly on the banks of the canal.
“The demand has been high,” President Khalaf Ahmad Al Habtoor said. “It is unique because of its location, directly on the Dubai Water Canal and along Sheikh Road.”
Prices for luxury units, which range from one to seven bedrooms, start at Dhs1.9m. The units include loft-style apartments, simplex penthouses, duplex penthouses, and ultra-VIP penthouses.
The Residence Collection has attracted interest from local and foreign investors, the statement said.
Earlier this week, the Bank of Singapore brought a group of potential investors to Al Habtoor City. The delegation included high net worth individuals from Singapore, Hong Kong, China, Indonesia and Malaysia.
After the first phase of the sale, which saw “high demand”, prices for luxury units increased to reflect high demand, market conditions and additional benefits.
Loai Al Fakir, CEO of One Business Group, Noora Tower Brokers, said, “We have generated a lot of interest internationally, especially from GCC nationals. While there is a wide choice of affordable accommodation in Dubai, the high-end luxury market remains strong and vibrant.
Al Habtoor added: “Investors don’t buy off plan. They are buying a tangible product that they can see with their own eyes. The Residence Collection is already 63 percent complete. This is verified by the Dubai Land Department. Home buyers will receive their keys in the fourth quarter of 2017. ”
Al Habtoor City, a million square foot development, includes three hotels (The St. Regis Dubai, W Dubai – Al Habtoor City, Westin Dubai, Al Habtoor City), a European-style boulevard, a marina and a podium of swimming pool.
Also see: First Look: The Westin Dubai Al Habtoor City
Leisure facilities include restaurants and bars, a tennis academy – which includes an indoor tennis court for year-round play – and a permanent high-tech theater. La Perle, from the cultural creation company Dragone, will open later this year.
Read also : Photos: Dubai’s La Perle by Dragone water show prepares for launch
Dubai businessman Al Habtoor says house prices will rise in “coming months”