Lootah Real Estate Development, a Dubai based high-end real estate developer, announced the official launch of its Shamal Community development for sales at Jumeirah Village Circle in a press conference held at the Fairmont Hotel in Dubai.
With an overall project cost of Dhs350m, Shamal Community spans over 147,000 Sq Ft. The new development consists of the Shamal Terraces, a cluster of three bedroom villas with optional swimming pools; and the Shamal Residences, a mixture of high-end studio apartments and one bedroom lofts.
Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development, commented, “Year 2014 is a highly positive year for the UAE real estate industry, with improved performance across the majority of sectors. We are witnessing a cautious but massive investor interest and high demand for the quality lifestyle in our Shamal Community.” “Our tie-up with specialized partners is aimed at creating high quality and competitive residential offers to our valuable investors and occupants. We assure superior pre and post sales services and long term relationships.” Lootah asserted.
Lootah Real Estate has already delivered over 1,000 units to its satisfied occupants in Ewan Residences – Dubai, with many more planned for the future in other communities. Shamal Community is strategically located on the intersection of two major roads in Dubai – Sheikh Mohammed Bin Zayed,Road and Al Khail Road and in close proximity to Jumeirah Park, Emirates Living Community, Dubai Marina, Palm Jumeirah and golf courses. The enabling tender has already been issued and the main construction package will be issued in May this year. The Shamal Terraces villa community is estimated to be completed within the next 15 months and the Shamal Residences, a townhouse community, in 20 months.
Ahmad Saeed, Senior Director, Construction Supervision Division of Arif and Bintoak, said, “Today is a milestone day for Arif and Bintoak and Lootah Real Estate Development. We see it a start of a new chapter in the real estate history of UAE. We have been given a huge responsibility of creating a futuristic, traditionally legendry and an impactful development at the heart of Dubai, which has become a hotspot for regional and international tourists, investors and residents.”
The Jumeirah Village Circle is a community development popular among investors due to its green landscaping, central position in the downtown and a family-friendly environment.
Alex Andarakis, Founder & Managing Director of Andarakis Advisory Services, a strategic management advisory firm associated with the Lootah Real Estate Development Company, while commenting about the overall UAE business outlook, said, “We can definitely feel the emergence of momentum and positive market sentiment post the economic crisis within the UAE real estate sector. We are experiencing maturity of the developers, and customers alike, with greater understanding of the regulatory and investment parameters. The business model we have developed for Lootah Real Estate Development Company has been aligned with the changing market trends, with greater developer accountability, and better understanding of current and future requirements of our various stakeholders within the UAE and abroad.”
With the media launch of Shamal Community, Lootah Real Estate is starting the sale of Shamal Terraces from April 22nd at Conrad Hotel, Sheikh Zayed Road, Dubai, from 9am to 6pm. Road- shows will follow soon in neighboring business corridors in the city such as Dubai International Financial Centre (DIFC), Dubai Media City (DMC), Dubai Internet City (DIC), and Jebel Ali Free Zone (JAFZA).
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