Al Habtoor Group Founding Chairman Khalaf Ahmad Al Habtoor said that the second phase of the residential component of Al Habtoor City is sold out. Since the launch of the Residence Collection, in 2016, a total of 180 units have been sold.
“Demand has been high,” said Khalaf Ahmad Al Habtoor. “There is nothing like this project anywhere else in the world. It is unique because of its location, directly on The Dubai Water Canal and along Sheikh Zayed Road. It is an unrivaled lifestyle destination with exceptional facilities. Residents get the benefit of having three international hotels within Al Habtoor City. And, later this year the complex will be home to La Perle offering world-class theatre right on the doorstop.”
Al Habtoor added, “Investors are not buying off plan. They are buying into a tangible product which they can see with their own eyes. The Residence Collection is already 63 per cent finalized. This is verified by the Dubai Land Department. Home buyers will receive their keys in the fourth quarter of 2017.”
There are a total of 1,460 luxury apartments within the three high-rise towers that make up The Residence Collection – Noora Tower, Amna Tower and Meera Tower. The first phase involves Noora Tower, which consists of 548 units, situated directly on the banks of the Canal.
The Leisure Collection incorporates multiple restaurants and bars, a Tennis Academy – which includes an indoor tennis court for year-round play – and a permanent state-of-the-art, high-tech theatre. La Perle, by cultural creation company Dragone, will open later this year.
The one million sq ft development includes an array of retail and leisure facilities including a European-style boulevard, a marina, and a 35,000 sq ft swimming pool podium.
The Residence Collection has garnered interest from local and overseas investors. Earlier this week the Bank of Singapore brought a group of potential investors to Al Habtoor City. The delegation included Ultra High Net Worth Individuals from Singapore, Hong Kong, China, Indonesia and Malaysia. They got the opportunity to see all three collections within the luxury development: The Hotel Collection (The St. Regis Dubai; W Dubai – Al Habtoor City; Westin Dubai, Al Habtoor City), The Leisure Collection, and The Residence Collection.
Following the first phase of the sale, which saw high demand, the prices of the luxury units increased to take into account the high demand, market conditions, added benefits and superior product offering.
Loai Al Fakir, Chief Executive Officer, One Business Group, the brokers for the Noora Tower, said: “For Investors it is a great opportunity for high capital growth, a trophy asset in an iconic location on the canal. For end users provides exceptional lifestyle living with great amenities and facilities along with access through the road networks, canal waterways and by air.”
He added, “We have received a lot of interest internationally, particularly from GCC nationals. While there is a lot choice of affordable homes in Dubai, the high-end, luxury market remains strong and buoyant.”
Prices for the luxury units, which range from one to seven bedrooms, start at AED 1.9 mn. The units include loft style apartments, simplex penthouses, duplex penthouses and ultra-VIP penthouses boasting 360 degree views of Dubai’s famous skyline.