Lootah Real Estate acquires property in Dubai’s International City

Saleh Abdullah Lootah, executive director of Lootah Real Estate Development.

Dubai-based property developer, Lootah Real Estate Development, has completed the acquisition of a B+G+7 residential building in Phase 3 of the emirate’s International City.

The company revealed in a statement that the move supports its 2020 strategy of growing its existing assets portfolio and expanding its regional market share.

According to Lootah Real Estate Development, it will finalise the remaining 40% of construction work on the property, including the enhancement of the façade, before handing it over for leasing in Q1 2018.

The property, called Lootah Residence II, will feature 100 apartments, comprising 38 studios, 48 one-bedroom apartments, and 14 two-bedroom units, in addition to sports facilities and green spaces.

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Commenting on the company’s new acquisition, Saleh Abdullah Lootah, executive director of Lootah Real Estate Development, said: “We have a very positive outlook on the future of the real estate market in the UAE, and we believe that the Dubai property market will only grow and mature in the years leading up to 2020.

“The demand on new projects and the size of investments entering the country are on the rise”.

He added: “International City is a flourishing residential district, and we’re looking forward to contributing to this community.”