Lootah Real Estate launches $95mn Shamal Community
Tender for Jumeirah Village Circle development to be issued in May
Lootah Real Estate has launched its $95mn (AED350mn) Shamal Community development for sales at Jumeirah Village Circle.
The 147,000ft2 project was originally launched in 2006, but fell victim to the financial crisis.
Saleh Abdullah Lootah revealed that, since then, alterations have been made to the plans. He said: “It is almost the same but we’ve learned from what we’ve done in the past.”
While eight years ago, the development was launched as individual units, it has now been marketed as the Shamal Community, which consists of Shamal Terraces, a cluster of three bedroom villas with optional swimming pools; and the Shamal Residences, amixture of high-end studio apartments and one bedroom flats.
Lootah said: “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.”
Studios are being sold from AED632,000 ($172,000), while lofts are from AED885,000 ($240,000). And Lootah revealed 17 villas have already been sold with a further 30 to go to market (priced from AED4mn-4.5mn).
The enabling tender has been issued and the main construction package will be issued next month.
The Shamal Terraces villa community is estimated to be completed within the next 15 months and the Shamal Residences, in 20 months.
Ahmed Saeed, senior director, Construction Supervision Division of Arif and Bintoak, said: “We have been given a huge responsibility of creating a futuristic, traditionally legendary and an impactful development at the heart of Dubai, which has become a hotspot for regional and international tourists, investors and residents.”
Lootah Real Estate is starting the sale of Shamal Terraces from 22 April at Conrad Hotel, Sheikh Zayed Road, Dubai, from 9am to 6pm. Roadshows 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).