First project on Dubai Canal to open April 2017
The $300m project is 80% complete and is expected to be delivered to landlords in April 2017, said Tanmiyat
The Court Tower by Tanmiyat Global is set to be the first development to be handed over on the Dubai Water Canal.
The $300m project is 80% complete and is expected to be delivered to landlords in April 2017, says the developer.
The Court Tower will comprise apartments, offices, and retail units, and is the only mixed-use building currently situated on the Canal.
Mohammed Bin Odah, CEO of Tanmiyat Global, said: “The Court Tower is one of Tanmiyat’s most exciting projects as it takes up a prime location in Dubai’s most promising new area and next to the world’s tallest hotel, JW Marriott Marquis. Due to its close proximity to major industries in Business Bay and the impressive lifestyle facilities that will be on offer at the canal, we expect The Court Tower to be the new address for businesses and professionals in Dubai.
“Part of Dubai’s vision is to create multiple attractions at different locations to de-centralize the city, which helps to divert the traffic and create new touristic opportunities. This will directly help to boost Dubai’s real-estate market and with the water canal’s close proximity to Downtown, it shall create new opportunities for retail and hospitality businesses."
The Court Tower offers units at prices starting from $457 (AED1,680) per square foot for apartments and $381 (AED1,400) per square foot for offices.
Odah continued: “Due to extremely competitive prices, we have already sold 88% of our units and we expect this to move to 100% by the end of the year. Savvy landlords who have invested early can hope for an estimated rental return of 10% for apartments and 7.5% for offices once the area is fully functioning.”
The Court Tower will feature a building façade completely made of glass, offering unobstructed views of the canal. There will be 160 car parking spaces to complement the high level of recreational facilities.
According to the latest RTA reports the Canal has reached the final phase of construction and phase one is set to open by the end of 2016, adding a new landmark for Dubai.