Dubai’s City Properties launches first project

City Properties, the real estate development arm of UAE-based City Tower Real Estate, has launched a Dhs100m ($27.2m) tower in Dubai South.

The 138-unit Al Haseen Residences is the company’s first project and comprises studios, one and two-bedroom apartments.

Facilities include a swimming pool, separate gyms for men and women, covered parking, central air conditioning and a lobby water feature.

The company said the project was under construction and would be completed in the first quarter of 2019.

It is offering flexible payment options including interest-free payments up to 10 years after handover and the ability to hand units back to the developer for management.

“Our vast experience has taught us that we can make home ownership a possibility for everyone in the UAE if we offer an affordable alternative to renting, especially since rents often fluctuate and are subject to variations. It is with this idea that we decided to venture into property development,” said chairman Tauseef Khan.

“In addition, we expect the population in this area, which many consider to be a city within a city to increase to more than a million in the years ahead,” he added.

City Properties plans to construct a further nine residential properties in the Dubai South area, which is home to Al Maktoum International Airport and the Dubai Expo 2020 site.

Read: Dubai property demand rising on back of Expo 2020 – Land Department