Dubai’s Tecom Investments Launches Phase Two Of Villa Lantana For Sale

Dubai-based Tecom Investments has announced the launch of the second phase of its development, Villa Lantana, for sale to investors, following strong demand for phase one.

The residential development, located in Al Barsha South, features villas set in a landscaped family neighbourhood, and offers 17 different villa designs, 11 floor plans and a range of three, four and five bedroom detached and semi-attached family homes.

It will also include a retail centre, parks and playgrounds, and sports facilities such as gyms, pools, sports courts and outdoor jogging tracks.

The first phase, which was released for sale in September 2014, saw keen interest from Emirati investors, Tecom said in a statement.

UAE nationals presently make up 43 per cent of the total number of Villa Lantana buyers. Overall, most investors are buy-to-let investors, while the remaining are looking for a family home, the statement added.

Construction of Villa Lantana is “on track” and the project is due for completion at the end of 2015.

Badr Al Gargawi, CEO, Development & Planning Division, Tecom Investments said: “Investors are taking a long term view of the market and recognise the importance of holistic communities.

“As Dubai’s pattern of expansive growth continues, families are looking not only for a convenient location but also for a community that serves the whole family’s needs.”

Tecom is also offering flexible home loan solutions for investors through an agreement with Mashreq Bank.

As part of the agreement, buyers can obtain loan amounts of up to Dhs15 million, loan-to-value ratio of up to 50 per cent for off-plan properties, loan tenure up to 25 years, low-income eligibility starting from Dhs15,000 per month, and finance for salaried and self-employed UAE residents at attractive interest rates.

The show villas will be open to the public from Thursday, January 29 onwards at the Villa Lantana site, situated just off Umm Suqeim road.

Property prices in Dubai have recently stabilised, and following a sharp rise of 56 per cent in the two years to June 2014, are expected to remain flat or even drop up to 10 per cent this year, property consultant JLL said in a report this week.

About 25,000 new residential properties are slated to enter the market this year, equivalent to about seven per cent of Dubai’s current housing stock.