Phase two of Al Habtoor City Residences sold out – developer

The second phase of the upcoming Al Habtoor City Residences project in Dubai has been sold out, the developer has said.

Since the launch of the project in 2016, a total of 180 units have been sold, Al Habtoor Group said in a statement.

The overall Residence Collection includes 1,460 luxury apartments within three high-rise towers – Noora Tower, Amna Tower and Meera Tower. The first phase involves Noora Tower, which consists of 548 units, situated directly on the banks of the Canal.

“Demand has been high,” said chairman Khalaf Ahmad Al Habtoor. “It is unique because of its location, directly on The Dubai Water Canal and along Sheikh Road.”

Prices for the luxury units, which range from one to seven bedrooms, start at Dhs1.9m. The units include loft style apartments, simplex penthouses, duplex penthouses and ultra-VIP penthouses.

The Residence Collection has garnered interest from local and overseas investors, the statement said.

Earlier this week, the Bank of Singapore brought a group of potential investors to Al Habtoor City. The delegation included ultra high net worth individuals from Singapore, Hong Kong, China, Indonesia and Malaysia.

Following the first phase of the sale, which saw “high demand”, the prices of the luxury units increased to take into account the high demand, market conditions and added benefits.

Loai Al Fakir, CEO, One Business Group, the brokers for the Noora Tower, said: “We have received a lot of interest internationally, particularly from GCC nationals. While there is a lot choice of affordable homes in Dubai, the high-end, luxury market remains strong and buoyant.”

Al Habtoor added: “Investors are not buying off plan. They are buying into a tangible product which they can see with their own eyes. The Residence Collection is already 63 per cent finalised. This is verified by the Dubai Land Department. Home buyers will receive their keys in the fourth quarter of 2017.”

Al Habtoor City, a one million sq ft development, includes three hotels (The St. Regis Dubai, W Dubai – Al Habtoor City, Westin Dubai, Al Habtoor City), a European-style boulevard, a marina, and a 35,000 sq ft swimming pool podium.

Also see: First look: The Westin Dubai Al Habtoor City

Leisure facilities include restaurants and bars, a Tennis Academy – which includes an indoor tennis court for year-round play – and a permanent high-tech theatre. La Perle, by cultural creation company Dragone, will open later this year.

Also read: Pictures: Dubai’s La Perle by Dragone aqua show prepares for launch

Dubai businessman Al Habtoor says property prices will rise in ‘coming months’