Lootah Real Estate Development has announced the acquisition of a new residential property in Dubai's International City phase 3 development.
The company said in a statement that the acquisition comes in support of the company’s 2020 strategy which focuses on growing the existing assets portfolio and expanding its market share in the region.
It did not give a value for the acquisition which sees Lootah take on the remaining 40 percent of construction work.
The developer said it plans to hand over the building for leasing by the end of March.
The Lootah Residence II building will feature 100 apartments comprising 38 studios, 48 one bedroom apartments and 14 two-bedroom apartments, in addition to a gymnasium and covered parking spaces.
Saleh Abdullah Lootah, executive director of Lootah Real Estate Development said: “We have a very positive outlook on the future of the real estate market in the UAE, and we believe that the Dubai property market will only grow and mature in the years leading up to 2020. The demand on new projects and the size of investments entering the country are on the rise.
“International City is a flourishing residential district, and we’re looking forward to contributing to this community through innovation and creating a residential property that reflects our culture of excellence and unswerving commitment to provide the very highest standards of living,” he added.
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