Lootah Real Estate Development on Monday announced the official launch of sales at its Shamal Community development at Jumeirah Village Circle in Dubai.
With an overall project cost of AED350 million ($95,2 million), Shamal Community spans over 147,000 sq ft and features the Shamal Terraces, a cluster of three-bedroom villas with optional swimming pools; and the Shamal Residences, a mixture of high-end studio apartments and one bedroom lofts.
The enabling tender has already been issued and the main construction package will be issued next month, the company said in a statement.
The Shamal Terraces community is estimated to be completed within the next 15 months and the Shamal Residences in 20 months, it added.
Saleh Abdullah Lootah, executive director of Lootah Real Estate Development, said: "Year 2014 is a highly positive year for the UAE real estate industry, with improved performance across the majority of sectors. We are witnessing a cautious but massive investor interest and high demand for the quality lifestyle in our Shamal Community.
"Our tie-up with specialised partners is aimed at creating high quality and competitive residential offers to our valuable investors and occupants. We assure superior pre and post sales services and long term relationships."
Lootah Real Estate has already delivered over 1,000 units at Ewan Residences - Dubai, with more planned for the future in other communities.
Shamal Community is located on the intersection of two major roads in Dubai - Sheikh Mohammed Bin Zayed,Road and Al Khail Road.
Lootah Real Estate said it is starting the sale of Shamal Terraces from April 22, with roadshows planned across Dubai.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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