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Sat 28 Mar 2015 02:00 AM

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Dubai's Living Legends project sells 88% of available villas

Developer Tanmiyat also says two-thirds of apartments sold at $1.9bn project which was halted in 2008 due to global financial crisis

Dubai's Living Legends project sells 88% of available villas

Around 88 percent of villas are now sold at Living Legends, a $1.9 billion real estate project in Dubai, which was halted for years after the global financial crisis in 2008.

Tanmiyat Global said its landmark Dubai project is buoyant following the Dubai Property Show in London, where Living Legends confirmed that only about an eighth of all villas in the development are now left to buy, while a third of apartments are also seeking investors.

Delta Real Estate revealed that the project's investors comprise 76 nationalities with GCC residents, Saudi Arabian investors and Europeans accounting for the most sales. The development has also attracted Iranian and Russian investors.

The development will include 500 villas and 12 apartment towers, along with a community club house, 9-hole golf course, shopping mall, boutique hotel, schools and clinics.

Living Legends is a mixed-use property development spanning across 14,442,030 square feet in Dubailand.

Muhammad Bin Odah, CEO of Tanmiyat Global, said: "Living Legends represents affordable luxury and iconic Dubai living at its best. Dubai has long attracted investors from across the world and the display at Dubai Property Show proved that the market is set to flourish once again."

Only 17 percent of the project's 14.5 million square feet is developed space, giving Living Legends one of the lowest densities of construction in Dubai.

The nine-hole Living Legends Golf Course makes up most of the green area, which will become the centerpiece of the development's community.

"We're delighted to confirm that all of the villas and two thirds of the apartments have been sold," said Saleh Tabekh, CEO of Delta International Real Estate. "With our first 150 villas set for delivery in Q2 and residents able to move in during Q4, the elite Living Legends community will be thriving by the end of 2015."

Note: The original version of this article claimed 100 percent of the villas had been sold at the point of publication. However, this was inaccurate and due to an 'internal oversight' by the PR company who issued the press release. It has now been corrected to state that 88 percent of villas have been sold.

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