By Andy Sambidge
Sherwoods says homes in phases 1 and 2 of Mirdif Tulip development in Dubai have been snapped up by investors
The first freehold property development to be launched in the Dubai district of Mirdif, which has so far been dominated by homes to rent, has sold out in the first week, it has been announced.
Phases one and two of the AED180 million Mirdif Tulip development, which comprises 116 residential units and will be ready in mid-2015, were snapped up by investors, marketing agents Sherwoods said.
Mirdif Tulip is the first freehold development in Mirdif, and people of all nationalities, rather than exclusively GCC nationals, are able to purchase property in this designated development.
"Our clients have been asking if we have any other urban renewal projects in these traditional areas, as they want to see a variety of apartment types with freehold title in their portfolios," said Mark Evans, head of land acquisitions at Sherwoods.
"The most successful offering in this development was a 1,560 square foot, 3 bedroom apartment priced at AED1,960,000," Evans said.
"If developers realise worldly buyers are used to well priced and compact homes, and then use the reduced space to present fresh and innovate design, they will find buyers lining up to consume their product. The success or failure of future developments will hinge on more than just price and return; developments will need to be innovative and offer a unique selling points to enjoy the same levels of success as Mirdif Tulip," he added
In May 2002, Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai, issued a decree allowing non-UAE nationals to buy freehold property in designated areas.
The 116 residential units, comprising of studio, one, two and three bedroom apartments, are nestled against the backdrop of Mushirif Park, which at 5.25 square kilometres is the largest (and oldest) park in Dubai.
The new development will also feature 24-hour security, swimming pool, two ground-floor offices and 14 retail outlets.
The venture is managed by UAE-based property development firm Jersey Properties, and the project is RERA compliant and has an established Escrow account.
Jersey Properties has appointed Al Tatweer as the principal project contractor to work with Al Shurooq Architecture & Engineering Consultants, who have already completed 40 percent of construction and are on schedule to complete the project by July 2015.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.