The first freehold property development is being launched in the Dubai district of Mirdif, which has so far been dominated by homes to rent.
The AED180 million Mirdif Tulip development comprises 116 residential units and is situated on the edge of Dubai’s first public park, Mushirif Park.
“As exclusive marketing agents, we are excited to announce that Mirdif’s first freehold property will be released to the market on September 13,” said Mr Iseeb Rehman, CEO, the Sherwoods Group of Companies.
“Mirdif has traditionally been popular for expats, given its close proximity to Dubai International Airport and nearby attractions such as Dubai Creek,” he said.
“The landmark decision to open Mirdif to freehold investment will now allow foreigners to purchase freehold, rather than rent in the district,” he said.
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.
“We are extremely privileged to have been chosen to market the very first freehold development in Mirdif,” Rehman said.
“It’s anticipated demand will be strong for a unique property such as this, and we expect the market to respond swiftly and positively to this product,” he added.
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 LLC have 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.
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