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Brand View

Tue 8 Oct 2019 04:23 PM

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Dubai remains most desirable place to buy real estate

Brand View: SLS Dubai Residences is a prime example of the demand for high-quality accommodation with superior fixtures and fittings in a desirable location, says Yahya Alkan, CEO of World of Wonders Real Estate Development.

Dubai remains most desirable place to buy real estate
The SLS Dubai Residence boasts one of the largest selections of units in a single tower development.

Has there been a growth in demand for luxury projects in the recent quarters, or Dubai was always the city that attracted HNIs buyers in the country?

Dubai has always maintained its position as one of the most desirable locations globally for people looking to invest in high quality luxury real estate projects.

The emirate is home to some of the most prestigious and best real estate developments anywhere in the world. As a result, demand for luxury properties has been maintained over many years, despite the overall performance of the regional and global economy.

While Dubai’s real estate market has diversified with the introduction of mid-range housing options and a greater selection of villas and apartments that appeal to investors and buyers of all budgets, the luxury side of real estate has held its importance and appeal.

Aspirational and prestigious properties continue to attract the greatest attention of investors and buyers who are confident of attracting tenants and of securing impressive returns on their investment for years to come.

SLS Dubai Residences is a prime example of the demand for high-quality accommodation with superior fixtures and fittings in a desirable location. While the Dubai real estate market has matured and developed considerably in recent years it still represents a wonderful opportunity for investors.

When it comes to luxury real estate what are the buyers looking for in the premium properties and how Dubai developers are catering to these segments of investors?

In established global cities around the world with a high property tax, the annual upkeep of luxury estates and the different types of fees that homeowners pay can cause negative equity.

However, in Dubai the annual rental yields, even for high-end properties, are enough to cover all maintenance costs and leave owners netting positive income.

A project like SLS Dubai, with its one of a kind architectural features, high quality, brand and location, means owners will not only benefit from projected yields up to 7% or 8%, they will also benefit from a mid-term capital appreciation.

This truly is a time when developers must innovate. The industry needs to look at the challenge ahead and tackle it with fresh thinking and enthusiasm. We are very excited about the home finance packages we have introduced in collaboration with Dubai Islamic Bank. We knew we had to adopt a more disruptive approach and have done just that by launching payment plans that have made home ownership more attractive, more affordable and more secure.

With SLS Dubai Residences, World of Wonders Real Estate Development is keen to present the market with a unique and mature offering that appeals to buyers and investors alike and is unique enough to stand out from the crowd.

Comprised of 371 high quality residences that have been elegantly designed to offer owners genuine living spaces with each unit benefiting from a grand and airy feel that makes the most of the unobstructed views and stylish interior layouts.

SLS Dubai Residences also provides an innovative way of living that incorporates high-end amenities and five-star facilities befitting of a such a prestigious property. Residents will have access to a stunning range of private and public facilities including world-class fitness centre and some of the city’s most exciting F&B concepts, all housed within the 75-storey tower.

Our unique 7-year profit free post-handover payment plan presents home buyers and investors with the opportunity to buy a residential unit and benefit from an innovative payment scheme.

We are able to present this opportunity as part of our partnership with the largest home finance provider in the UAE, Dubai Islamic Bank.

The multi-year post-handover payment option has attracted huge interest from property investors and buyers due to the fact that, unlike other property financing options, DIB’s profit free post-handover payment plan will always be available till handover, allowing interested parties to access its attractive range of benefits at a time that suits them.

Combined with luxurious fixtures and fittings from some of the world’s finest home, kitchen and bathroom brands, stunning views and a superb location close to the city’s major landmarks and attractions, and SLS Dubai Residences truly is a superior real estate opportunity.

What are the present trends seen in the market? Which are the nationalities buying premium high-end properties?

Over the past 4 years the focus of some various developers has been to cater to different segment of the real estate industry by building smaller units. This has left a shortage of new, spacious yet affordable luxury properties. SLS Dubai Residences bridges this gap by building well sized units at affordable prices while maintaining the luxury elements.

Dubai is the home of 200 nationalities, it’s a truly cosmopolitan city that thrives on the diverse cultures, backgrounds and ethnicities of its residents and the various types of real estate available across the city reflects the needs and demands of every nationality.

How are SLS Residences catering to the luxury segment? What buyers can expect in your properties and projects?

A bespoke residential tower that merges fantastic, high-end and designer interiors complete with the most desirable home brands available, SLS Dubai is being built with an attention to detail that is second to none.

The selection of stylishly designed apartments available to buyers and investors are the widest in the market, meaning SLS Dubai Residences appeals to all types of homebuyers, including single young professionals, couples and families, as well as investors looking to enter the UAE property market.

Each of the tower’s 371 apartments, which include spacious studios, three types of contemporary one-bed apartments, a range of two-bed lofts and choice of grand two-bed duplexes, offer spectacular, unobstructed 180-degree views of the world’s tallest building, Burj Khalifa, as well as Dubai Creek and other landmarks.

All bathrooms feature rainfall showers and furnishings by Italian brand Gessi, while Italian porcelain ceramic tiles by Lea cover the floor of each apartment while each apartment’s in-built kitchen appliances, including dishwasher, double-door refrigerator with freezer, electric hob, oven and washing machine and dryer, are by Electrolux.

Bespoke amenities available to residents include three pools – a lap, leisure and kids pool - jacuzzi, a modern and fully-staffed spa and vitamin bar, a gym and a multipurpose room.

Unlike other residential properties, SLS tenants will also have access to some of the best F&B, lifestyle and entertainment options in the city, all located on the tower’s highest floors, ‘The Crown’.

‘The Crown’ is a public area home to four exciting F&B concepts – Fi’lia Mediterranean restaurant on the 70th floor, Sky Lobby on the 71st floor, Carna Steakhouse on the 74th floor and the Privilege venue on the 75th floor.

‘The Crown’ also features the Ciel Spa & Gym, on the 69th floor, state-of-the-art meeting rooms, on the 73rd floor, and two stunning infinity pools on the 75th floor.

With such a wide selection of restaurants, gym facilities and other great entertainment options available to residents, who can enjoy discounts at all outlets, SLS Dubai represents a wonderful luxury lifestyle as well as residential development.

Any stats and facts you can share regarding the market’s high-end buyers or the buyers in your projects. Also, which nationalities are buying with you, what the demands these buyers make and what type of incentives developers are offering to these buyers?

Having an extend experience in UAE’s real estate market and at same time utilizing the advantage of being the main contractor of the project, we designed SLS Dubai Residences to cater to the demands of the end user, be they domestic buyers or foreign investors.

With SLS Dubai, we worked closely with leading architects AEDAS to create a sophisticated and unique residential concept that will allow high-end buyers to live a true luxury lifestyle.

Buying a unit in the SLS Dubai Residence will open a door to the sbe global loyalty program, with access to all sbe facilities. Members enjoy privileged access to any of sbe’s 24 hotels and residences and 85 restaurants around the world. Benefits include priority booking and upgrades for hotels, complimentary late checkouts, VIP arrival services, discounts on selected treatments and spas, access to VIP concierge services year-round, premier access to sbe venues and invitations to exclusive events.

The sbe global loyalty program not only guarantees access to a global luxury lifestyle, sbe’s in-demand properties command a 20% premium in highly desirable markets. In October 2018, sbe entered into a partnership with Accor, following the latter’s acquisition of a 50% stake in sbe. This long-term investment will allow sbe to leverage AccorHotels' leading global hospitality platform while remaining an independent luxury lifestyle operator.

The SLS Dubai Residence boasts one of the largest selections of units in a single tower development. The tower is home to 68 studio apartments prices and sizes are starting from AED 997,000 - 669sqft. A selection of one-bed units are available, including simplex, loft-style and duplex living options.

Staring from AED1.4m, the tower’s 24 simplex apartments sizes are starting from 808sqft, while 121 one-bed loft-style apartments prices and sizes are starting from AED1.766m - 1,081sqft. The 114 duplex one-bed units staring from AED1.8m - 1,133sqft home.

Buyers interested in purchasing a two-bed apartment can choose between loft-style units or duplexes. The tower features four loft-style, two-bed (plus family hall) units, each sized 1,779sqft and prices staring from AED2,738m. A total of 40 two-bed duplex homes (plus maid’s room) are also available, with prices and sizes are starting from AED2,696m - 1,917sqft, making them the largest apartments in the development.

How has the new visa rule boosted the luxury property segment? Which are the other factors that had led to the growth in luxury property buyers, making Dubai an investor haven for HNWIs?

The UAE’s new golden visa rule will act as a huge boost to the luxury real estate market and economy in general. HNWIs who are already resident in the UAE will be further incentivised to make even greater investments in the real estate market as a result of their extended presence in the country.

HNIs have always been drawn to the UAE for its impressive and welcoming investment and business opportunities. Now, with the option of longer-term visas that are automatically renewed, the UAE is inviting HNWIs to contribute on a greater scale to the development of the national economy, which has great benefits for them personally and their business interests.

Real estate represents a solid investment option for HNWIs, thanks to growing demand, a steady stream of tenants and solid ROIs. As such, the market is primed for greater investment as a result of the new visa rule. There is certainly a strong chance of a property ‘boom’ on the horizon as more and more individuals benefit from the extended visa system and look to expand their financial, business and emotional connection to the country.

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