Developer Tanmiyat Group has begun handing over hundreds of homes to investors in its flagship Living Legends project following connection to Dubai’s electricity and water grid.
The Saudi Arabia-based private company has distributed keys to the 184 villas and one tower block that make up phase one of the single biggest residential project in the Dubailand master development.
The move paves the way for full delivery of all 500 villas and 12 residential towers within the 139ha Living Legends gated community.
The residential units will be complemented by a 9-hole golf course, schools, clinics, a shopping mall, a five-star hotel, and a wide range of recreational facilities.
Mohammed bin Odah, CEO of Tanmiyat, said: “Tanmiyat is delighted to receive confirmation from DEWA that phase one of Living Legends is fully powered up and ready for investors to receive the keys to their dream homes. This is a proud moment for us as we reach a hugely significant milestone in the most important project in our portfolio.
“Living Legends is a fantastic addition to Dubai’s property market. It offers a tranquil living environment amid large areas of open green space and amenities, a wide range of attractive unit sizes, and a healthy return on investment.”
Living Legends is Tanmiyat’s flagship project in terms of size, value and number of units. The entire $1.9bn (AED7bn) community is made up of 12 residential towers containing 2,600 spacious apartments in total, as well as 500 luxury villas and a range of amenities and leisure facilities.
The road and utilities infrastructure is fully completed, and sales are gathering pace with 88% of the entire project sold out. The handover launch represents Tanmiyat’s commitment to ensuring 100% completion of Living Legends following the demands of the financial crisis of 2008-09.
“The journey to this point has come with many challenges as we and the rest of the real estate industry faced the property crash and its aftermath,” said Mohammed bin Odah. “As a private developer, we self-funded the entire Living Legends project and, despite being badly hit by the financial crisis, managed to restructure without the external financial support or bank bailout."
Tanmiyat is now fully focused on completing the second phase of Living Legends, which is scheduled for handover in the last quarter of 2016. The entire community, including the full line up of facilities, will be ready by end of 2017.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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