Tanmiyat Global will star the hand over of its $300 million (AED1.10 billion) The Court Tower in April 2017, the Dubai-based company has said.
The project, located next to Dubai Water Canal, has reached 80 percent completion, according to CEO Mohammed Bin Odah. He said almost all of the units have been sold in the development, which includes apartments, offices
and retail units
“Due to extremely competitive
prices we have already sold 88 percent of our units and we expect this to move
to 100 percent by the end of the year," said Odah.
"Savvy landlords who have invested early
can hope for an estimated rental return of 10 percent for apartments and 7.5
percent for offices once the area is fully functioning,” he added.
The company expects prices to increase by at least 15 percent particularly once the canal is officially opened. Prices for residential units start at $458 (AED1,680) per square feet (psf), while offices start at $381 (AED1,400) psf.
Tanmiyat handed over two projects this year which include The Exchange Tower in Business Bay, and the Living Legends Community in Dubailand.
On Tuesday, the Road and Transport Authority released water in the canal as part of a testing process, with more water expected to be released into the three-kilometre stretch over the coming weeks. The canal will be full by mid-November when water will be six-metres deep.For all the latest construction 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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