Dubai Properties tests market appetite

Date

11/23/2015 11:05:53 PM

(MENAFN- Khaleej Times)

Dubai Properties or DP has released 30 five-bedroom villas to the freehold market in its Mudon community in Dubailand. These are priced from Dh3.9 million to Dh5 million.

To sweeten the offer the developer has waived 50 per cent of the Dubai Land Department registration fees for ready-to-occupy villas in Mudon. The offer will be valid till the end of the year. Buyers can pay 20 per cent of the sales price upon booking the villa and 80 per cent after handover. Dubai Properties has tied up with Abu Dhabi Commercial Bank Dubai Islamic Bank Al Noor Bank and Rak Bank for financing the units.

The developer has already handed over 390 villas in phase one since December 2014 of which 324 are already occupied. These units were priced from Dh2.7 million.

Meanwhile a 64000 square feet community centre is ready and shops are currently being fitted out. The villa and townhouse community on Umm Suqeim Road will also include a Mudon Central Park and a Gems school which is slated to open in September 2016. Other facilities will encompass a clinic nursery pool gym jogging and cycling tracks kids' zones and football and basketball courts. "Phase two of Mudon includes 700 three- and four-bedroom villas of which a majority has been sold out. Handover will begin at the end of 2015 and continue through 2016" said Abdullah Abu Shabib senior executive director customer care and government relations at DP. Gauging market demand for more affordable housing Dubai Properties tweaked the design of phase three in Mudon and introduced townhouses. The developer claims that 700 three- and four-bedroom Arabella townhouses launched in May 2015 were fully sold out. Construction of this phase has commenced and is expected to complete in 2018. Phase 3 homes start from Dh1.5 million.

"For phase three we went in for smaller unit sizes because that's where we saw market demand" Abu Shabib said adding: "Further phases will be launched based on market demand."

Mudon is a multi-ethnic community says Abu Shabib. "Residents are end-users including Emiratis Indians Iranians Brits Europeans and Pakistanis."

In order to reduce inconvenience caused by construction for existing residents DP will build separate entrance gates for each phase of Mudon. "We will soon organise a meeting with Mudon homeowners to gauge their response to phase one" the DP executive informed.

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