Smaller apartments sell like hotcakes in Dubai

Two apartment towers with 215 units have been launched in phase one of Alandalus.

It is increasingly evident that smaller units are more in demand in the Dubai property market. This was attested by Omar Al Mukhayet, head of projects at Jumeirah Golf Estates (JGE). The developer has witnessed this demand trend at its affordable luxury project, Alandalus, in JGE.

"Most buyers in Dubai are expatriates and hence prefer to go in for smaller apartments such as one- and two-bedroom units. Such units are more leasable and easier to sell as well. We are targeting the younger, mid-income segment who aim to work and live in Dubai," informed Al Mukhayet.

Two apartment towers with 215 units have been launched in phase one of Alandalus while the project encompasses 715 apartments and 54 townhouses in total. Limited apartments are available for sale in these two towers and the developer has also launched a special offer for buyers.

Any purchase at Alandalus will have four per cent waived off the sales price between November 17 to 23, 2016. Buyers will need to pay a reservation fee of Dh10,000, 30 per cent of the sales price during construction and 70 per cent on handover in Q2 2018.

While apartments were earlier available for as low as Dh597,000, these have been sold out and prices for Alandalus units now begin from Dh835,000. A four-bedroom apartment at Alandalus will cost close to Dh2 million.

Construction update
Construction on Alandalus is 15 per cent complete. "We aim to hit the 20 to 22 per cent construction mark by the year end," the executive added.
Enabling works and foundation work is complete. The main contractor Sumer Contracting Company will shift focus to building the community mosque, car park and two apartment building structures in the next six months.

Interested buyers can visit a mock-up Alandalus apartment at the JGE sales centre.

Meanwhile, the 57 townhouses are in the design phase. "We will award the tender for the townhouses in Q1 next year. We are watching the market demand before launching townhouses. The next launch at Alandalus is anticipated in Q2 of 2017," Al Mukhayet said.

Alandalus is also scheduled to include retail space, a hotel and the second clubhouse in Jumeirah Golf Estates.

Retail element
"For the retail centre, we are in discussion with interested suppliers and vendors to decide on the retail mix. It is slated to open in Q1 2017," he explained.

The JGE executive was gung-ho in his near-term outlook for the Dubai property market.

"Despite all the pessimism and rumours surrounding the market, demand still exists and the market is going up. In 2006-2007, speculators were around. Today, with all the infrastructure in Dubai, there is sustainable end-user demand in the market.

"The Dubai property market is very dynamic. Last year, there was demand for apartments, hence we launched Alandalus. There is also demand for townhouses - this is evident in how phase 1 of Redwood Park townhouses sold out quickly," he concluded.

- deepthi@khaleejtimes.com