Dubai Marina tower taps investor interest

dubai - Select Group launches Studio One at attractive price points, easy payment plan

The Dubai off-plan property market is hotting up. Following the release of a studio-heavy project in Downtown Dubai by SRG Properties last week, the latest developer to launch residential sales is the Select Group, which has announced its 14th project in Dubai Marina.

Its latest venture is Studio One, a 31-storey project with an estimated gross development value in excess of Dh450 million. The tower features 158 studios, 158 one-bedroom apartments and 84 two-bedroom units.

Prices of studios, one-bedroom and two-bedroom apartments start from Dh574,000, Dh899,000 and Dh1.349 million respectively. Located in close proximity to the Bluewaters Island, Studio One is designed for the millennials and investors. Apartments range in size from 360 sq ft to 1,100 sq ft.

Studio One amenities will include a swimming pool, a gym, steam room and sauna for men and women, ground floor retail outlets and dedicated resident parking. There is provision for five retail units in Studio One. However, no lease agreements have currently been signed.

Rahail Aslam, Group CEO of Select Group, said: "Studio One is a project that aspires to cater to the current pulse of Dubai's real estate market, which comprises value-driven young professionals and families. The combination of a prime urban location, smartly designed layouts, attractive price point and a great payment plan promises to be a viable investment option for the new generation of home buyers in Dubai."

Select Group has already awarded the contract for enabling works and will mobilise on site within October.

With developers attracting property buyers with easy payment plans, Select Group too has followed suit. A 10 per cent payment is to be made upon reservation. The next 10 per cent is payable after six months, followed by another 10 per cent after the 12th month. The remaining 70 per cent payment is to be made at the time of project completion.

The anticipated completion date for Studio One is December 2018.

The developer aims to target younger buyers with its efficient floor plans. The apartments have been designed with functional layouts and innovative storage solutions.

"This is the defining feature which has helped create a price point that is very attractive for young buyers. This customer segment is value-conscious and Studio One is the perfect fit," said a statement from Select Group.

In terms of track record, the developer specialises in projects in Dubai Marina. "We'd be silly not to focus on Dubai Marina. We have been developing here since 2005 and delivered thousands of homes and dozens of high-rise projects. It's a very compelling place to continue to develop while there are a few land parcels available," Aslam had told Khaleej Times in an earlier interview.

- deepthi@khaleejtimes.com