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Phase one of Dh3 billion Dubai Lagoon is sold out

DUBAI — The Dh3 billion Dubai Lagoon which was launched on the December 9, 2005, announced yesterday that it has been sold out 100 per cent.

The first phase which comprised of 21 buildings offering studios to three bedroom apartments were completely sold within a span of 54 days since the announcements of the project. In total 1,751 units have been sold.

Sonia Husain, Executive Director of Dubai Lagoon said: "The rapid sale of phase one far exceeded our projections and we believe the interest was mainly due to our unique financing plan which offers a 7 years financing option allowing purchasers to pay 50 per cent over a 24-month period and the balance over 60 months, in monthly instalments, after taking possessions, without any loan, mortgage or post dated cheques."

She added: "Another main reason for the great demand is that this development has targeted a previously untouched demographic middle management. Most of the other projects in the country embarked upon luxurious residential spaces forgetting that there is a large market segment with needs unfulfilled. A second reason is that work has already started at the site. Bagheri Road Contracting LLC (BRC) has been contracted the Cut and Fill contract and started construction works at the site. The Dubai Lagoon offers a unique residential apartment community planned around a stunning sapphire lagoon set in the heart of New Dubai — most importantly at an affordable price."

The financing has been attractive to both investors and residents resulting in sales of an equal split between the two groups. All apartments are ownership sub-lease hold title which means that all owners are eligible for family residence visas, subject to UAE immigration rules and regulations.

The final phase is expected to be launched in a couple of months.

At which time the price on all units is expected to be launched at a premium compared to the phase one prices.