A Dubai developer is set to offer apartments for sale near Dubai Creek as freehold property ownership spreads to new locations.
Wasl Asset Management Group, a property manager set up by the Dubai government, said it would start selling freehold apartments in its Creek Heights development next to the Grand Hyatt hotel in the Oud Metha district.
The Hyatt Regency Creek Heights Residences development, a 43-floor residential tower comprising 405 luxury flats, was originally developed by Dubai Properties and intended to be a hotel.
However, it was taken over by Dubai Land Department under its Tanmia scheme, which aims to kick-start stalled property projects hit by the global financial crisis.
Wasl, which was established in 2008 by the Dubai Real Estate Corporation to oversee its real estate assets, will market 111 studios, 138 one-bedroom, 107 two-bedroom, 43 three-bedroom and 6 one-, two-, three- and four-bedroom loft apartments on a freehold basis to investors from December 15.
The company said that this would be the first time that freehold apartments would be sold ready for occupancy, rather than off plan, to investors.
Wasl will also take over the management of the five star 443 room Hyatt Regency Dubai Creek Heights hotel and the Hyatt Regency Dubai Creek Heights Conference Centre as part of the entire 2.2 million square feet Creek Heights complex.
“Hyatt Regency Creek Heights marks Wasl Group’s first venture into Dubai’s freehold market and we are confident of its success as an attraction for investors and buyers who wish to move into ready apartments,” said Hesham Al Qassim, Wasl Asset Management Group chief executive.
“We intend to continue on the same path and utilise land in strategic locations throughout the emirate, enabling us to undertake more projects in this sector and ensure the diversity of our portfolio in the freehold market in the coming years.,” he added.
Dubai Creek, which houses the oldest parts of the city of Dubai is not a freehold area. But experts point out that the Dubai Land Department has nonetheless given developers the right to sell apartments in non-freehold parts of the city in recent years.
The Creek Heights project is located close to Dubai’s delayed Culture Village project. That scheme will include Enshaa’s 80-storey D1 residential tower and Dubai Properties’ 845 home Manazel Al Khor scheme both of which have been marketed off plan.
At Dubai Festival City on the other side of the Creek, freehold villas have also been sold since 2012.
This is the first project that we know of where completed apartments have been sold freehold by a developer rather than off plan,” said Craig Plumb, head of research at JLL’s Dubai office.
In recent years, developers have been coming up with more projects to redevelop the historic areas of Bur Dubai and Deira.
Dubai International Real Estate is working on delayed plans for the Jewel of the Creek, a 123,955 square metre hotel and apartment scheme between Al Maktoum and the Floating Bridge, and this year Dubai Municipality announced plans for the City of Aladdin, three connected towers to be built on the Deira side of Dubai Creek.
Property developer Nakheel is also pressing ahead with plans for 94 hotels and resorts which will be built at its Deira Islands scheme in Deira.
lbarnard@thenational.ae
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