Dubai Properties tests market appetite

Dubai Properties tests market appetite
Khaleej Times
Filed on November 23, 2015 | Last updated on November 23, 2015 at 08.46 am

Mudon community in Dubailand

Dubai Properties has an Arabesque-themed show villa ready for investors in its Mudon community in Dubailand.
(Supplied photo)

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 64,000 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.

Posted on November 23, 2015 in Property, Real Estate

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