Jumeirah Golf Estates (JGE) awarded Sharjah-based Al Qabdah Building Contracting a Dh400m construction contract for Alandulus Apartments on Tuesday as property development in Dubai picks up ahead of Expo 2020.
The mid-market development will include 715 apartments, 95 town houses and a retail centre with the first handover expected in the third quarter of 2019.
“We have sold out both of the launched apartment towers - a positive response that is testament to the success of JGE’s approach to bringing the right type of product to the market at the right price,” said Yousuf Kazim, JGE chief executive.
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Apartments start at Dh685,000 for a one bedroom and go up to Dh2.5m for four bedroom homes, while two or three bedroom town houses range from Dh1.3m to Dh1.6m.
Flexible payment plans are available for the residential units with options for apartments including a 5 per cent downpayment upon booking, 30 per cent during construction and 70 per cent at handover. A second option allows the same downpayment with 50 per cent during construction and 50 per cent one year after the handover. Town houses have similar payment plans.
Al Qabdah will construct six apartment buildings while construction of the first two buildings, A and B, are ongoing. JGE said that the entire development is on track to be completed ahead of the Expo.
New property developments are getting into gear to meet the increase in demand expected to coincide with Expo 2020, set to take place from October 2020 to April 2021.
According to a report from Standard Chartered, the event will lift confidence in the emirate’s housing sector, supporting “long-term demand dynamics and underpinning fundamentals as the key drivers of the property market rebound”.
The Expo is expected to created up to 300,000 jobs and bring Dh140 billion in revenues from related activities, the bank said.
