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Dubai: Bahrain-based Al Kawathar Real Estate has launched a Dh200 million residential tower on the waterfront at Dubai Marina.
The 25-floor Al Duaa Marina Tower will bring 142 luxury apartments, five low-rise town houses and two penthouses onto the market and is scheduled for completion in September 2008.
Aspire Real Estate, Al Kawathar's marketing partner for the project, says 50 per cent of the units have been sold, mainly to UK-based investors.
Harry Kantaria, Aspire's managing director, said the launch price for apartments is Dh810 per square foot.
"The pre-launch prices are expected to rise by 15 per cent following the official launch today and are expected to rise over 50 per cent by the time the building is complete in two years," he said.
He added that Aspire is in the process of partnering with a leading UAE bank to offer mortgage options.
Yousuf Maki, managing director of Al Kawathar Real Estate, said the company plans to launch commercial and residential developments worth Dh2 billion in the next 12 months on sites including Business Bay, Jumeirah Village South and Dubai Marina. Its next launch will be a second residential tower in Dubai Marina in January 2007.
Maki said Bahrain's increasingly saturated real estate market forced the company to widen its portfolio to other GCC countries.
"Dubai offers substantial opportunities in the property sector. We have also found it easier than Bahrain to go through the process of launching new projects," he said.
Officials at Aspire say the Al Duaa project's payment plan has attracted buyers.
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