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Real Estate

Aldar has started handover of homes at the ‘Claret’ cluster of Akoya.

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01 August 2019

Damac opens doors to first residents of Akoya

Damac Properties has started handover at the ‘Claret’ cluster of Akoya, its landmark 55-million-sq-ft master development in Dubai, UAE.

Located along the Umm Suqeim Expressway, Akoya is just 30 minutes away from Dubai’s city centre.

Claret, which consists of 315 townhouses, is nestled amidst lush green surroundings and world-class amenities. Following these handovers – the first at Akoya, Damac says it is committed to delivering over 1,300 homes across other clusters in the coming months.

Construction works at Akoya, which is Damac’s largest community development project, is in full swing, spurred by a slew of contracts awarded over the last two years, says the Dubai developer.

All internal roadways have been constructed, and the highly-anticipated community centre is in the final stages of completion. The community will also see the opening of a Carrefour Market by the end of this year.

Surrounded by the Trump World Golf Club, the mixed-use development features best-in-class amenities such as health clubs, swimming pools, schools, pharmacy, and world-class dining and shopping options.

Damac has amplified its focus on completion this year, and has already handed over 727 homes in Ghalia, its first certified Sharia-compliant luxury furnished apartments.

Emaar unveils new homes in Riviera-style destination

UAE developer Emaar has launched Seashore (Sirdhana by Emaar), a limited collection of residences at Mina Rashid, the new Riviera-style development set in the historic port of Dubai.

A new coastal destination by Emaar and P&O Marinas, a subsidiary of global trade enabler DP World – UAE Region, Mina Rashid has emerged as one of the most sought-after residential developments in the city since its unveiling in May.

Sirdhana, the first phase of residences in the free zone development, received strong investor response from the UAE and international markets, says Emaar.

Now, with the launch of Seashore, a limited collection of one-, two- and three-bedroom apartments that overlook the marina and the Downtown Dubai skyline, customers can become part of a future-ready lifestyle address defined by several spectacular features.

The residents will also get to live by the longest Venetian-style canal pool in Dubai and enjoy an all-round waterfront lifestyle at the Seashore, it adds.

According to Emaar, the contemporary-style apartments have glass facades, floor-to-ceiling windows, and generous balconies to maximise views. With lots of natural light, two interior colour palettes, and prime views of the waterfront, Seashore offers one of the most exclusive addresses in Dubai.

The community is also located centrally in Mina Rashid, only 20 minutes from the Dubai airport and Downtown Dubai and Dubai Creek Harbour.

Dubai co-living projects ‘see good buyer demand’

CO-LIVING projects, a relatively new concept in the Dubai’s real estate market, are seeing good buyer demand, according to Property Finder, a key digital real estate platform in the region.

Responding to the crowded market, developers in Dubai had launched co-living projects to cater to young professionals and millennials.

Emaar projects Collective, Collective 2.0 and Socio at Dubai Hills Estate (in Mohammed Bin Rashid City) account for most sales in the co-living segment.

UNA, developed by Nshama at Town Square, is also a co-living and co-working project featuring 192 studios and 764 one-bedroom apartments. KOA’s Canvas project off Mohammad Bin Zayed Road, is also targeted at millennials.

“We will continue to see this trend grow here. Not only is it affordable, but it’s also popular with millenials as they want to be part of a community, yet have their own personal space,” remarked Lynnette Abad, the director of Research & Data, Property Finder.

“We have also seen some creative schemes with Emaar and DMCC offering a trade licence and residency with a unit within a co-living project. This is an excellent incentive for those with small, home-based businesses or freelancers,” she added.

In terms of sales price, Nshama’s UNA is priced most competitively among co-living projects, with a studio costing around Dh450,000 ($12,250) to buy. In comparison, a studio at Collective is priced at around Dh680,000. For a one-bedroom apartment, the price is most competitive at UNA again (Dh558,000), followed by Socio at Dh673,000 and Collective at around Dh700,000. A one-bedroom in KOA’s Canvas is more expensive at Dh982,000. The two-bedroom apartments in all these co-living projects are priced at around Dh1 million, with Canvas bearing a higher price tag of Dh2.75 million.

Co-living spaces are rising in popularity because they foster a sense of community and offer flexibility.