Dubai-based wasl properties (wasl), a subsidiary of wasl Asset Management Group, said it has received an overwhelming response from local investors for its key development ‘The Nook’, which represents the first two buildings within the wasl gate development on Sheikh Zayed Road in Jebel Ali, all within walking distance of the Energy Metro Station.

Announcing the success of the company’s investment strategy targeting major groups, especially Emirati youth and small Arab families, wasl said it had achieved its intended goals during the campaign with notable sales of its units at ‘The Nook.’

Launched in October last year, the wasl’s investment strategy has been tailored to encourage the youth to save and invest in real estate for achieving balance between the fundamental necessities of life and investing in the future.

The strategy revealed the emergence of millennial investors in the Dubai real estate market who contributed to the success of wasl’s campaign through the unprecedented sales of studio apartments and one-bedroom units at ‘The Nook’, said the statement.

The company managed to also gain market insights that will enable it to focus on and target various segments of the society in the future to meet the significant demand from youth and small Arab families, it added.

Chief Property Management and Marketing Officer Zainab Mohammed said: "One of the most important results we achieved was attracting this segment of the youth, especially locals, in a manner not experienced before and for them to understand the vision and the feasibility of investing in the real estate sector to secure their future."

"I am pleased to see them take such investment decisions at an early age as this will greatly benefit their families in particular and the society as a whole," she stated while speaking at a special sales day organised by the company for its new projects.

Residential units with starting prices of Dh377,000 ($102,621) for studio apartments and Dh877,000 for three-bedroom units were up for grabs during the event, she added.

According to her, since the project’s launch, a total of 144 apartments had been sold, including the full inventory of studios (21) and one-bedroom units (65) besides 46 two- and 12 three-bedroom apartments.

Around 50% of the investors were in the 25 to 39 age group followed by 30% in their 40s and 50s. As for the nationalities of the investors, 50% were Emiratis, 10%  Arabs and 40% overseas buyers.

This success of the sales launch is attributed to several factors, including the ability for investors to book their apartments for a down payment of 2% without the need to settle any registration fees. Additionally, government employees received an additional 2% off from the total unit value.

Moreover, the project’s location on Sheikh Zayed Road, in proximity to Ibn Battuta Mall and Energy Metro Station, is another major attraction for investors.

The Nook is ideal for young people as it enjoys a prestigious location within wasl gate - the master development - offering a variety of recreational options that accommodate to their vibrant lifestyles and passion for exploration as well as being a conducive climate that inspires innovation and embraces entrepreneurial projects, ideas, and opportunities, explained Mohammed.

The project will also host a new mall by Al-Futtaim, one of the most diversified and progressive regional businesses in the Gulf, Festival Plaza - scheduled to be completed by Q4 2019, hosting Dubai’s second IKEA and ACE establishments - a number of restaurants, coffee shops, family entertainment and leisure outlets, and a new concept hypermarket, she added.-TradeArabia News Service