Fäm Properties, one of the UAE's largest real estate brokerages, has announced that it had received an overwhelming investor response for its key project - Century Tower - a 23-floor residential building in Business Bay, with 190 of the 210 available apartments selling on the first day.

 

The project marks a milestone for Al Shafar National Contracting, one of Dubai's leading construction contractors, in conjunction with AMBS Real Estate Development, and fam Properties, whose master agency was responsible for the strategic planning and market research. 

 

On the key achievement, fam Properties CEO Firas Al Msaddi said: "The development underlines key elements that can ease concerns of off-plan buyers, and also highlights a buyers’ trend to focus on reliability, and quality contractors, which has grown following Dubai’s recent storms."

 

"This response from investors can be attributed to the trusted reputation of Al Shafar, whose foray into building off-plan properties for sale has instilled significant confidence among buyers," he stated.

 

"Many who purchased units in Century Tower have already asked about their future projects. This shows how a reputation for quality construction and timely delivery, added to high income-generating assets, can alleviate common concerns about off-plan projects, and reinforce buyer confidence," he added.

 

Al Msaddi pointed out that Dubai's real estate market was seeing a shift towards reliable and well-built properties. 

 

"The climate leads to faster wear and tear on buildings, making durability a top priority for residents. The recent flooding further highlighted this need, prompting buyers to seek out developments built to withstand these demanding conditions, and offer long-term value," he stated.

 

According to him, Century Tower was designed to meet a gap in the market for uniquely crafted residences in Business Bay’s Golden Triangle. 

 

"The building’s design and layout, as well as the project specifications, were the result of in-depth market research and analysis by fam Properties’ master agency," said the senior official.

 

Unlike typical off-plan projects that sell before construction, building work was significantly advanced before the launch of sales, to give investors extra confidence, he explained. 

 

"This reduced risk, added to the building’s prime Business Bay location, distinctive design, and focus on both investment and premium living, made it stand out in meeting buyer needs," he added.