Dubai developers to handover 500 new houses in Q2

Two Dubai-based developers will deliver nearly 500 new residential units in the second quarter 2015.

Lootah Real Estate Development said it would commence handover of Shamal Terraces phase 2 in Jumeirah Village Circle from May.

The second phase, comprising 45 villas and 300 apartments, was launched in April 2014 with the developer committing to deliver within 15 months (May 2014 to July 2015).

“With the start of the New Year, we have consolidated our strengths on customer-focused approach. That helps keep us on track with our ongoing and future projects,” said Saleh Abdullah Lootah, Executive Director, Lootah Real Estate Development.

The company is currently working on Shamal Residences, a cluster of 1,024 residential units, in Jumeirah Village.

Separately, Tanmiyat Global, a real estate developer, has also said it will start handing over 150 villas in its Living Legends project in Dubailand, from second quarter.

On completion in 2016, the development will consist of 500 villas and 12 apartment towers, besides a shopping mall, boutique hotel, schools and a 9-hole golf course.

This year, JLL, a real estate consultancy, expects 25,000 new units to be delivered this year; while CBRE, another global consultancy, believes there will be supply of 20,000 new units.

‘Emirates 24|7’ reported that 78 new projects were launched in 2014 with the Dubai Land Department reviving at least 43 stalled projects worth over Dh10 billion through its Tayseer and Tanmia initiatives in the past few years.

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