Dubai Sustainable City: Home owners will not pay service fees

Diamond Developers, a Dubai-based developer, aims to deliver first 100 of the 500 villas in Dubai Sustainable City by end of 2014, Emirates 24|7 can reveal.

“We are expecting to get the building permit soon.

“The first 100 villas will be ready for handover by end of 2014,” disclosed Faris Saeed, Chairman, Diamond Developers.

No service fees

Sales price for phase one villas will start from Dh1,000 per square foot. Even though the project will offer a countryside living ambiance, home owners will never ever have to pay service and community charges.

Saeed says: “Our package will include zero service charges, zero community fees and zero maintenance fee for villa owners.

“We will even give our buyers a golf cart that they can use within the city and a subsidy to buy another electrical car.”

So, who pays for service charge?

Diamond Developers are offering a commercial proposition to allow home owners to pay all their fees.
“In fact, we have made all the 500 villa owners our partners in our 55,000 square foot retail area and 55,000 square foot office block. The rent generated from here will be divided into shares and given to residents.

“We believe each share will cover all their costs and if the income exceeds the cost residents will take home money,” he adds.

Flipping won’t be easy

The developer does plan to allow investors buy at least three villas, but resale won’t be easy as no-objection certificate will be allowed only after receiving 50 per cent payment on the unit.

“We won’t allow people to sell unless they have paid 50 per cent of the unit value.”

Investors will have to pay 10 per cent down payment, 10 per cent when construction starts, 30 per cent will be linked to construction milestones with the remaining 50 per cent on completion.

To ensure that the project does not get delayed due to lack of funding, Saeed already has got investors who are willing to back him up.

“We have investors who are interested to finance/come into partnership for other elements such as school, university and resort besides the residential component.”

Cityscape launch

“We will commence sales during Cityscape and hopefully, we will be able to sell 50 per cent of the project in a month.

“There is a strong investor interest and we are optimistic that the whole project will be sold out in the next three to four months.”
The 500 villas will be developed in five clusters.

The City, located in Dubailand, houses a planetarium, school, university, commercial and retail space, equestrian facilities and a 143-room resort, and is set for completion in 2015.

There will be a three-kilometre biking track along with residents given an opportunity to engage in agriculture.

The green belt will have 20,000 trees, a 5,000 square foot- long water canal with a tourist minaret will allow a view of the city at an altitude of 100 metres.

At least 20 per cent of the construction area will be built with eco-friendly materials, with 60 per cent of the project landscaped.
Solar farms will cover 600,000 square feet, while 50 per cent of the cooling energy in the city will generated through solar power.

Promoting the concept

Diamond Developers has been approached by property firms from other countries who want to replicate the project.
“We have been approached by developers from other countries and they are seeking for our support and consultancy to replicate our project,” Saeed said, adding, “We will announce details at the right time.”

Green claims

- All the buildings are directed against the sun, face north, so direct sunlight is eliminated

- All the walking areas are shaded

- Sixty per cent of the project is landscaped

- 100 per cent of the sewage water will be recycled

- Each villa has been designed in a very effective way to ensure 50% saving in electricity and water bills

- Each house will have solar panels on the roof, which can hopefully produce 50 per cent of the consumption

- There will be electric buses, operating every 15 minutes, in the city

- The city will host social events all through the year to promote social sustainability

- The city is open to everyone and is part of Dubailand’s vision to have many attraction point

Follow Emirates 24|7 on Google News.