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29 March 2024

Gate Towers launches at Dh75,000 pa rent

Rentals of units in Gate Towers lower than Downtown Dubai, Marina. (Supplied)

Published
By Parag Deulgaonkar

Apartments in the Gate Towers, which houses 3,533 apartments on Shams Abu Dhabi development on Al Reem Island, are up for sale and lease.

Aldar Properties, the developer of the project, is currently leasing small one-bedroom apartments in the upscale development - three towers connected by a sky bridge and The Arc - for Dh75,000 per annum, according to a company official.

Renters will have access to a leisure podium with swimming pools, tennis and squash courts, children’s play areas, day-care centre, prayer rooms, recreational rooms and retail facility.

Rents in the Gate Towers, the design of which is inspired by England’s Stonehenge and Pantheon, are almost 20 per cent lower than similar quality apartments in Downtown Dubai.

Asteco’s third quarter report reveals average rents for a one-bed in Downtown Dubai and Dubai Marina at Dh90,000 pa and Dh80,000 pa respectively.

Two-beds in Gate Towers are available for lease at Dh120,000 pa, while three-beds are offered at Dh160,000 pa.

In comparison, average annual rents of two-bed units in Downtown Dubai, Palm Jumeirah and Sheikh Zayed Road are at Dh140,000, Dh160,000 and Dh130,000 respectively.

Jones Lang LaSalle (JLL), a global real estate consultancy said earlier that rising rents in Dubai has narrowed the rental gap between Dubai and Abu Dhabi.

Last month, propertyfinder.ae, UAE-based real estate portal, echoed the same view, stating the rental gap between Dubai and Abu Dhabi was narrowing.

"Living in Abu Dhabi is becoming just as affordable as that in its neighbouring emirate," the portal said in a statement.

Talking to reporters at a media tour of Gate Towers on Tuesday, Paul Middleton, Executive Director , Commercial, Aldar Properties, said: “We have started leasing as well and there is a good demand for these quality units. Sixty families have already moved in the tower.”
 

Phase handover begins

Aldar, Abu Dhabi's largest developer, has already commenced phased handover to apartment owners in the project.

“This marks the start of another important delivery cycle for Aldar as we deliver more than 7,000 quality units into the market over the next 12 months,” Aldar Deputy Chief Executive Officer Mohammed Al Mubarak said in a statement.

The Gate Towers is made up of 3,533 units and include studios, one, two, and three-bedroom apartments as well as, townhouses and penthouses.

The project has been designed by Amercian architects Arquitectonica.

According to Aldar officials, residents can easily access retail outlets in the neighbouring Sun & Sky Towers until Boutik Gate, the retail and leisure podium, opens next year.
 

2,300 units sold


Of the 3,533 units, Aldar has sold close to 2,300 units, of which 1,000 are owned by the government of Abu Dhabi.

At present, the average selling price for units in the project stands at Dh1,500 per square feet.

And to provide end-user finance, the developer has already signed memorandum of understanding with 30 banks.

Though Aldar is yet to finalise service charges for the project, Middleton says the charges would be “competitive”.

Besides, he disclosed that Aldar had completed all formalities/paperwork related to Jointly Owned Property (Strata) declaration and is ready to set up owners association.
 

Tower expansion planned

Aldar is also planning expansion of Gate Towers, with a second Arc and a fourth tower.

“There is high demand for quality products. We are also witnessing a shift of renters from old buildings to modern ones.

“We will decide on launching the new phase when the time is right,” Middleton added.

JLL has said prime developments (good location with efficient designs, quality management, high quality amenities and facilities, and sufficient parking) will continue to achieve higher premium in 2014.