Select Group, a private real estate firm and developer of the world’s tallest residential towers, The Torch, on Monday said it in the process of delivering over 1,700 residential units in Dubai Marina from three projects valued at Dh1.85 billion.
Rahail Aslam, Chairman, Select Group, said: “There is no doubt, the property market has gone through one of the toughest and challenging phases in the last two years with developers facing harsh choices of adjusting to the market conditions. The situation demanded patience and prudence and we now believe that Dubai’s real estate market is showing signs of an emerging momentum which should gather steam in the foreseeable future.”
He said the market will soon see a more sustainable growth cycle from increased demand and a slowdown in quality supply resulting in increased valuations, yield compression, and take up in the rental market in the medium to long-term.
The potential of Dubai’s real estate economy in providing returns that are higher than the global average will kick start development activities in the medium to long term.
Select’s three projects which is in handover phase includes the 684-unit The Torch, and a 365-unit Botanica, which boasts of the only sky garden in Dubai’s real estate sector, and a three-tower podium development, Bay Central with a total of 735 apartments.
Aslam said the handover of apartments at The Torch is already more than two thirds complete with nearly 440 residents already moved in. “We are seeing an extremely positive response in all these three projects with a demand side resurgence making us state with confidence that we are regaining confidence on Dubai’s real estate market.”
“We believe in Dubai as a global and regional destination for investments and even amidst the current unrest in the region, the city continues to attract investors thanks to its reputation as a safe haven,” Aslam added.
Select said its Dh393.5m 41-floor Botanica project, is complete and 87 per cent sold out.
Construction of the Bay Central is in full swing and the Dh785.9 million project is 95 per cent complete as of November 2011. The first two residential towers – 43 and 51 floors respectively – of the project were launched for sale in 2006 and are 95 per cent sold out. The third tower is envisaged to be a 5-star hotel and serviced apartments which will be managed and operated by one of the reputed international hotel operators, completion of the Hotel is expected in early 2013.
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