Developers to handover 500 new units

Lootah Real Estate is getting its Shamal Terraces phase 2 ready while Tanmiyat Global prepares villas as part of its Living Legends project.

Two Dubai-based developers will deliver nearly 500 new residential units in the second quarter 2015, Emirates 24/7 reported.

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

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.

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