Egyptian developer Continental Investments has launched a major real estate project in Dubai Land worth more than AED 1 billion. Read more on what property prices the company will offer, and how many developers Dubai has today.
Continental Investments, a subsidiary of Egyptian real estate developer Landmark Sabbour, presented its AED1.1 billion Rukan project in
The first phase of the Rukan project (meaning ‘stable’ in Arabic) will take up nearly 50 per cent of the development, with completion scheduled for the third quarter of 2019, when 450 new residential units will add up to the existing residential stock in Dubai. The overall development will include 900 units and will be constructed in several phases.
Rukan offers a wide choice of properties, ranging from studios, 1, 2 and 3-bedroom apartments to townhouses and semi-attached twin villas.
"The price for a studio is AED400,000, 1-bedroom apartment is AED650,000, 2-bedroom is AED800,000 and 3-bedroom will cost AED1 million. We are targeting bank employees, millennials, Egyptians, Europeans and Emiratis," Ahmed Sabbour, Continental Investments’ CEO said at the project launch.
The company has put up a big amount of its own capital funds as equity and also raised AED170 million from the Arab African Bank for the project.
Continental Investments has already completed 59 residential projects, but yet just one of them in Dubai — Continental Tower in
Commenting on the Dubai property market, Sabbour also added: "Dubai property market's outlook is positive and there will be an increase in property prices in coming years. There will also be more demand from buyers. I am optimistic.”
And his optimism is obviously shared by other developers, which number, according to a Dubai Land Department Data and market sources, has increased from slightly more than 100 in 2009 to 1,200 in 2017. However, the number of active developers is actually much lower, experts claim.
And if you have any doubts about whom to trust, and which developer to pick among those active thousands, contact us at IMEX Real Estate and we’ll guide you through the most reliable ready-made and off-plan property projects, prompting to the most reputable developers. Stay tuned and call us at:
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