A Dubai developer is set to offer apartments for sale near Dubai Creek as freehold property ownership spreads to new locations, The National reported.
Wasl Asset Management Group, a property manager set up by the Dubai government, said it would start selling freehold apartments in its Creek Heights development next to the Grand Hyatt hotel in the Oud Metha district.
The Hyatt Regency Creek Heights Residences development, a 43-floor residential tower comprising 405 luxury flats, was originally developed by Dubai Properties and intended to be a hotel.
However, it was taken over by Dubai Land Department under its Tanmia scheme, which aims to kick-start stalled property projects hit by the global financial crisis.
“Hyatt Regency Creek Heights marks Wasl Group’s first venture into Dubai’s freehold market and we are confident of its success as an attraction for investors and buyers who wish to move into ready apartments,” said Hesham Al Qassim, Wasl Asset Management Group chief executive.