Bahrain-based Al Kawathar Real Estate, announced the launch of the Al Duaa Marina Tower, an AED200 million residential development on the water front at Dubai Marina. Aspire Real Estate, a leading International real estate marketing company has been chosen as the exclusive marketing partner for this prestigious development.
The Al Duaa Marina Tower is a 25 floor residential property comprising 142 luxury 1,2 and 3 bedroom apartments, two penthouses and five town houses. It is located on the waterfront section of Dubai Marina and will have a gross built up area of 216,000 square feet with a judicious mix of residential and retail area of 9,300 sq feet. The retail area will offer extensive shopping and dining to residents of the building and of the Dubai Marina area . The building is expected to be completed in September 2008.
Harry Kantaria, Managing Director of Aspire Real Estate, said the launch price of the building is AED 810 per sq foot which is believed to be the lowest rate in the Dubai Marina area today.
“About 50 per cent of the building has already been sold to the international market during the pre-launch phase, with a large proportion of investors coming from the United Kingdom,” he said. “The pre-launch prices are expected to rise by 15 per cent following the official launch today and are expected to rise over 50 per cent by the time the building is completed in two years."
Located adjacent to the Marina Mall, a fantastic unobstructed view of the water channel along with the surrounding areas is guaranteed.
"The project offers town houses as well as exclusive penthouses on the top floor of the building, each with its own swimming pool. Each town house is a master piece of architecture also with their own private swimming pool, sun deck and huge living area of over 7,500 sq feet." said Yusuf Mohammed Al Maki, Managing Director of Al Kawathar Real Estate.
The AI Al Duaa Marina Tower will have world class features including a luxuriously appointed lobby and reception, 24 hour IT enabled security and fire management system, extensive parking area and other world class amenities like IP enabled information backbone and wireless broadband which will connect the entire building. Residents can even moor their own yacht at the marina and walk straight into the building!
"The fantastic location of the development combined with the value-added features of the building and the price point at which it has been launched has generated tremendous demand for this property from local and international investors," adds Al Maki.
Meanwhile, the payment plan is one of the key USPs of this project. “With only 10 per cent required to be paid on booking, 10 per cent every four months, and with 40 per cent payable on possession, this is one of the best payments plans in Dubai, " claims Harry Kantaria. “Taking the ease of purchase a step further, we are in the process in partnering with a leading bank in the UAE to offer our customers easy mortgage options." he adds.
The Al Duaa Marina Tower has been designed by Dimensions, who already lay claim to some of the most striking buildings in Dubai and the Middle East. "We designed the building in such a way that each apartment has an unobstructed view of the water with 80 per cent of the apartments having a direct view of the water channel,” he said.
The Al Kawathar group is planning to launch commercial and residential projects worth around AED2 billion in the coming year. "The Al Duaa Tower is the first phase of a huge commercial and residential development in the Jumeirah Village as well as Dubai Marina, We will be announcing Phase II and Phase III of the development shortly," Al Maki added.
