Demand for mid-income housing has been on the increase over the past few years especially with Dubai’s continuing property boom that has been driving higher rental prices. There has also been a spillover into the Northern Emirates (Sharjah, Ajman, Umm Al Quwain and Ras Al Khaimah) – areas which used to enjoy lower rent - from the large number of families looking for more affordable living standards. The imbalance between the number of luxury properties being developed for high income earners versus those targeted at mid-income families provides an opportunity for real estate developers, as well as investors.
Star Giga Establishment Limited, a joint venture enterprise between ETA Star Property Developers and Mazyood Giga International FZE, announced that it has sold 15 percent of its project ‘Goldcrest Dreams - Phase 2’ (Goldcrest Dreams 2) which was officially launched only three days earlier on November 29th 2006.
Star Giga Establishment has organized a ten day sales exhibition at the Goldcrest Tent - Hyatt Regency Hotel grounds in Deira between December 1st and 10th 2006, to showcase the property to investors and end-users.
“The turnout has been tremendous. We are very pleased that our assumptions and predictions regarding the high level of demand for mid income level housing has materialized,” said Amir Haji Amin, Director of Star Giga Establishment Limited. “We believe that there is still plenty of demand out there for quality homes at affordable prices.”
To facilitate stress free ownership, Star Giga offers innovative purchase plans to the buyers, as well as an interest free installment plan, which at a rate of AED1,999 per month, makes buying a property at Goldcrest Dreams II very affordable to many families in the UAE.
“We have seen a very wide range of nationalities and an even breakdown of investors and end-users that have enthusiastically purchased properties either as long terms investments or for living purposes,” continued Amir Haji Amin. “Phase 2 of Goldcrest Dreams will be handed over to buyers by end of 2009 and we plan other new innovative real estate projects in the near future.”
Goldcrest Dreams II consists of three towers made up of ground plus 29 floors with a variety of one and two bedroom apartments.
The developer also guarantees 8 percent rental returns at the current value of the purchased property, for three years, which will further reduce the installment amount.
Goldcrest Dreams 2 is an AED600 million freehold residential property and a continuation of the ‘Goldcrest’ legacy that currently consists of four projects at Dubai’s Jumeirah Lake Towers and all under at different stages of construction. These being: Goldcrest Views, Goldcrest Views 2 and Goldcrest Executive.
