km properties sells 32% of tamani arts offices at cityscape dubai
and offers 85% mortgage from amlak
Leading names in Dubai’s realty and investment industries gathered last night to witness the public launch of KM Properties’ newest property to rise from the prestigious Business Bay, the TAMANI Arts Offices, Artisan Cluster.
The gala event, held at the Joharrah Ballroom at Madinat Jumeirah, saw details of the new project unveiled to members of the public for the first time. The grand launch of TAMANI Arts Offices followed the successful pre-launch of the project at the Cityscape exhibition, when over 32% of the project was sold to investors.
Cityscape investors did not have to wait long to see a return on investment on this project. Within three days of the show, investors who made an immediate purchase of commercial space and boutique offices at TAMANI Arts Offices earned 111% capital gains in just 72 hours.
The high-status Grand Launch evening was attended by leading dignitaries and prominent business leaders, including; Mr. Marwan Bin Ghalita, Executive Director of the Real Estate Regulatory Authority (RERA); Aref Al Harmi, CEO of Amlak; and Mr. Mohamed Saleh Al Geziry, Deputy Director for Overseas Promotion of Dubai’s Department of Tourism and Commerce Marketing (DTCM), who enjoyed an evening of networking with local and expatriate investors and property enthusiasts in what was billed as the largest real estate event to take place after the successful Cityscape Dubai exhibition in October.
“KM Properties is one of the most well respected developers in Dubai. The company was the one of the first industry player to register with the land department and bring its operations in line with our new Law 8 legislation. It is an honour to be a part of KM Properties’ most recent property launch,” said Sultan Bin Bhutti Bin Mejren, Director General of Dubai Land Department.
“KM Properties has worked closely with RERA since its formation in the summer and was one of the first developers to offer Escrow financing, thus offering complete peace of mind to would-be investors. This has had a strong impact on its reputation in the market, and is a role model for other private developers to follow in their foot step” added Marwan Bin Ghalita, Executive Director of the Real Estate Regulatory Authority.
KM Properties already offers Escrow facilities through National Bank of Dubai and has most recently entered into an agreement with Amlak Financing, offering mortgages for up to 85% of purchase price. Senior representatives from both banks attended the Grand Launch event and were on hand to offer advice to investors.
“Our pre-launch pricing strategy provided instant rewards for our investors, many of whom bought multiple units at the show. We are now following this through with further incentives for those investors reserving units in the first phase of public sale, and these incentives are compounded by our easy finance options, provided by our Escrow partners, NBD and Amlak. Working in close coordination and in conjunction with real-estate governmental authorities has without a doubt given our investors and partners and extra boost of confidence that KM Properties is one of the few leading private developers that are here to stay,” said Khulood Abdulla Al Rostamani co-founder and Executive Director of KM Holding, parent company of KM Properties.
KM Properties offered a number of unique purchase incentives last night, such as the concessions offered on unit prices, with many investors reserving units on the night. In addition, there was a Prize Draw Raffle to win a blue Chery Eastar saloon car, and the winner was Mrs. Mahnaz Samadi, Business Development Manager-Third Wave Trading Co.
TAMANI Arts Offices is an iconic mix-use complex at Dubai’s Business Bay and forms an integral part of KM Properties’ larger Artisan Cluster. The ground plus 20-storey tower, located near Burj Dubai, proved so popular with investors at Cityscape that 32% of the tower’s units were sold at the show.
This phenomenal demand was fuelled by a pre-launch price incentive, which saw investors and real estate brokers busily closing deals at the KM Properties stand until well after the closing hours of the exhibition.
The Artisan Cluster, spanning built-up area of approximately two million square feet, is an exceptional development happening near Burj Dubai consisting of clusters of iconic towering structures that comprises of hotels, commercials towers and residential buildings. These structural wonders is designed by Terry Farrell and Partners; whom KM Properties signed a strategic joint venture with in July 2007, the renowned designers of Greenwich Dome in London. The tower designs are truly reflective of an artisan’s love for unique beauty enveloped in varied motifs and themes.
