City Properties launches debut residential tower

UAE-based City Properties has announced the launch of its maiden real estate project, Al Haseen Residences in Dubai South. It is the first of the 10 residential buildings the developer plans to construct in this area. It is the property development arm of leading UAE real estate service provider City Tower Real Estate, a company that manages over 90 buildings and over 5,000 units in the emirates. City Properties also introduced its innovative payment plan called the Cityflex Ownership Plan, which provides a variety of investment options that meet an investor’s financial planning needs. Currently under construction and expected to be completed in the first quarter of 2019, Al Haseen Residences is a G+6 tower valued at Dh100 million ($27.2 million) situated in a prime locality. A 5-minute drive from Al Maktoum International Airport and other key landmarks such as Expo 2020, Dubai Parks and Resorts, Jebel Ali Free Zone, the tower comprises 138 units including studio, one- and two-bedroom apartments, incorporating all modern amenities such as a swimming pool, separate gymnasiums for men and women, covered parking, central AC and a beautiful waterfall lobby entrance. “Having been in the real estate business for over 20 years, we can confidently say we understand the real estate market and the needs of investors,” remarked Tauseef Khan, the chairman of City Properties and City Tower Real Estate. "Our vast experience has taught us that we can make home ownership a possibility for everyone in the UAE if we offer an affordable alternative to renting, especially since rents often fluctuate and are subject to variations," remarked Khan. "It is with this idea that we decided to venture into property development," he noted. With the studio apartment priced at Dh376,200 and a one-bedroom apartment at Dh739,000, investors can own these units by paying Dh2,020 per month and Dh3,695 per month respectively, using the Cityflex Ownership Plan. “With Expo 2020 around the corner and with Al Maktoum International Airport forecasted to be the busiest airport in the world, this area of Dubai will continue to attract a lot of interest. In addition, we expect the population in this area, which many consider to be a city within a city to increase to more than a million in the years ahead,” he added. Following an initial payment of five per cent to book the apartment, Khan said the home owners will be required to pay an additional five per cent of the property value every quarter until handover, which will amount to 40 per cent of the property value. Designed to match the funding ability of most individuals living in the UAE, the Cityflex Ownership Plan includes a variety of ultra-flexible ownership options for the balance 60 per cent payment such as post-handover, interest-free payments for up to 10 years via 120 instalments. In addition, investors also have the option to exit the payment process at any time during the payment period by providing a one-year notice. The ownership plan is designed to guarantee investors peace of mind and has no hidden fees, he added. "In order to truly convert tenants to owners, we recognised the need for flexible payment options to help everyone realise their dreams of owning a home in the UAE," explained Khan. "Any individual who plans to rent a home for at least a decade has the potential to own a home at Al Haseen Residences with Cityflex as there are various payment options to suit all requirements. With majority of the payments made after possession, the monthly installments we offer are also more cost effective when compared to average rents in the market today,"