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17-storied freehold residential development close to70 per cent complete, to be handed over in Q4 2016; Offers flexible payment options to prospective buyers
Dubai, UAE - Dubai-based realty major, Radiant Star, today unveiled AED 325 million `Riah Towers,' a 17-storied freehold development at the Dubai Culture Village, offering prospective investors and end users 156 residential units and four commercial spaces near the central business district of Dubai.
Announcing the launch of the development at a press conference, Radiant Star and their JV partner said that `Riah Towers,' overlooking the historic Dubai Creek is close to completion and will be ready for handover in Q4 2016.
Elaborating on the project, Balaji Parthasarathy, Director, Radiant Star Group of Companies, said: "We are confident that `Riah Towers,' will add to the skyline of Dubai Culture Village offering end users and investors best-in-class residential accommodation in a natural ambience with architectural excellence influenced by the Emirati culture."
"The fact that we are nearing completion of the development, with major construction milestones achieved, makes `Riah Towers,' an exclusive and compelling proposition in Dubai's realty market which is now driven by a sustainable and increasing demand from end users," he said.
`Riah Towers' will comprise six duplex penthouses, 45 one-, two- and three-bedroom units each, 15 studios and four units of commercial spaces. All apartments are equipped with modern and luxurious fittings with carefully planned entrance lobby, retail spaces and public areas.
"Dubai's residential real estate market has passed through major overhaul in the last three years and market preference for projects nearing completion and completed ones are high on the agenda and the significance of Riah Towers as a mature and prudent investment comes in this context," Mr. Parthasarathy said.
"Banks and financial institutions also prefer projects which are completed or are in advanced stages of completion and this makes it comparatively easy for investors to access mortgage finance," he said, adding that the location of the development closer to Old Dubai and its age-old charm is yet another value addition.
Dubai Culture Village located along the shorelines of Dubai Creek is being developed by Dubai Properties Group of Dubai Holding to be a world-class destination that will blend old and new world appeal with a modern and sophisticated ambience. In line with the positioning of Dubai Culture Village where the rich Middle Eastern history and heritage of ancient Dubai mingles, `Riah Towers' reflects the spirit of this master community.
Studios in `Riah Towers,' will range from 450 to 700 square feet while penthouses will be in the range of 4,000 to 5,000 square feet. One-bedroom units range from 700 to 1,000 square feet, two-bedroom units from 1,100 to 1,600 square feet and three-bedroom units from 1,600 to 2,300 square feet.
In addition to 24-hour security, `Riah Towers' will also have a number of recreational facilities including a state of-the-art swimming pool, well-equipped gymnasium for men and women and steam and sauna for men and woman. The project is close to Palazzo Versace, Jadaf Metro Station and the Canal Shopping Promenade.
Elaborating on the realty market, Mr. Parthasarathy said: "Dubai's property market continues on the recovery mode and with the rapid infrastructure development taking place in the context of EXPO 2020 and other positive indicators of strengthening non-oil economy of the emirate, we are confident that the upswing will sustain in the long-term."
"Coupled with this is the high rental yield in Dubai which is even today higher than the global average, that makes investing in Dubai a sensible decision," he said.
Radiant Star is also offering flexible payment options to prospective buyers in `Riah Tower,' apartment from conventional payment plans. "Our flexible payment options are designed for ease of entry wherein investors will pay only ten percent at the booking and the rest divided over phases until one year after handover. Post-booking investors could opt to pay 15 percent in two months, 25 per cent in six months and the rest after handover.
The fact that Radiant Star decided to launch the project post 70% completion reflects the credibility and the strength of the developer.
About Radiant Star Group of Companies
Radiant Star is an international group with core activities in properties development, management and other allied services. The Group has the backing of a management team having extensive hands on experience in developing commercial, Hospitality and residential buildings that are deemed to be outstanding works of perfection centered primarily in the UAE and India for various clients. Their foresighted vision, technical expertise, professional management and timely completion of projects are all contributors to their overall success. Current projects include The Habitat at Jumeirah Village Circle a development that encompasses 13 contemporary-styled villas/ town houses, Riah Towers a majestic tower nestled within the world-class Culture Village, and Condor Classic, a high-end residential building at Jumeirah Village Circle.www.radiantstar.ae
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© Press Release 2016
