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|09 January, 2018

Lootah Real Estate Development acquires new residential property in line with its 2020 strategy for assests portfolio

Lootah Real Estate Development acquires new residential property in line with its 2020 strategy for assests portfolio

·         Increasing assets portfolio and market share are at the core of the company’s 2020 strategy

·         New acquisition to introduce 100 residential units to property market

Lootah Real Estate Development, one of the region’s prominent modern real estate developers, today announced the acquisition of a new residential property in “International City Phase 3”. The acquisition comes in support of the company’s 2020 strategy which focuses on growing the existing assets portfolio and expanding its market share in the region.

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Lootah Real Estate Development will finalize the remaining 40% of construction work on the B+G+7 residential building including the enhancement of façade and other facilities, and will hand it over for leasing in Q1 of 2018. The “Lootah Residence II” building will feature 100 apartments comprising 38 studios, 48 one bedroom apartments and 14 two-bedroom apartments, in addition to a state of the art gymnasium and covered parking spaces. Located in “International City Phase 3”, the property will offer future residents and investors a cosmopolitan community experience, a wide range of sports facilities, lush communal green spaces and efficient community infrastructure.

Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development said: “We have a very positive outlook on the future of the real estate market in the UAE, and we believe that the Dubai property market will only grow and mature in the years leading up to 2020. The demand on new projects and the size of investments entering the country are on the rise”.

“International City is a flourishing residential district, and we’re looking forward to contributing to this community through innovation and creating a residential property that reflects our culture of excellence and unswerving commitment to provide the very highest standards of living” he added.

Translating the brand USP within the upcoming project, Lootah Real Estate plans to deliver innovation and luxury without missing on affordability through flexible payment options for tenants.

More information about Lootah Real Estate Development can be found at www.lootahdev.com.

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About Lootah Real Estate Development:
Since the inception, Lootah Real Estate Development has acted as the pioneering real estate development arm of Lootah Holding. Through a culture of excellence and an unswerving commitment to provide the very highest standards of living, Lootah Real Estate Development’s employees have not only achieved, but exceeded, the most ambitious goals. Already over 1,000 units have been delivered to satisfied occupants, with many more planned for the future.

Lootah Real Estate Development successfully launched Ewan Residences in Dubai Investments Park and Shammal Terraces in Jumeirah Village Circle. Ewan Residences, comprises 85 buildings with up to 12 apartments in each block. The apartment blocks have been designed in a unique manner to make them suitable to own or rent. Ewan Residences is a secure, gated community with beautifully landscaped gardens, a state-of-the-art recreation centre, swimming pools, jogging tracks, and community facilities that include a shopping centre and play areas for children throughout the community.

Recently, Lootah Real Estate Development handed over its new freehold project to numerous proud buyers. The project comprises 259 studios and 1 bed loft apartments. This aesthetically appealing landmark offers a superlative swimming pool, state-of-the-art gymnasium and an invigorating sauna. Winner of the prestigious International Real Estate Award, 2016, Shamal Residences features exceptionally high-quality construction, imaginative interior design and a charm and ambiance of its very own.

© Press Release 2018

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