Dubai Developer Arady To Handover Units At DIFC Tower From March-End

The Central Park Residential Tower in DIFC consists of 426 apartments.

Dubai-based Arady Developments, a joint venture between Dubai Properties Group and Deyaar, announced that the handover of residential units in its Central Park project in DIFC will begin this month.

Customers have been asked to book an appointment to complete the snagging of their units from March 15, 2015, a statement said.

The handover of penthouse apartments, two and three duplex apartments, studios, as well as one and two bedroom apartments will start on March 31, it added.

The 48-storey Central Park residential tower, spread across 575,000 square feet, comprises 426 designed apartments with floor-to-ceiling windows offering views of the DIFC, Zabeel Park and Jumeirah.

The three-bedroom duplex apartments span 2500 sq feet, while penthouses are spread across 6500 sq feet.

The first phase of the residential tower, launched for sale in September 2013, was sold out during the two-day event, the company said. Handover was initially slated to begin in the second half of 2014.

The overall Dhs4 billion Central Park project is spread across over 1.57 million square feet, with one residential and one commercial tower inter-linked by a landscaped podium area. Amenities include a gym, swimming pools and dining outlets.

Arif Mubarak, CEO, Arady Developments, said: “The project seeks to meet the demands of buyers who would like to establish a foothold near DIFC and also provides a valuable investment opportunity for companies and individuals in high-end properties.”

Dubai’s property market is expected to see a steady supply of new units this year as developers complete and handover projects.

Up to 12,000 apartments and over 2,000 villas will be added to the city’s existing inventory in 2015, property consultant Asteco said in a report last month.

Increasing supply and a better regulated market also mean that prices will stabilise, say experts. A report by JLL predicted that average residential prices will either remain flat or decline by up to 10 per cent this year.