Park Investments, a newly formed real estate investment firm in the UAE, has launched Park Villas, a residential project worth Dhs270 million in Jumeirah Village Circle.
The residential development spans a total area of 365,000 square feet and will comprise 93 four bedroom villas spread across two floors and equipped with a personal elevator, the company said.
Villa sizes in the project range from 3,168 square feet to 3,322 square feet with an option to add a swimming pool. Other amenities at each villa include balconies, fully equipped kitchen, two covered car parks and fitted wardrobes amongst others.
Pre-launch prices start at Dhs2.9 million, the company said.
The developer said that it is also offering an easy payment scheme where buyers are required to pay just 50 per cent of the amount during the purchase while the rest could be paid after the handover.
“Dubai Property market is buoyant once again with healthy and promising returns,” said Parminder Singh Sehgal, executive chairman, Park Investments.
“The regulations in place by the government now make both the developer and investors very confident of the future growth prospects. We felt it was the best time to enter the Dubai real estate and catch up with the momentum.”
Singh said that construction work on the project has already begun and is scheduled to be completed by the first quarter of 2016.
The strong recovery in Dubai’s property market has attracted many new developers looking to tap into the emirate’s real estate boom.
Earlier this year, building materials firm Danube Properties, the real estate arm of the building materials firm Danube, launched a Dhs500 million residential project next to the Discovery Gardens. The project, Dreamz by Danube that had villas starting at Dhs2.5 million, sold off all its units in the first day of sales.