Latest news with #HarborRealEstate
Khaleej Times
25-05-2025
- Business
- Khaleej Times
Dubai: First freehold residential, commercial project launched on Sheikh Zayed Road
A significant milestone in Dubai's real estate landscape has been reached with the launch of the first freehold residential and commercial development on Sheikh Zayed Road. The landmark project, AA Tower, is a 60-story high-rise set to rise on a plot of 10,000 sqft. It will feature 369 residential units — comprising 195 one-bedroom, 198 two-bedroom, and 3 three-bedroom apartments — alongside 26 office spaces and 5 retail outlets. This launch follows an announcement by the Dubai Land Department (DLD) on January 19, which declared that 457 plots along Sheikh Zayed Road and in the Al Jaddaf area are now eligible for freehold ownership. Specifically, this includes 128 plots stretching from the World Trade Centre Roundabout to the Water Canal, and 329 plots in Al Jaddaf. 'The market is looking forward to a strong launch, as this project sets a new benchmark and reinforces Dubai's global reputation for delivering exceptional and distinctive investment opportunities under the freehold system,' said Mohanad Alwadiya, CEO of Harbor Real Estate, the exclusive sales agent of the project. Harbor Real Estate said Ahmed Mostafa Ahli Investment Group has launched the first freehold residential and commercial units on Sheikh Zayed Road. Sheikh Zayed Road is one of the most sought-after locations for residential and commercial properties of its prime location and major landmarks in the vicinity such as Dubai International Financial Centre (DIFC), Burj Khalifa, Dubai Mall, and Dubai World Trade Centre among others. It also provides easy connectivity between Old and New Dubai. Owners will also have the option to merge one-bedroom and two-bedroom units to suit their preferences. Prices for residential apartments in AA Tower range from Dh2.932 million to Dh5.4 million — an average of approximately Dh3,544 to Dh4,578 per sqft. Meanwhhile, office spaces are priced between Dh2.232 million and Dh7 million. Retail stores start at Dh12.136 million and go up to Dh25 million. For residential units, the payment plan begins with a 28 per cent down payment, followed by 12 quarterly payments of 6 per cent.
Zawya
25-05-2025
- Business
- Zawya
For the first time in Dubai's real estate history: Launch of AA TOWER – The first freehold project on Sheikh Zayed Road
Dr. Mohanad Alwadiya: The project is a game-changer in Dubai's real estate market Dubai, United Arab Emirates – In an unprecedented move that reflects the evolution of Dubai's real estate sector and the growing investment opportunities in the city center, Ahmed Mostafa Ahli Investment Group has announced the launch of sales for the first fully freehold residential and commercial units on Sheikh Zayed Road. These units are part of the group's flagship development, AA TOWER, which is one of the latest and most prominent mixed-use towers in the area. The project will be officially unveiled at an exclusive launch event organized by the group in collaboration with Harbor Real Estate, the exclusive sales agent, on Tuesday, May 27, at the V Hotel in Al Habtoor City. The event will be attended by leading investors and real estate professionals from across the region. AA TOWER marks a milestone as the first mixed-use project to be included in the fully freehold market. This follows a recent decision by the Dubai government allowing private property owners on Sheikh Zayed Road to convert their properties into freehold ownership accessible to all nationalities. The move has significantly enhanced Dubai's appeal on the global investment stage, both for institutions and individual investors. Commenting on the project, Dr. Mohanad Alwadiya, CEO of Harbor Real Estate, said: 'AA TOWER is a game-changer in Dubai's real estate market. Its strategic location on Sheikh Zayed Road—one of the most iconic and important avenues in the city—creates wide-ranging opportunities for investors from within and outside the UAE. The market is looking forward to a strong launch, as this project sets a new benchmark and reinforces Dubai's global reputation for delivering exceptional and distinctive investment opportunities under the freehold system.' The 60-story AA TOWER is built on a 10,000 square foot plot and comprises 369 residential units, including 195 one-bedroom apartments, 198 two-bedroom apartments, and 3 three-bedroom apartments. It also features 26 office units, 5 retail stores, and 447 parking spaces. Floors 1 to 51 each include only eight apartments, ensuring privacy and exclusivity. Floors 52 and 53 offer larger two-bedroom apartments ranging between 1,700 and 2,100 square feet. Owners will also have the option to merge one-bedroom and two-bedroom units to suit their preferences. Strategically located on Sheikh Zayed Road, AA TOWER boasts direct views of Burj Khalifa, Downtown Dubai, and Jumeirah Beach. The tower is also close to iconic destinations such as City Walk, Dubai International Financial Centre (DIFC), Museum of the Future, World Trade Centre, Mohammed Bin Rashid Boulevard, and The Dubai Mall. It offers convenient access to major highways, public transportation, and Dubai Metro. The location is surrounded by top-tier restaurants, cafes, international schools, and hospitals. AA TOWER also includes a full range of luxurious amenities, including a signature swimming pool, a modern gym, an indoor cinema, a multi-purpose event hall, a prayer room, and a barbecue area. Apartments are available with both open and closed kitchen layouts and are finished with high-end materials from premium brands. What sets AA TOWER apart is its flexible post-handover payment plan, a rare offering among ready-to-move-in properties in such prime locations. For residential units, the payment plan begins with a 28% down payment, followed by 4% registration fees to the Dubai Land Department, AED 3,000 in administrative fees, and 12 quarterly payments of 6%. For commercial spaces, the payment plan includes a 40% down payment, 4% DLD registration fee, 5% VAT, AED 3,000 in administrative fees, and 12 quarterly instalments of 5%. Prices for residential apartments in AA TOWER range from AED 2.932 million to AED 5.4 million (approx. AED 3,544 to AED 4,578 per sq. ft.). Office spaces are priced between AED 2.232 million and AED 7 million (approx. AED 5,205 to AED 5,375 per sq. ft.). Retail stores start at AED 12.136 million and go up to AED 25 million (approx. AED 7,829 per sq. ft.). About Harbor Real Estate Harbor Real Estate is a leading real estate services company based in Dubai and is part of a global group of real estate companies founded in Australia in 1972. Harbor's services include research and investment advisory, marketing, sales and leasing services, property management, project management, and development supervision. Harbor Real Estate serves a vast client base of major developers, institutional investors, and individual buyers. The company is proud to offer a team of award-winning consultants, with deep expertise and insight into local and international markets. Harbor is committed to providing effective real estate solutions tailored to the needs of its clients. Harbor Real Estate has earned the Golden Rating from the Dubai Land Department for seven consecutive years and has been ranked among the top five real estate companies by Forbes. Harbor has also been recognized as the Best Property Management Company in the UAE by Property Times
