BY Anitha Lakshminarayanan
Tanmiyat Group, a Saudi investment company and property developer fast track their AED 4 billion living legends project in Dubai land that was launched in 2006 before the global economic crisis that hit in 2008. And Plan to handover villas in the middle of this year.
“About 60-75% of the project is over and in the middle of this year, will hand over our villas. Phase-I concrete work is completed, and the infrastructure including the street lights are already done” said Eng. Mohammed Bin Odah, CEO of Tanmiyat group to Emirates Property-what’s your property cravings.
Located in Dubai land with a built up area of 6 million square feet, the project comprises of 500 villas,12 towers with 2200 apartments, three office buildings, a mall, three schools and a hotel overlooking the golf course.
He added “we will be attaching solar heaters to every villa of living legend and recently made an agreement with a district cooling company”.
As Dubai continues to recover with soaring property prices over the last two years, several stalled projects are back on track since then. Another cause for the spike in the real estate prices could be Dubai’s win of the expo 2020 bid.
Eng.Odah said “After Dubai’s win of the expo 2020 bid, the response has been very good, and customers take initiatives to do their bookings and pay money. Now is the best time for those who have invested during the crisis, and now they can benefit from the yield as the appreciation is more”.
Dubai has a mixed bag of investors from all over the world and is well-known for its multicultural background. Now the market has matured to help the end-user and the regulations are in place. RERA(Real Estate Regulatory Agency of Dubai) has addressed the key issues such as the credibility of the developer, flipping, and with the wake of registration fees from 2% to 4% this year; this sector is easier to operate especially to end-users.
Mr.Odah urged “About 108 nationalities have invested in our project. Now it’s a regulated business wherein you cannot start selling if you do not give a bank guarantee of 25% .It builds confidence and Benefits the consumer”
“After central bank had approved, we signed an agreement with Al Noor Bank and two more banks are there in the pipeline. The funding from the banks helps us a lot as they collect money from the consumers once we start delivering the units to them”.
He concluded “At the moment,we are focusing on delivering the units this year and the project is 70% complete”
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