Investing in a suitable property in a premium zone can be highly rewarding for a long-term stakeholder, says Latif Habib, CEO of Fortune 5 Real Estate. Citing Cassia, part of developer G&Co’s Fields master-plan development in the heart of Mohammad Bin Rashid Al Maktoum City District 11, as an example, Habib says, “It’s much easier now to purchase your home in such a community before all the amenities get filled in. There will soon be a time when you find some limitations on the availability of stock and space, especially in a villa segment.”
Cassia promises a lifestyle inspired by its natural surroundings. With easy access to some of the world’s most celebrated attractions, including leading sports facilities such as the beautiful racecourses at Meydan, the golf courses at Badia Golf, Dubai Creek Golf and Yacht Club and Greg Norman’s Earth and Fire championship golf courses, the Crystal Lagoons and sweeping parklands, the biggest attraction of this secluded gated community is the abundance of green spaces.
The development is also minutes away from the Meydan One Mall, which when completed will include the world’s largest dancing fountains, longest indoor ski slope, bicycle and jogging track and several other indoor sports facilities, making it one of the latest attractions of the city.
In an interview with PW, Habib speaks about the importance of location and why Cassia ticks the right boxes.
What makes District 11 or Meydan an ideal location for buyers?
Besides the abundant greenery, District 11 has the longest cycling and running tracks, a tennis academy, golf courses and aqua park and is a great place for sports lovers to be in. Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, the Crown Prince of Dubai, lives, plays and works in the same vicinity and this makes it a very prominent zone in the city. Meydan is an extremely vibrant area that has quite a few villas built and given to executives of Emirates Airline. It is better for the buyers to be a part of this community before all the amenities are built, since this will offer value appreciation to their investment in the long run.
Meydan is also strategically located, just 10-15 minutes’ drive from popular areas such as the Dubai Mall, Downtown Dubai and Dubai Water Canal. Being centrally located, it provides easy accessibility to Al Ain Road 66, former Emirates Road E311, and Al Khail Road. Meydan also has parks, shopping facilities, recreational areas, schools and nurseries.
When will you start delivery of Cassia?
Cassia will have 348 town houses that will be delivered mid-2019. The project consists of four-bedroom G+1 family homes. The middle units of 2,787 sq ft start from Dh3.2 million, and end units of 3,195 sq ft start at Dh3.7 million.
How has the response been from buyers?
We had a soft sales launch six months back, and half of the total project inventory is already sold out. We have also opened a state-of-art sales office on-site for people to come to experience the project, know the location and the developer. We take them through a virtual tour of the Cassia journey. Since its launch, it has attracted many end users to the project.
Who has been buying in Cassia, so far?
We have all kinds of nationalities. Since we released our guaranteed rental income scheme for a limited number of villas, we have also received a huge number of enquiries from investors. We are offering an attractive payment plan of 50 per cent payable between the booking and handover, and the remaining 50 per cent over two years after handover.
Usually, the main concern for investors at the time of transfer is how long it would take to rent their unit. Our guaranteed rental scheme resolves this matter and gives buyers the comfort and confidence to invest in our project. We take over full responsibility from handover and ensure buyers of middle family units a rental income of Dh400,000 (Dh200,000 per year) and buyers of end family units an income of Dh460,000 (Dh230,000 per year) over the next two year.
Historically, the Meydan community attracts a lot of buyers who are living and working in Downtown, Dubai International Financial Centre, Business Bay, Dubai Healthcare City and the airport areas.
We observed that professionals who rented two- or three-bedroom apartments in these zones for over two or three years had outgrown their household space and need an extra bedroom or two, either because their family has grown over the years or extended members of the family come and visit them. They also needed open spaces to relax, but are not comfortable living away from a central location. So Meydan is always a next move for them.
What is your advice for the buyers?
I believe there are only three words that are important in real estate: location, location and location. It is important for customers to acknowledge that when you live in the middle of the city, it is always beneficial in the long run.
The central parts of the city will have limited availability of land, so buy real estate and hold on to it. When there is limited supply in the market, good locations will always prevail with multiple offers. So, when you choose to invest in or buy a home, look for a property in an excellent location with great views. Be aware of what will be built next to your property, ask questions and have an expert to help you. All this will add value to your investment in the future.
