Tuesday 16 July 2019

Fäm upbeat on Dubai Bluewaters units' sales

DUBAI, September 5, 2018

Fäm Properties, one of the UAE's largest real estate brokerages, is witnessing a new wave of investor interest in  prime real estate following the Dh200 million ($54.4 million) residential unit sales at its Bluewaters island development in Dubai.

Located just off the coast at Jumeirah Beach Residence, Bluewaters is a family-oriented island destination featuring a selection of premium apartments, penthouses, and townhouses, as well as almost 200 retail and dining concepts

Currently managing a portfolio of over Dh2 billion for investors, having channelled more than Dh5 billion of investment into Dubai, fäm Properties said 50 per cent of the inventory at Bluewaters had been earmarked for bulk sales for short-term holiday homes based on their ideal location.

The other 50 per cent will go back to the market on resale as the best units available, it stated.

CEO Firas Al Msaddi said a stronger focus on what makes the best buys for short-term holiday home rental or re-sale has been key to investment in the Meraas development, which houses the world’s largest observation wheel, Ain Dubai.

“We have learnt from experience that buying full buildings is not the best strategy for our investors, especially in slow markets, as only the best units perform well on rent or resale,” observed Al Msaddi.

“So at Bluewaters we went into every building and almost every single unit to understand what really were the best properties. The deals secured included the entire front of one building on five floors overlooking the wheel and facing the sea, the Palm Jumeirah and the skyline,” he added.

A purpose built bridge connects the island with Sheikh Zayed Road, while automated vehicles will transport passengers to Bluewaters from Dubai Metro’s Nakheel Harbour and Towers station.

“One of the factors which makes Bluewaters so attractive is that the master developer retains a very big interest in the project because they own all the retail elements and the hotels, “ said Al Msaddi.

“This ensures they will always channel enough traffic to the development and allocate a good marketing budget to promote it locally and globally, which is something investors can leverage,” he added.-TradeArabia News Service

Tags: Jumeirah Beach Residence | Fam |

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