Sooma Real Estate Developer, a Dubai-based real estate company, has announced the completion of Al Fouad, one of the first ready residential buildings located in Al Furjan, a 560-hectare master development by Nakheel.

The developer's focus was to ensure timely delivery of Al Fouad along with high quality fixtures and finishes for its flagship project.

The official public launch took place earlier this month and so far, 51 per cent of the apartments have been sold out.

Attractively priced and strategically located between Sheikh Zayed Road and Sheikh Mohammed Bin Zayed Road, adjacent to the Discovery Gardens community, the property houses studios, one-, two- and three-bedroom units.

Fueled by the growth in the economy, combined with the emergence of more affordable housing options, the UAE’s property market is starting to gain momentum once again, with a focus on community-based living spaces.

According to the Dubai Land Department (DLD), 69,000 real estate transactions in Dubai accounted for approximately Dh285 billion ($78 million) transaction value.

The completed and ready-to-move-in Al Fouad development houses 105 apartments all with Dewa connection in place. The tower boasts two retail units on the ground floor, a rooftop swimming pool and gym, and underground/over ground shaded parking, said the developer in a statement.

Buyers are given a choice of closed or open kitchens, and all apartments come with balconies offering villa community and Dubai Marina views. Prices start from Dh850 per sq ft and the Dubai Islamic Bank is providing mortgages to buyers, it stated.

Sooma Real Estate Developer CEO Omar Hafez said: "The completion of our first residential project in one of ‘New Dubai’ popular locations addresses the emirate’s rising demand for family-friendly and affordable communities."

"With forecasts hinting at a rise in the number of first-time home owners in Al Furjan, thanks to enticing returns, attractive prices, post-completion payment plans, and proximity to the upcoming Dubai Metro station, we aim to set a new standard of living with our unique development. As a ready property, Al Fouad apartments bring investors immediate returns," noted Hafez.

Engel & Völkers, exclusive sales partner of Sooma, has announced an attractive payment plan for the prospective buyers, which gives them a chance to pay 30 per cent of the purchase price after moving into the property.

The company also provides around the clock assistance including renting the property to the right tenant.

Al Fouad is just a 15-minute drive away from Ibn Battuta Mall, 15 minutes away from Dubai Marina, 18 minutes from Al Maktoum International Airport and 30 minutes from Downtown Dubai.

The extension of the Dubai Metro network to connect the Expo 2020 site will make Al Furjan accessible by metro, further enhancing the connectivity. Besides Al Fouad, Sooma Real Estate Development has many new projects in the pipeline in the same area.-TradeArabia News Service