Mohammed Bin Rashid Al Maktoum City, a community destination and prime residential location in Dubai, UAE, will see the development of a Dh1-billion ($272.2 million) luxury residential project titled ‘Jade at the Fields.’

The project, to be developed in the District 11 of Mohammed Bin Rashid Al Maktoum City, is being sold and marketed by SPF Realty, a leading real estate broker in the UAE’s freehold property sector, said a statement.

‘Jade at the Fields’, a gated residential community consisting of 360 premium townhouses of contemporary style, is expected to break ground by mid-2016.

G&Co has appointed SPF Realty for Jade at the Fields project as a continuation of their successful association after receiving overwhelming response for its previous two projects – the Dh1.5 billion ($408.39 million) Millennium Estates, and the Dh2.7 billion ($735 million) Grand Views at Millennium Estates, both of which were exclusively marketed and sold by SPF Realty.

Kalpesh Sampat, director of SPF Realty, said: “Jade at the Fields is set to be the first choice for property investors in Dubai market, with demand for premium homes in the city increasing. With this prestigious project, we aim to meet the high demand for a project with all the perfect elements that the market demands.

“The sprawling green gardens and picturesque landscaping of Jade at the Fields community will be home to 360 spacious townhouses of three and four bedrooms. This community is set to offer a community pool and gym, retail space, landscaped garden, parks and kids play area, and other modern amenities.”

“The off-plan freehold properties - three- and four-bedroom townhouses - are offered at low prices per sq ft, with a starting price of Dh2.26 million ($615,000), and 35 per cent of the property value is payable easily in half yearly instalments over a period of 30 months,” said Sampat.

“The payment plan allows the buyer to book the property at a five per cent down payment (plus four per cent Oqood), and six per cent payment every six months until completion of the project. Payment of the next 15 per cent of the property value is payable on handover of the property, and the remaining 50 per cent is payable in quarterly instalments over three years after handover of the property. Ground-breaking of the project will be made in the first half of 2016, and its completion is expected in the third quarter of 2018,” he said.

The Mohammed Bin Rashid Al Maktoum City is a multi-billion-dollar city project, which will include the world's biggest shopping mall, a universal family theme park and a park that is a third bigger than Hyde Park in London, said the statement.

‘Jade at the Fields’ has a serene setting at the heart of the Mohammed Bin Rashid Al Maktoum City, inspired by the greenery and openness of nature infused with a subtle oriental influence, it said.

Investors of any nationality, irrespective of their residency status, can buy properties in Jade at the Fields. The property purchased by an expatriate will be put in his/her name for life, which will allow the buyer to register the property in Dubai Land Department.

The owner will then have full rights to the property, including the right to sell, lease or rent it at his/her own discretion. This property can also be inherited, in line with Dubai Government laws, it added. - TradeArabia News Service