Al Soqabi : Al Mazaya underlines importance of real estate investment at Dubai's medium housing sector

Khaled Abdullatif: Project apartments offered at attractive rates for limited time

• Al Mazaya real estate portfolio strengthened by a variety of residential units in Queue Pointand Q-Line developments in Dubai Land
• Over 5 million square feet of medium housing projects developed by Al Mazaya in Dubai Land
• Over 2 million square feet of land developed
• Queue Point fully completed; 96% completion of Q-Line; over 3,000 units handed over to owners

Al Mazaya Holding has launched a new batch of its Queue Point and Q-Line projects in Dubai Land as part of the company's end-of-year promotion campaign.

Eng. Ibrahim Al Soqabi, Group CEO of Al Mazaya holding company said: “since Al Mazaya’s inception, the company has been keen to diversify its business portfolio in a manner that ensures the continuity and sustainability of its operations. At the same time, the company seeks to avoid and mitigate risk factors whilst ensuring efficient geographical diversification for its projects across the GCC region and Turkey, with a number of international markets in Europe and North America now being considered.

And he added: “Through its Q-branded projects, Al Mazaya has succeeded in developing an integrated residential compound with high-quality finishes that provide a modern and practical lifestyle which meets the needs of various segments of society. Furthermore, a residential compound that enhances the concept of medium housing projects and fulfils the urgent need for such projects, especially in high-income communities. Such developments are of increasing importance and boast a promising future, especially upon the full completion of their aesthetic qualities, including outdoor decorations, lakes, and greenery”.

He noted that: “In response to the growing demand for ready-to-move-in units, the company has launched residential apartments as part of Queue-Point's 3rd phase and Q-Line's 2nd Phase, all of which are ready for handover and include studio, one-bedroom, two-bedroom, and three-bedroom flats. The flats are available in different sizes and designs that correspond to various segments, including end-users and investors”.

Al Mazaya has completed construction of over 3,600 residential units or 82% of the total 4,400 housing units within its Dubai Land-based development projects. The initiative sprawls over an area of 2 million square feet and a total building area of more than 5 million square feet spread across 48 buildings.

Mr Khaled Abdullatif, Chief Executive Officer of Al Mazaya Real Estate - Free Zone, said, “Queue Point and Q-Line in Dubai Land have become a smart choice for those seeking medium housing units, not only in Dubai, but throughout the region. They have proved to be a real estate success that meets needs of large segments of society for permanent residence in the heart of Dubai. In addition, Al Mazaya reduces the annual service fee to a very competitive rate. Across the two projects, Al Mazaya boosts real investment opportunities, ratcheting the annual percentage yield up to 9%.”

The Queue-Point and Q-Line projects introduce added value on account of their strategic location in Dubai Land at the intersection of Mohamed bin Zayed Road and Al Ain Road. The position boasts a close proximity to many of the most dynamic and key tourist destinations in the emirate, including Dubai Downtown, Burj Khalifa, Dubai International Village, Dubai World, as well as many other leisure and tourism attractions recently launched by Dubai as part of its preparations for Expo 2020.

Additionally, the Road and Transport Authority’s is expanding and developing the Al Ain Road as part of the emirate's overall development drive, which will enhance access to and from the project. This results in raising the number of lanes from three to six, making it accessible from multiple directions.

The strategic location of the two projects is also one of the crucial factors attracting tenants seeking competitive prices. Moreover, those looking for homes that spare them the trouble of commuting and driving long hours from other cities to and from work.

Mr Abdullatif stressed that current market conditions entail the development of smart options for residential units with high-end finishes that comply to the needs of different segments of society. He added that developers have to diversify their projects in order to meet the different needs of middle and high-income categories, and provide projects ranging from medium-to-luxury housing.

Al Mazaya’s end-of-year offers include the immediate delivery of ready-to-move-in residential units. What is more, the offer includes exemption from Dubai Land Department's registration fees which amount up to 4% of the property value in addition to mortgage options through all banks and financial institutions in the UAE.