KUWAIT CITY, June 7: Al Mazaya Holding has handed over 2,300 housing units to their owners in Q-Point project, a landmark development for the medium housing group at Dubailand, after the successful completion of construction work.
The first phase of another development project, Q-Line, has been sold out 100 percent. The construction of the second phase, comprising 253 units, will be completed on its scheduled date early next year, the company announced today.
Q-Point is one of the key projects developed by Al Mazaya Holding for medium housing segments in Dubai over the recent years. The project witnessed great interest among end-users looking for affordable housing as well as buyers searching for attractive investment opportunities.
The remarkable success of Q-Point development encouraged Al Mazaya Holding to develop an integrated series of projects that now includes Q-Line and Q-Zone, increasing the project’s total number of units to 5,000.
The first phase of Q-Line project comprising 229 units has been sold out and handed over to their new owners. The work is under way to deliver the second phase units by early next year. The project features four residential buildings with modern infrastructure and a variety of residential options including, studio, one-bedroom and two-bedroom apartments. The construction work of the project is progressing as per schedule.
Commenting on the company’s growing focus on the middle-income and affordable projects, Group Chief Executive Officer, Eng Ibrahim Al Saqabi said: “We are proud of this achievement. Today, Al Mazaya is one of the leading real estate developers in the UAE and as well as the Gulf region, particularly in areas addressing the requirements of middle-income segment of the society. This translates into the wise vision adopted by the company’s Board of Directors and Executive Management to develop real estate products at competitive prices without compromising on quality and finishing in Dubai where most of the real estate projects are upscale developments addressing high-income elite class.
“We launched Q-Line project in Dubailand following the remarkable success of the previous phases of Q-Point project, which attracted a large number of UAE nationals, residents and foreign investors. Q-Line is a new development project dedicated to the middle-income group with high-quality specifications and finishing.
“The company is eagerly looking for new investment opportunities in Dubai, especially in Dubailand area. We have solid belief in the strong potential of the Dubai real estate market and high prospects of success awaiting the projects to be implemented in this part of the city.
“The company has managed to establish an integrated residential compound in Dubailand that fulfils the requirements of different segments of the society and also meet the growing needs of medium housing real estate developments in a high-income society that enjoys opulent standards of living, said Abdul Latif. The project will help to improve the balance between demand and supply in a way that meets the ambitions of all segments of the society, he added.
Mazaya Real Estate FZ ,Chief Executive Office in Dubai, Khaled Abdullatif said that Mazaya recently announced a major marketing campaign for Q-Point and Q-Line projects for the Holy Month of Ramadan, offering residential units with a starting price tag of AED 670,000 at a 10 percent advance payment. More interesting, the company is waiving both registration fees, which account for 4 percent of the property’s total value, as well as service charges for the first two years. These offerings will help save a lot of money.
“The QPOINT and QLINE projects are a truly promising business opportunity, which stand out in the current real estate market. Moreover, these projects will be boosted by EXPO 2020 in Dubai,” he added.
As well, Al Mazaya announced the opening of Qline phase two for sale offering residential units with a starting price AED 470,000.
Q-Point and Q-Line are distinctively located at the intersection of Emirates Road and Al Ain Road in Al Liwan area in Dubailand, which is a 20-minute drive from the Dubai International Airport, Dubai International Financial Centre, Downtown Dubai, and Burj Khalifa. Offering annual rental yields of not less than 9 percent, the projects boast enviable prospects for success once all construction works and infrastructural services will be completed, including gardens and waterfalls.