OFFPLAN REAL ESTATE: CENTURY TOWER SELLS OUT ALMOST ENTIRE INVENTORY ON LAUNCH DAY
Buyers’ trend to focus on reliability, quality contractors, has grown following Dubai’s recent storms
Dubai, UAE, 24 June, 2024: The launch of Century Tower, a 23-floor residential building in Dubai’s Business Bay, has brought an overwhelming response from property investors, with 190 of the 210 available apartments selling on the first day.
The project marks a milestone for Al Shafar National Contracting, one of Dubai’s leading construction contractors, in conjunction with AMBS Real Estate Development, and fäm Properties, whose master agency was responsible for the strategic planning and market research.
Firas Al Msaddi, CEO of fäm Properties, says the development underlines key elements that can ease concerns of off-plan buyers, and also highlights a buyers’ trend to focus on reliability, and quality contractors, which has grown following Dubai’s recent storms.
“This response from investors can be attributed to the trusted reputation of Al Shafar, whose foray into building off-plan properties for sale has instilled significant confidence among buyers,” said Al Msaddi.
“Many who purchased units in Century Tower have already asked about their future projects. This shows how a reputation for quality construction and timely delivery, added to high income-generating assets, can alleviate common concerns about off-plan projects, and reinforce buyer confidence.”
Added Al Msaddi: “Dubai’s real estate market is seeing a shift towards reliable and well-built properties. The climate leads to faster wear and tear on buildings, making durability a top priority for residents.
“The recent flooding further highlighted this need, prompting buyers to seek out developments built to withstand these demanding conditions, and offer long-term value.”
Century Tower was designed to meet a gap in the market for uniquely crafted residences in Business Bay’s Golden Triangle. The building’s design and layout, as well as the project specifications, were the result of in-depth market research and analysis by fäm Properties’ master agency.
Unlike typical off-plan projects that sell before construction, building work was significantly advanced before the launch of sales, to give investors extra confidence.
“This reduced risk, added to the building’s prime Business Bay location, distinctive design, and focus on both investment and premium living, made it stand out in meeting buyer needs,” said Al Msaddi.
“We’re proud of our partnership with Al Shafar National Contracting, and eagerly anticipate launching their next project in October, continuing to raise the bar through strategic collaboration and market analysis.
“The rapid Century Tower sell-out showcases the strength of Dubai’s real estate market, and the importance of trusted developers and thorough planning. As demand surges, projects like this ensure a vibrant and attractive market for end-users and investors.”
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