ETA Star, a leading freehold property developer in the UAE has announced that its AED 700 million project, The Summit, a 38-storeyed commercial and office tower located between Dubai Media City and Dubai Marina on Sheikh Zayed Road has received an overwhelming response from investors, with over 70 per cent of the project sold out, within a week of its launch.
The Summit is a modern tower that has the distinction of offering the first-of-its-kind condo office concept which guarantees occupancy and investment return through a special rental pool system. ETA Star has partnered with Colliers International, a global real estate property consultancy firm, to lease and manage the office units in the tower.
Commenting on the success, Abid A. Junaid, Executive Director, ETA Star said: “This level of interest from investors was expected, given the fact that The Summit is the first commercial tower in the region to offer the condo office concept. Moreover, The Summit’s excellent location make it a sound investment proposition for investors who are looking for a steady return on their investment.”
ETA Star is partnering with Colliers International Middle East to offer outright buyers the option of leasing out office spaces by placing these in a rental pool. Investors in The Summit will thus be guaranteed of steady occupancy without having to involve themselves in leasing and rental tasks. Colliers will take over the management and leasing of offices and will pass on rental incomes to the respective owners.
“The tremendous investor response to The Summit is a reflection of the maturity of UAE’s property market which is open to new and innovative concepts. We are glad to be working with ETA Star for this project and offer our vast experience and local market knowledge,” said John Davis, Chief Executive Officer, Colliers International Middle East.
The Summit takes its name from the tower’s imposing design and offers a total built-up area of approximately 1 million square feet and priced at AED 1250 to AED 1400 per square foot. Comprising four basement floors, a ground floor for commercial space, six parking podiums and 31 floors of office space, the tower will bring a total of 420 small office units ranging from 1100 to 1200 square feet.
Another factor that has contributed to the impressive sales of The Summit is the customer-friendly finance options provided by First Gulf Bank, which is offering up to 80 per cent finance.
“Achieving 70 per cent sales for an office tower within a week of its launch is certainly commendable, and First Gulf Bank is more than pleased to be a part of this success. We have responded to this wonderful project with a On-the-spot approval the success of which is evident from the number of loan applications we have been receiving in the last few days,” said Javed Afzal, Vice President & Head of Retail Loans & Mortgages, First Gulf Bank.
