New villa community to come up in Jumeirah
Tuesday May 31 2011
H&H Investment & Development, a Dubai-based property management and development company, is betting high on the non-freehold areas in Dubai and is currently working on developing a villa community in Jumeirah.
“We are working on a residential villa community project in Jumeriah. There will be around 20 to 25 high-end villas along with some retail components. The project is in the design stage,” Shahab Lutfi, Chief Executive Officer, H&H Investment & Development, told Emirates 24|7.
“There are a number of landlords who own land for 20 years now? their cost of land is minimum. And so if you can actually convince them and design a villa that actually commands a price? we believe they will be able to achieve decent returns in today`s market.”
Real estate experts say villas in Jumeirah have been in great demand mostly from GCC nationals. With the unrest in the Middle East region, the demand has soared recently.
According to Lutfi, his company has stopped doing or developing projects in freehold area.
“We actually stopped investing in projects a while back? we are only doing management services and are concentrating on non-freehold areas such as Bur Dubai or Deira? these locations are still very lucrative and you can almost get an occupancy rate of 80 to 85 per cent after completion.”
Stars Dome Realty