Dubai has allowed private developers to re-purpose existing projects on Sheikh Zayed Road
Dubai: One of the ‘legacy towers’ on Dubai’s Sheikh Zayed Road is going freehold.
The AA Tower – owned by Ahmed Mostafa Ahli Investment Group – features apartments and offices and their sales set the stage for one of the landmark decisions made by the Dubai government to turbo-boost its freehold property market.
istings show a 1-bedroom at AA Tower for Dh3.4 million to Dh4.5 million.
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It was early this year that Dubai allowed private developers with buildings or plots in Sheikh Zayed Road and al Jaddaf to re-purpose them to sell as freehold to all nationalities. For Sheikh Zayed Road, this instantly meant investors having access to more freehold possibilities at existing towers – even when new ones like Burz Azizi and Trump Tower are getting built.
“Enabling private property owners in the designated areas in Sheikh Zayed Road area and Al Jaddaf to convert their properties to freehold ownership will drive significant growth in Dubai’s real estate sector,” said Marwan Bin Ghalita, Director-General of Dubai Land Department, at the time of the announcement.
The AA Tower was among the initial set of high-rises built as Dubai foresaw possibilities from expanding and widening the areas in and around Sheikh Zayed Road.
The 60-story AA TOWER has 369 residential units, including 195 one-bedroom apartments. There are also 26 office units, 5 retail stores, and 447 parking spaces.
Owners have the option to merge one-bedroom and two-bedroom units to suit their preferences.
On and off Sheikh Zayed Road is super-prime when it comes to Dubai’s freehold market options.
AA Tower is a game-changer in Dubai’s real estate market,” said Mohanad Alwadiya, CEO of Harbor Real Estate.
“Its strategic location on Sheikh Zayed Road—one of the most iconic and important avenues in the city—creates wide-ranging opportunities for investors from within and outside the UAE.
“The market is looking forward to a strong launch, as this project sets a new benchmark and reinforces Dubai’s global reputation for delivering exceptional and distinctive investment opportunities under the freehold system.”
In January, Dubai unveils new initiatives
That’s true. Dubai property market sources have been looking forward to the first set of newly converted freehold options on Sheikh Zayed Road opening up after the Dubai Government decree announced in January last. (In fact, this was the second major announcement that Dubai made regarding its property market that month – the first, of course, had to do with the updated ‘smart’ Rental Index…)
As per the Dubai initiative, 457 plots were eligible for conversion to freehold, of which 128 plots are along Sheikh Zayed Road and 329 in Al Jaddaf, which too has been seeing significant new project activity.
SZR gets Burj Azizi, Trump Tower
Recent weeks have only raised the spotlight on Sheikh Zayed Road, with the Burj Azizi skyscraper and then the sales launch of the 80-storey Trump Tower.
Now, there should soon be other existing towers on SZR that will go freehold. “There is a readymade investor base for Sheikh Zayed Road properties, whether new or existing,” said an estate agent. “With the expansion of new projects to the Water Canal and Al Safa areas, there’s plenty to choose from.”
The Casa Tower on the Dubai Water Canal. The Dh2.75 billion project is not stinting on the luxury living options
The luxury living focused AHS Properties has just introduced Casa AHS, a Dh2.75 billion project on the Dubai Water Canal. There will only be 32 residences within it, including ‘sky villas and mansions’ as well as ‘sky palaces’. The living space spread is generous, at between 5,088 square feet to 29,700, and there will be private elevators.
According to one estate agent, “The Sheikh Zayed Road freehold living and investing options are in for another boom-time. That’s for sure…”
