Dubai - Mubasher: fäm Properties has reported achieving AED 1.3 billion in property sales in City Walk, a project developed and managed by Meraas in Dubai’s Jumeirah.
The City Walk project is the only freehold low-rise project in the Jumeirah area and houses several retail outlets, as well as hospitality and wellness options, the company said in a statement released Monday.
A large portion of the sales of the five-and-six-storey pavilion-style residences were to first-time buyers, fäm Properties CEO Firas Al Msaddi revealed, noting that over AED 325 million in sales were carried out in the secondary market.
“The volume of sales delivers a strong message to both developers and investors about the importance of understanding, and capitalising on, the dynamics of supply and demand in the Dubai property market,” the statement cited the CEO as saying.
The City Walk project is set to house signature hotels, over 300 retail brands, and a High Street Boulevard featuring boutiques, galleries, restaurants, and cafés, the statement showed.
“We were the first real estate company to start promoting City Walk to investors after Meraas launched sales, and we have channelled a great deal of capital investment under our control into the project because of its unique appeal,” the top executive highlighted.
fäm Properties is currently targeting AED 1.5 billion in overall sales by the end of the third quarter of 2017 at the City Walk through “an 18-strong team of real estate advisors for all property management, leasing, and sales requirements on site.”
