Dugasta Properties, a Dubai-based developer that translates dreams into reality, has launched a game-changing scheme for home buyers at Al Haseen Residences that guarantees 8 percent annual return on investment in the first five years – followed by a buy-back option after the fifth year to sell off the properties back to the developer.
Moreover, the integrated package comes with a service charge waiver for the first five years, that amounts to a healthy net saving. Al Haseen Residences, a mid-rise two-building project located next to Al Maktoum International Airport, offers 217 apartments that have been built and delivered by Dugasta Properties.
Prices of ready-to-move-in apartments start as low as Dh342,000 (US$93,188) for a studio and Dh1,023,000 for a two-bedroom apartment – way below the current market prices – that is going to double in the next few years due to the massive development taking place next to Al Maktoum International Airport close to where Al Haseen Residences are located.
With such low prices, investors could benefit from the expected price appreciation in the next few years due to growing demand for homes around Dubai South where the world’s largest greenfield airport – Al Maktoum International – is being developed that will create a new city in the area.
As per the 8 percent guaranteed return on investment scheme an investor in a property priced, for example, at Dh1 million for a two-bedroom apartment will receive a guaranteed Dh80,000 return every year for the first five years and subsequently receive a guaranteed total of Dh400,000 in five years, regardless of the market conditions – and then if he wish to sell the property after five years, the developer could buy back the property. This game-changing initiative will create a win-win situation for everyone – the property buyer or investor, developer and broker – and will encourage new investors to benefit from the opportunities created by the scheme.
“This effectively means that the home buyer or investor would get back 8 percent of their investment per annum for five years,” Tauseef Khan, Founder and Chairman of Dugasta Properties, says.
“As per the scheme, we are also offering the buy-back option of the property after five years, if the buyer/investor decides to sell it off. Although properties are currently selling at a higher price, we have decided to enter the market at a comfortable and attractive price point that will attract the middle-income families to buy their dream homes and we believe this price will be sustainable in the long run even in the case of softening of the market.”
Mr. Tauseef Khan, who brings more than three decades of experience in leasing and selling property across Dubai, through his leasing and sales arm, City Tower Real Estate, which manages more than 7,000 apartments and villas in Dubai, added, saying, “As we celebrate the Year of Sustainability in the UAE and prepare to host COP28 Summit in November, it is important to practice sustainability in all aspects. For us, economic sustainability is more crucial than environmental sustainability as we need to sell properties at a price that market can support in the long run.
“Hence, we have decided to start the price from as low as Dh342,000 for a studio, although we could sell at a much higher price. I believe, this price is very affordable and sustainable and the market could support this price even in the face of a soft landing sometime near future.”
The new scheme, coupled with the lowest possible prices, service charge waiver and attractive location of the future, makes Al Haseen Residences the most sought-after properties and buyers will be able to sell them at double the purchase price, if not triple in the next few years when most airlines start shifting flights to Al Maktoum International Airport that has a design capacity to handle 160 million passenger per annum. The demand for homes in that area will jump manifold, so will the price.
Mr. Azaan Khan, CEO of Dugasta Properties, says, “Dugasta Properties has lined up an ambitious pipeline of projects aligned with the vision of the Government of Dubai to create world-class assets for local and foreign investors. We are going to announce them in due course.
“Our first project Al Haseen Residences is the perfect example of this and offers a great investment proposition for those who are looking for a combination of luxury, affordability, and profitability located where all the new developments are going to take place. In that way, buyers of the Al Haseen Residences will have the first-mover advantage.”
Dugasta Properties’ sales, marketing and leasing arm City Tower Real Estate has been in business for the last three decades dealing with tenants and corporate customers with high-quality leasing advisory services. Dugasta Properties is the group’s new real estate development company which will spearhead a series of projects for development in the coming years.
Mr. Assad Khan, President of Dugasta Properties, says, “At Dugasta Properties, we are committed to providing our customers with the best possible value for their money. Our new investment scheme guarantees a healthy return on investment, making it the perfect opportunity for those looking to buy a home in Dubai. Our game-changing investment scheme is an ideal deal for everyone involved. Investors can enjoy a guaranteed return on their investment, while we are able to expand our portfolio and meet the growing demand for housing in Dubai.”
Dugasta Properties offers 40% guaranteed returns in 5 years on purchase of homes with buy-back option after 5 years Read More