Jumeirah Real Estate Investment has begun to promote the final phase of its Jumeirah Golf Estates project in the Egyptian market by contracting with local marketing companies and expects AED 1bn in sales from the phase.
The company announced, at a press conference Tuesday, that the final phase of Jumeirah Golf Estates will be extend over 100,000 sqm comprising 291 residential villas of various sizes.
The company marketed about 60% of the units since the launch of the final phase in September 2017 at Cityscape Dubai with total sales of AED 200m, and with Egyptian clients acquiring about 11% of them.
The company expects to achieve AED 1bn in sales from the final phase and seeks to open new markets and benefit from the demand for purchasing properties in the UAE by promoting the project in a number of markets, primarily Egypt, which ranks fourth in countries whose nationals buy units in the UAE after India, Pakistan, and the UAE, according to the Dubai Land Department.
Furthermore, the company is targeting the markets of Russia, Britain, and China, which ranks 10th on the list.
The company started construction works for the project and has finished its infrastructure. The project will be delivered in 2019 with unit prices starting from $623,000, at AED 1.25 per sqm. Moreover, the project is being marketed by about 200 marketing companies from the UAE besides several companies and brokers from Egypt.
Construction areas cover around 28% of the project and include 1,800 villas, while the remaining area features gardens, green landscapes, and industrial lakes.
Jumeirah Real Estate Investment is currently considering acquiring a number of investment opportunities including land inside the UAE and Egypt, but no decision has yet been taken.
The terms of development in Dubai guarantee that the land is owned by the company. According to these terms, a guarantee account is opened for the project in which the customers deposit the value of the unit. However, such amounts are only used after reaching a certain percentage of construction. For these purposes, the company deals with Dubai Islamic Bank.