Developer’s newest luxury furnished serviced hotel apartments project presented before savvy Chinese investors
As Chinese investors’ interest in the emirate’s real estate grow at a rapid pace, with a current cumulative investment exceeding AED 13 billion, Falconcity of Wonders LLC - the developer of the Falconcity of Wonders multipurpose mega project being built in Dubai – wooed Chinese investors through its participation at the recently held Luxury Property Show (LPS) China, which ran from December 7-9, 2018, in Shanghai. The participation formed part of Falconcity’s strategy to strengthen its current market position by expanding global presence, and by capitalising on the lucrative opportunities generated by the rising interest of Chinese investors in Dubai’s property market.
According to Knight Frank’s Prime International Residential Index, Chinese investments in Dubai currently rank sixth-highest in terms of inbound property investment, moving up two places from the eighth-highest position it held in 2017. The recent change of policies adopted by Dubai government such as the introduction of visa on arrival for Chinese nationals, and the easy connectivity offered by direct flights to 13 Chinese cities have further added to the emirate’s appeal as a real estate investment destination to investors from China. Dubai’s reputation as one of the few global cities that allow investors to enjoy 8 to 12 per cent on their real estate returns also drives Chinese investments into the market. Addressing this increasing demand from Chinese market, Falconcity showcased its newest luxury furnished serviced hotel apartments project SAAM VEGA at LPS China.
His Excellency Salem Almoosa, Chairman and General Manager, Falconcity of Wonders LLC, said: “The recent landmark decision by the UAE Cabinet to grant 10-year visas to investors and has significantly boosted Dubai’s profile in the eyes of savvy Chinese investors. Chinese nationals were the fourth most-active source of investment in Dubai real estate in the first half of 2017, according to Knight Frank, while the total value of property transactions involving Chinese investors in the 18 months to June 2017 crossed AED 3 billion, according to Dubai Land Department (DLD) data. We are immensely proud to represent the emirate’s real estate sector before Chinese audience, by presenting before them our luxury developments such as SAAM Vega pyramid.”
The three pyramid structures will be developed by Falconcity at the heart of Dubai with the small and medium pyramid will be under the management of Oakwood Worldwide, a leading global accommodation solutions provider. SAAM VEGA, the small pyramid and SAAM Polaris, the medium pyramid, are both a lucrative investment opportunity for the discerning investors who see a high tourist influx due to Expo 2020 being just around the corner.
The three megastructures will include a total of 4,651 Luxury Hotel Serviced Furnished Apartments that will be available for sale to individual buyers with an option to either occupy or rent the unit into a voluntary rental pool that will also be managed by the world-renowned managing partner, Oakwood Worldwide. It is expected that the majority of investors will acquire the asset with the intention to take part in the dynamic Dubai real estate landscape as it tends to yield a high ROI income.
The Pyramids have been designed to a luxury serviced furnished apartment standard which is the highest design standards under the Department of Tourism and Commerce Marketing (DTCM). Together, the three Pyramids will have a total of 2,185 Studio Apartments, 1,855 One-bedroom Apartments, 608 Two-Bedroom Apartments and 3 Three-Bedroom Apartments.
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