According to the developer, The East Crest and 7 Park Central - both located 19 floors above the Jumeirah Village Circuit (JVC) Sector 17 - were launched back-to-back in the second quarter of this year and sold out within days, reflecting the emirate's surging demand for affordable luxury segments.
Rising 250 feet above ground level and with a total floor area of more than 167,000 square feet, The East Crest will feature 118 one-bedroom residences on 19 floors, with carpeted areas of 648 to 775 square feet per apartment. The Dhs102 million project was launched in May after being prepared with internal funding and is scheduled for delivery in the second quarter of 2024. The property was snapped up by investors, buyers and brokers within days of launch, prompting Meteora Developers to subsequently announce the launch of a second identical tower, 7 Park Central, in the adjacent JVC neighbourhood.
"Dubai's real estate market is seeing a huge boom after the pandemic, something most of us didn't expect. data in May showed a rapid return to sales levels seen in the first quarter of 2023. said Praveen Sharma, founder and CEO of Meteora Developers: "That was when our first project sold out, which tells you how good the market How good it is overall, with investors from all over picking up new properties," said Praveen Sharma, founder and CEO of Meteora Developers, whose second property - 7 Park Central, which was launched in mid-May - sold out this month. A second tower is also expected to be handed over to buyers in the second quarter of 2024.
"2023 will be a remarkable start to the year for Meteroa Developers as we launch six projects worth more than Dh700 million - two of which sold out just days after launch. And, we hope to continue this trend in the other four projects. This only reflects the dynamism of the market and the strong interest of investors in affordable, quality luxury homes," said Sharma, who has two decades of real estate experience in Dubai, only launched his company last October and is now preparing to announce his third project in July.
"Due to rising rents, more tenants in Dubai are keen to convert to end-users today. That's where we come in because our pricing structure and the post-delivery payment plans we offer are super beneficial to investors in the long run," says Sharma, who runs the company with his Jordanian partner Omar Amour, who owns an unlimited height contracting company." This gives us a huge advantage over others. Most developers charge 20% upfront and investors pay at least another 12-24% over the next one to two years, but as a policy we only start construction and launch our projects once we have reached a substantial stage, thus shortening our delivery period and in turn giving our investors a cost effective finished product of at least 10-15%," says Sharma.
