Reportage Properties' nine-month sales soars to $160m
UAE-based Reportage Properties said it has registered solid sales for the third quarter which surged to AED237 million ($64.5 million) despite Covid challenges. This takes the developer’s sales for the first nine months to AED586 million ($160 million).
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Reportage Properties is developing 10 projects that will provide about 4,000 housing units within strategic investment sites in Abu Dhabi and Dubai.
The Emirati developer had recently organized a sales day at the Westin Dubai Marina Resort in Dubai, where 28 new housing units worth AED17 million across its Abu Dhabi and Dubai portfolio, were sold.
Chief Commercial Officer Islam Ahmed Suleiman said the group's strong sales performance despite the challenges associated with Covid-19 pandemic, confirms the strength of the company's performance and the stability of the real estate sector in the UAE.
The strong response from buyers, investors, brokerage firms and real estate marketing agencies for its projects at the Sales Day, represented clear indications of the recovery and improvement of activity in the real estate market, he added.
Suleiman confirmed that it has registered solid sales at its "Rakan Tower” project, being developed in cooperation with the Continental Investment in Dubailand area.
RakanTower, which is set for handover by the last quarter of 2022, provides about 488 residential units. Studios prices start from Dhs280,000, one-room apartments start from Dhs390,000, and Dhs600,000 for the two-room apartment.
Reportage said its Dubai projects includes Rakan Lofts 1, which includes 349 residential villas, and Rakan Lofts 2, which provides about 305 villas in addition to the "Alexis Tower" project in Downtown Jebel Ali in Dubai, which provides 378 housing Luxury units, with handover expected in the last quarter of 2022.
Suleiman pointed out that Reportage has unveiled a special offer for its projects - under which buyers need to make 10% down payment followed by 1% monthly installment for 10 years.
"During this period they will get to enjoy free maintenance, and also 25% discount on cash payment," he stated.
Its Abu Dhabi projects include Al Raha Loft 1, which provides 178 housing units, and Al Raha Loft 2, which adds 124 residential units. Both projects,which locate in Al Raha Beach area are expected to be handed over during the first half of 2021.
In Masdar City, Reportage is developing The Oasis Residence 1 project, which provides 612 apartments, and is expected to be handed over during the second quarter of 2021.
Oasis Residence 2, which provides about 304 housing units, is expected to be handed over during the second quarter of 2022. There is also "The Gate" project, which provides about 463 apartments.
The "Maria Vista" project is also being developed on Al Maryah Island in Abu Dhabi, and provides 786 housing units. It is scheduled to be handed over in mid2024.
Last year, the company completed handing over the "Leonardo Residence" residential project in Masdar City, which provides 177 apartments.-TradeArabia News Service
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