The mixed-use tower is 80 per cent complete and will be handed over in April 2017
Tanmiyat Global’s flagship project, The Court Tower, is set to be the first structure to be handed over on the brand-new Dubai Water Canal development.
The US$300million project is 80 per cent complete and is expected to be delivered to landlords in April 2017. The Court Tower will contain apartments, offices and retail units and is the only mixed-use building currently situated on the Canal.
“The Court Tower is one of Tanmiyat’s most exciting projects as it takes up a prime location in Dubai’s most promising new area and next to the world’s tallest hotel, JW Marriott Marquis. Due to its close proximity to major industries in Business Bay and the impressive lifestyle facilities that will be on offer at the canal, we expect The Court Tower to be the new address for businesses and professionals in Dubai”, said Mohammed Bin Odah, CEO of Tanmiyat Global.
According to the latest RTA reports the Canal has reached the final phase of construction and phase one is set to open by the end of 2016, adding a new landmark to Dubai.
The upgraded infrastructure will amplify connections between Business Bay and the canal and will offer easy accessibility from Sheikh Zayed Road. Additionally, the waterway will house large numbers of retail units, floating restaurants, yachts clubs and luxury facilities.
This, coupled with the recent momentous announcement that the Dubai Financial Market will be calling the Dubai Water Canal its next home, has already cemented the area’s reputation for exclusivity.
“Part of Dubai’s vision is to create multiple attractions at different locations to de-centralize the city, which helps to divert the traffic and create new touristic opportunities. This will directly help to boost Dubai’s real-estate market and with the water canal’s close proximity to Downtown, it shall create new opportunities for retail and hospitality businesses”, explains Odah.
As a result, the new lifestyle and business hub of Dubai is anticipated to bring the highest possible returns to investors in the area, particularly once the canal is officially opened as rates are expected to increase by at least 15 per cent.
The Court Tower offers units at extremely reasonable prices set at Dh1680 per square foot for apartments and Dh1,400 per square foot for offices.
“Due to extremely competitive prices we have already sold 88 per cent of our units and we expect this to move to 100 per cent by the end of the year. Savvy landlords who have invested early can hope for an estimated rental return of 10 per cent for apartments and 7.5 per cent for offices once the area is fully functioning,” continued Odah.
The Court Tower will feature a building façade completely made of glass, offering panoramic and unobstructed views of the canal.
What’s more, the building will house a unique lobby and high-spec interior design to match the character of the building and Dubai Water Canal.
Finally, there will be plenty of parking to complement the high level of recreational facilities, with more than 160 car parking spaces dedicated to visitors.
The Court Tower follows the handover of two of Tanmiyat’s prestigious developments earlier this year: The Exchange Tower, also in Business Bay, and the Living Legends Community in Dubailand.“So far, 2016 has proved the year of delivery for Tanmiyat with three major projects nearing the final stages of completion. Everything we produce offers the highest quality for our customers but at extremely competitive prices and we are proud to offer units with some of the highest ROIs in the region,” concluded Mohammed Bin Odah.
For more information on Tanmiyat Global visit www.tanmiyat.ae