Saturday, January 19, 2019 11:42 PM

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Lootah Real Estate acquires new property

Lootah Real Estate Development, a Dubai-based property developer, announced the acquisition of a new residential property in International City with 100 apartment. The acquisition comes in support of the company’s 2020 strategy which focuses on growing the existing assets portfolio and expanding its market share in the region.

The company did not divulge the cost of the acquision.

Lootah Real Estate Development will finalise the remaining 40 per cent of construction work on the B+G+7 residential building including the enhancement of façade and other facilities, and will hand it over for leasing in Q1 of 2018. The Lootah Residence II building will feature 100 apartments comprising 38 studios, 48 one bedroom apartments and 14 two-bedroom apartments, in addition to a state of the art gymnasium and covered parking spaces.

Located in International City Phase 3, the property will offer future residents and investors a cosmopolitan community experience, a wide range of sports facilities, lush communal green spaces and efficient community infrastructure.

Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development said: “We have a very positive outlook on the future of the real estate market in the UAE, and we believe that the Dubai property market will only grow and mature in the years leading up to 2020. The demand on new projects and the size of investments entering the country are on the rise”.

“International City is a flourishing residential district, and we’re looking forward to contributing to this community through innovation and creating a residential property that reflects our culture of excellence and unswerving commitment to provide the very highest standards of living” he added.

Translating the brand USP within the upcoming project, Lootah Real Estate plans to deliver innovation and luxury without missing on affordability through flexible payment options for tenants.