Dubai – MENA Herald: The real estate development firm Tanmiyat Group is handing over hundreds of homes to investors in its flagship Living Legends project following connection to Dubai’s electricity and water grid.
The Saudi Arabia-based private company has distributed keys to the 184 villas and one tower block that make up Phase One of the single biggest residential project in the Dubailand master development.
The move paves the way for full delivery of all 500 villas and 12 residential towers within the 15 million square feet Living Legends gated community. The residential units will be complemented by a 9-hole golf course, schools, clinics, a shopping mall, a five-star hotel, and a wide range of recreational facilities.
Mohammed bin Odah, CEO of Tanmiyat, said: “Tanmiyat is delighted to receive confirmation from DEWA that phase one of Living Legends is fully powered up and ready for investors to receive the keys to their dream homes. This is a proud moment for us as we reach a hugely significant milestone in the most important project in our portfolio.
“Living Legends is a fantastic addition to Dubai’s property market. It offers a tranquil living environment amid large areas of open green space and amenities, a wide range of attractive unit sizes, and a healthy return on investment. We can’t wait for residents to start calling Living Legends their home.”
Living Legends is Tanmiyat’s flagship project in terms of size, value and number of units. The entire AED7 billion community is made up of 12 residential towers containing 2,600 spacious apartments in total, as well as 500 luxury villas and an impressive range of amenities and leisure facilities.
The road and utilities infrastructure is fully completed, and sales are gathering pace with 88 per cent of the entire project sold out. Market analysts anticipate an average 10 per cent rental return on investment, as well as strong capital appreciation.
The handover launch represents Tanmiyat’s commitment to ensuring 100 per cent completion of Living Legends following the demands of the financial crisis of 2008/09.
“The journey to this point has come with many challenges as we and the rest of the real estate industry faced the property crash and its aftermath,” said Mohammed bin Odah.
“As a private developer, we self-funded the entire Living Legends project and, despite being badly hit by the financial crisis, managed to restructure without the external financial support or bank bailout.
“To now be able to reward the faith and patience of our investors gives us a real sense of pride. It also demonstrates our long-term commitment to the Dubai property market and that going forward we can fulfil our obligation to buyers.”
Tanmiyat is now fully focused on completing the second phase of Living Legends, which is scheduled for handover in the last quarter of 2016. The entire community, including the full line up of facilities, will be ready by end of 2017. In a display of commitment to Dubai’s long-term growth, the group is planning to launch a series of new projects, details of which are due to be released later this year.
Hassan Bahloul from key investor Sidra Capital remarked, “We monitored Living Legends for some time before making the decisions to invest in it and our research showed great potentials in the project, with it being one of the most growing areas in Dubai. It’s a simple rule; if you want to make money then invest in areas with clear potentials that still have growth opportunities. We are delighted to take over our villas in Phase 1 and we would like to thank the developer who showed real commitment toward making it happen”.
Tanmiyat Group boasts an impressive portfolio of ground-breaking projects. The firm’s prominence in the regional real estate arena has grown exponentially, with the development of its investment programs and successful launches.
The group’s portfolio includes Living Legends, The Exchange office tower at Business Bay, and The Court Tower at Dubai Water Canal.