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Al Mazaya to start Q- Point Project at Al Liwan

- February 28, 2007, 11:26 am

Dubai’s latest plush property development is being designed with low and middle income users in mind.

Recognizing a deficient aspect in the UAE’s property market, the establishment of middle income residential and commercial projects will allow for individuals to own property at a competitive rate, without a compromise in quality.

Fulfilling its policy to develop such property projects, Al Mazaya Holding, one of the region’s leading property developers, is preparing to start its Q- Point Project at Al Liwan which is developed by Mizin, (a member of Tatweer, a subsidiary of Dubai Holding). Al Mazaya plans to submit residential units for registration along with a marketing plan that will last from the 5th - 19th March 2007, at the Airport Expo, Dubai.

The firm has signed an agreement with Mizin to buy 44 units within Al Liwan project located in Dubai Land. Dubai Land is an attractive and epic development, where Al Mazaya aims to develop a series of fully residential and commercial buildings at highly competitive prices that start from Dhs. 400, 000 for apartments, with monthly payments of Dhs. 3000.

Q- Point located near the Emirates Road at the intersection of Al Ain Road, comes with an investment price tag of Dhs 2 billion. It will include multiuse buildings varying between residential and commercial, consisting of 5 to 15 floors finished in a style reminiscent of the architecture San Francisco is famous for. Promising to be affordable for elements of society, the buildings will consist of a combination of residential and commercial units with areas of gardens and waterfalls.

“We have always aimed to establish projects for middle income users, providing them with the ability to own their own residential and commercial units with reasonable and equal monthly payments for rents; however this time is that can actually own the unit they specifically chosen. We had studied so many choices to reach our aim of establishing a complete project located at a strategic place in Dubai, for this segment of society. Q- Point realizes this vision,” said Eng. Khalid Esbaitah, Al Mazaya’s Managing Director and CEO.

“Q- Point is our ambition to create a completely residential environment without compromising on the quality of building, location and materials. It will feature all amenities, in addition to malls, restaurants, gardens, playgrounds, mosques and other buildings, making it the best place for living,” he added.

Esbaitah also mentioned that the architectural plan was designed to address the needs of all society levels, featuring residential units of 1, 2 and 3 bedrooms, all featuring amenities such as laundry and servants quarters. He also said that the development will ease the distance between the buyer and seller, by providing examples of fully furnished residential units; allowing for the buyer to have full understanding of what the end product will be like.

Al Mazaya made the alliance with “Tamweel” to fund the project, which will soon be announced at the Airport Expo, where CEOs of both companies will discuss the project’s benefits. The agreement permits for 95% funding for UAE citizens and 80% for GCC citizens. This may allow foreigners to own their units in this project given the new laws and legislations regarding ownership rules in the UAE.

It is worth mentioning that Mizin, the main developer of the project, has finished the infrastructure for the development and will deliver the plots during April 2007, allowing for work in Al Liwan to commence as soon as possible, with an anticipated completion by the end of 2009.

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