17-storey property will have 156 residential units
Developer Radiant Star has unveiled the AED325 million ($88.5m) Riah Towers, a 17-storey freehold development at Dubai Culture Village.
The property will offer prospective investors and end users 156 residential units and four commercial spaces near the central business district, according to a statement by the Dubai-based company.
Riah Towers, which overlooks the historic Dubai Creek, is already close to completion and will be ready for handover in the fourth quarter of this year.
“We are confident that Riah Towers will add to the skyline of Dubai Culture Village offering end users and investors best-in-class residential accommodation,” said Balaji Parthasarathy, director of the Radiant Star Group of Companies.
The project will comprise six duplex penthouses, one-, two- and three-bedroom units, 15 studios and four commercial units.
“Dubai’s residential real estate market has passed through a major overhaul in the last three years and market preference for projects nearing completion and completed ones are high on the agenda,” Parthasarathy said.
Banks and financial institutions also prefer projects that are complete or close to completion, which gives investors easier access to mortgage finance, he noted, adding that the location of the development closer to ‘old Dubai’ and is another value addition.
Located along the shorelines of Dubai Creek, Dubai Culture Village is being developed by the Dubai Properties Group.
Studios in the new Riah Towers project will range from 450 to 700 square feet, while penthouses will be in the range of 4,000 to 5,000 sq ft. One-bedroom units range from 700 to 1,000 sq ft, two-bedroom units from 1,100 to 1,600 sq ft and three-bedroom units from 1,600 to 2,300 sq ft.
Radiant Star will be offering flexible payment options to prospective buyers, apart from conventional payment plans. “Our flexible payment options are designed for ease of entry wherein investors will pay only ten percent at the booking and the rest divided over phases until one year after handover. Post-booking investors could opt to pay 15 percent in two months, 25 per cent in six months and the rest after handover,” Parthasarathy said.
Other projects by Radiant Star include The Habitat at Jumeirah Village Circle and Condor Classic, a high-end residential building at Jumeirah Village Circle.