Construction

Tebyan Real Estate says that more than 70% of units in Sparkle Towers sold

Developer says that project is attracting interest from across the globe

Tebyan Real Estate Development, the UAE-based developer, has said that it has sold more than 70% of luxury apartments – including studios, one-, two- and three-bedroom units – at its 373-unit development in Dubai Marina.

As it prepares for handover of the Sparkle Towers, the developer said in a statement that apartments were still available for sale and that investors in the development come from across the globe.

“We have sold 265 apartments leaving just over 100 still available. The profile of our investors and end users has been incredibly diverse, coming from as far afield as Sweden, Russia, US, South Africa, Italy and the UK as well as Saudi Arabia and the UAE,” said Mohamed Faraj, managing director of Tebyan Real Estate Development.

Located on one of the last remaining plots in Dubai Marina, the project is a twin-tower development consisting of 29 and 14 storeys respectively, which are connected by a four-storey residential podium. Besides the 373 apartments, the development also has two penthouses and a host of amenities for residents. A range of retail units are also housed within the project, the developer added.

In its statement, Tebyan said that Sparkle Towers’ architecture is enhanced by 1,700 exterior lights that fade in and out in sequence, echoing its Swarovski-studded interiors. In addition, to a bejewelled lobby, the ultra-modern residences will have crystal-encrusted signage and door numbers, it said.

The apartments and penthouses will feature marble and ceramic flooring, granite countertops, and European bathroom fittings and finishes.

“Even though prices in the Dubai real estate market have been soft of late, demand for Sparkle Towers has been very healthy,” said Sean McCauley, CEO of Devmark, the Dubai-based consultancy providing strategic advisory services, as well as managing sales and marketing services for Sparkle Towers.

Location and outlook are always of prime consideration when buying property and there are very few plots available with sea views overlooking Dubai Marina, stated McCauley.

“Market-savvy buyers will have realised that this project will provide a sound return-on-investment. That is always the hallmark of a quality development,” he added.

Sparkle Towers is located just two minutes’ walk away from the beach and is in close proximity to a wide range of shopping, dining and entertainment destinations in JBR and Dubai Marina. Residents will also have easy access to the Dubai Tram and Dubai Metro, with stations nearby.

“Investors have been purchasing into the Sparkle Towers project due to the attractive projected rental yields that can be achieved due to its proximity to the beach and tram station and its strategic waterfront location in the Dubai Marina,” remarked Richard Aybar, the managing director of DevMark.

Key amenities include a fitness centre and spa, temperature-controlled swimming pools, separate men’s and women’s Jacuzzi and saunas, as well as a dedicated residents’ lounge. This is in addition to landscaped gardens, a children’s splash park and a play area, valet parking, an on-demand limousine service and 24-hour concierge and security.

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