The Changing Landscape Of Real Estates Development In Dubai- The First Of It’s Kind In The Gulf

The Changing Landscape Of Real Estates Development In Dubai- The First Of It’s Kind In The Gulf

Companies now in Dubai have a shot at buying warehouses in a lease-to- own structure, with a 10- year payment cycle. Lootah Real Estate Development, are the developers of the Senaeyat project in Dubai Industrial Park, with warehouses set from Dh10 million. These properties will revert back under the investor’s ownership at the end of the period, if not payed for the next ten year plan. Lootah has acquired three million square feet of land for the next 49 years with Dubai Industrial Park to establish Senaeyat.

The executive director of Lootah Real Estate Developer- Saleh Abdullah Lootah, stated that the company will invest the pompous amount of  Dh300 million in the first phase that is of 20 warehouses, including thirty warehouses in the second phase. The first phase will consist of a build up of four different areas – 20,000sqft, 24,000sqft, 30,000sqft, 36,000sqft. The first phase will focus more on smaller- to medium scaled industries, while the second phase consisting  of larger areas- 50,000 sqft and 60,000 sqft for the higher scaled industries.

Lootah, stated that he will be starting from Duabi and then expand to Abu Dhabi and Northern Emirates. All the units that are being developed on are sustainable development basis with green building certificates. This new revolutionary project in terms of real estate also supports the Dubai Industrial Strategy 2030.

Miss Ananya Chaturvedi
Student of Media & Communications at Manipal School of Communications
Mangalore, India