Tanmiyat begins handover of homes at Living Legends

dubai - 184 villas and a residential tower have been connected to the Dewa grid

The Tanmiyat Group is handing over hundreds of homes to investors in its flagship Living Legends project in Dubailand following connection to Dubai's electricity and water grid.

The Saudi Arabia-based private company has distributed keys to owners of the 184 villas and one tower block that make up phase one of the project.

The move paves the way for full delivery of 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 range of recreational facilities.

Mohammed bin Odah, CEO of Tanmiyat, said: "We have received confirmation from Dewa that phase one of Living Legends is fully powered up and ready for investors to receive the keys to their homes. Living Legends offers a tranquil living environment amid large areas of open green space and amenities, a range of attractive unit sizes and a healthy return on investment."

Living Legends is Tanmiyat's flagship project in terms of size, value and number of units. The Dh7 billion community is made up of 12 residential towers containing 2,600 apartments, as well as 500 luxury villas and amenities and leisure facilities.

The road and utilities infrastructure is complete, and sales are gathering pace, with 88 per cent of the project sold out.

"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 bin Odah. "As a private developer, we self-funded the entire project and, despite being badly hit by the financial crisis, managed to restructure without external financial support or bank bailout.

"To be able to reward the patience of our investors gives us a 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 focused on completing the second phase of Living Legends, scheduled for handover in the last quarter of 2016. The entire community will be ready by the end of 2017.

The group also plans to launch new projects, details of which will be released later this year.

The group's portfolio includes Living Legends, The Exchange office tower in Business Bay and The Court Tower at Dubai Water Canal.

- business@khaleejtimes.com