Up for Creekside living?

Developers in Dubai are taking a cautious approach to unit sales. Case in point is Radiant Star, a Dubai-based developer, who has launched sales for 156 residential units at a time when the tower is in an advanced stage of completion.
Located in Dubai Culture Village near the Palazzo Versace and Jadaf Metro station, the Dh325 million Riah Towers is close to 70 per cent complete and scheduled to be handed over in Q4 2016.
"The fact that we are nearing completion of the development, with major construction milestones achieved, makes Riah Towers a compelling proposition in Dubai's realty market," said Balaji Parthasarathy, director, Radiant Star Group.
"The market preference is high for projects nearing completion and completed ones. Banks and financial institutions also prefer projects which are completed or are in advanced stages of completion and this makes it comparatively easy for investors to access mortgage finance," he said.
The 17-storey Riah Towers will comprise six duplex penthouses overlooking the Dubai Creek, 45 one-, two- and three-bedroom units apartments, 15 studios and four commercial spaces, for which pre-leasing is yet to begin.
Spacious units
The apartments are quite generously sized, with studios ranging from 450 to 700 square feet while penthouses will be in the range of 4,000 to 5,000 sq ft. One-bedroom apartments 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.
"The rooms have been designed spaciously and are targeted at residents who are used to living in spacious apartments in older areas of Dubai," the director said.
Sales price for units in Riah Towers start from Dh1,150 per sq ft. Radiant Star is offering flexible payment options to buyers. "Investors will pay 10 per cent at booking and the rest divided over phases until one year after handover. In another scheme, investors can opt to pay 15 per cent in two months, 25 per cent in six months and the rest after handover," explained Parthasarathy.
The tower has an estimated service charge of Dh16 per sq ft. There will be an individual chiller unit. Amenities will include a swimming pool, gymnasium and steam and sauna rooms.
The developer has used a combination of equity, pre-sales and mezzanine financing to fund Riah Towers. Around 20 per cent of the project has been pre-sold.
Strategic location
"The project's location is our strongest point. It is on Al Khail Road, in proximity to the central business district of Dubai, the Dubai International Airport and Shaikh Zayed Road," said Parthasarathy.
Radiant Star said Culture Village infrastructure has been put in place in by the master developer Dubai Properties Group.
Radiant Star Group is a diversified conglomerate with interests in contracting, property development, facilities management and infrastructure. Completed projects include Radiance 1 and Radiance 2 near Abu Hail while work is in progress on The Habitat, a 13-villa project in Jumeirah Village Circle.
"With more and more project deliveries, our credibility will increase with time. Our management has decades of experience working in the Dubai real estate sector," Parthasarathy concluded.
 
- deepthi@khaleejtimes.com