Abu Dhabi-based ” Reportage Properties” is set to begin construction on the first phase of “Rakan Lofts”, which is being developed in Dubailand in collaboration with “Continental Investment”, in the first quarter of next year.

"The first phase of “Rakan Lofts” offers about 349 villas," said Nasser Al Khamees, Chief Executive Officer of Reportage Properties Group. "The prices of one-bedroom townhouses with two storeys, start from AED 575,000, while the two-bedroom townhouse starts from AED 895,000, all prices include the registration fee of 4%,” he said.

He pointed out to the easy payment plans available for buyers, where they can pay 10% as down payment, then 10% after a year, and then pay only 1% per month for two years. The total payment at the time of hand over equals only 44% of the whole cost.

Mr. Alkhamees said that the project’s location in the ‘Safa Valley 7’, near the Arabian Ranches, means that it is  close to the most prominent shopping centres, golf courses and entertainment complexes. It is also close to the ‘Expo 2020’ site, one of the main factors of high demand for the project.

He expected the real estate market in the UAE to stable during the current period, with strong indicators of improved demand with the start of the countdown to ‘Expo 2020’.

Mr. Al Khamees said that the area of the one-bedroom townhouse is up to 1060 square feet, the building block is 820 square feet per unit, with a garden of 240 square feet. The total land area is 650 square feet. The two-bedroom townhouse area is 1,970 square feet, the built block is 1,290 square feet per unit, with a garden of 390 square feet, while the land area is up to 1,330 square feet.

He added that the first phase of the project will be delivered on schedule by the first quarter of 2022, confirming the fact  that "Rakan Lofts" is one of the major projects that will provide more than 1,300 villas.

The project is spread over a total area of 3 million square feet, more than 60% of which is open and green public spaces that create an attractive residential environment for the family. The project has been carefully designed to provide ample green spaces, cycling and walking paths, and various recreational and service facilities. It also features a commercial area consisting of retail spaces as well as picnic areas.

Mr. AlKhamees added that "Reportage Properties" is keen on developing projects that provide units of high quality and special specifications, as all the townhouses and villas in the project have been designed so as to comply with world-class practices, with Italian raw materials of high quality.

He said that the company had encouraging response immediately after the project units offered for sale recently, with record sales numbers during the first weeks, thanks to the various advantages provided by the project which reflect "Reportage Properties" commitment to providing units with distinct specifications and unique facilities  for competitive prices.

The company's list of projects also includes the lately handed over ‘Leonardo Residence’ residential project in the city of Masdar, which provides 177 apartments. The company is also  developing 3 projects in the city of Masdar, "Oasis Residence 1", which will add 612 apartments, "Oasis Residence 2” which offers 304 residential units, and “The Gate” which will provide 420 apartments.

At Al Raha Beach, the company is developing the “Al Raha Loft 1” with 164 units and the” Al Raha Loft 2” offering 110 units.