Construction of the development’s first phase is 70 per cent complete
The first phase of the Redwood Park villas project in Dubai has been sold out to a mix of local and international buyers, developer Jumeirah Golf Estates announced on Sunday.
The project is said to be 70 per cent complete, with handover of the villas scheduled for the last quarter of 2016.
“Ahead of the on-schedule H2 2016 handover, we have witnessed a surge in interest in Redwood Park among both investors and end-users seeking properties which offer competitive rental yields and capital appreciation,” said executive director of Corporate Services at Jumeirah Golf Estates Abdulaziz Bukhatir.
Priced from Dhs 2.5m onwards, the villas will overlook Jumeirah Golf Estates’ DP World Tour Championship golf course development, Fire.
One of the first townhouse projects within the development, Redwood Park villas offers three- and four- bedroom townhouses, walking distance from the Jumeirah Golf Estates clubhouse.
Offering different design schemes, the development hopes to attract those seeking more affordable property options in Dubai as well as foreign and local investors.
“The fact that phase 1 of Redwood Park has now completely sold out is proof of our appeal for residents and local, as well as international, investors. For example, we are seeing real potential to market Jumeirah Golf Estates to investors in China and India,” Bukhatir said.
The Redwood Park project is part of the first of four phases of the golf estate development.
The developer also recently launched apartment complex Alandalus within Jumeirah Golf Estates, aimed at the middle income housing market in Dubai. The apartments are set for completion in 2018.
The overall project, spread across 1,119 hectares, includes 1,700 houses including some under construction and two golf courses. It also hosts the DP World Tour Championship.
It also features a clubhouse, a European Tour Performance Institute, a tennis and fitness centre, swimming pools, tennis courts, BBQ facilities, gymnasium, children’s play areas and 15 lakes and wildlife and foliage along with cycling and jogging paths.