AA TOWER: A New Era in Dubai’s Real Estate
A Landmark Development
Dubai’s real estate market is set for a significant transformation with the launch of AA TOWER, the first fully freehold residential and commercial project on the iconic Sheikh Zayed Road. Initiated by the Ahmed Mostafa Ahli Investment Group, this landmark development represents a strategic move in response to evolving market dynamics and the increasing appetite for investment opportunities in the heart of Dubai.
Scheduled to make its grand debut at an exclusive launch event on Tuesday, May 27, at the V Hotel in Al Habtoor City, this unveiling is expected to draw a significant crowd of investors and real estate professionals eager to explore what this new development has to offer.
Game-Changing Freehold Status
The introduction of AA TOWER marks a pivotal moment for Dubai’s real estate landscape. Following a new government decision that allows private property owners on Sheikh Zayed Road the chance to convert their properties into freehold ownership available to all nationalities, this project stands at the forefront of a changing tide. Dr. Mohanad Alwadiya, CEO of Harbor Real Estate, describes it as a “game-changer,” highlighting the broad investment possibilities this change brings for both local and international investors.
Impressive Specifications
Standing at an impressive 60 stories, AA TOWER is poised to become a hallmark of modern architecture and luxury living. The development spans a 10,000 square foot lot and features a diverse array of 369 residential units, which include:
- 195 one-bedroom apartments
- 198 two-bedroom apartments
- 3 three-bedroom apartments
In addition to the residential spaces, the tower will also house 26 office units, 5 retail stores, and offer 447 parking spaces. The unique design ensures privacy with only eight apartments on each of floors 1 to 51.
Luxurious Living Spaces
The layout of the apartments enhances exclusivity. The top floors (52 and 53) are designated for more spacious two-bedroom apartments ranging from 1,700 to 2,100 square feet. Notably, owners have the flexibility to combine one-bedroom and two-bedroom units, tailored to their individual needs.
Strategic Location
AA TOWER’s prime location on Sheikh Zayed Road is a significant advantage. The building offers breathtaking views of iconic sites including the Burj Khalifa, Downtown Dubai, and Jumeirah Beach. Residents will find themselves in close proximity to essential hubs such as the Dubai International Financial Centre (DIFC), Museum of the Future, and The Dubai Mall, enhancing its appeal for both living and investment.
A Suite of Amenities
In keeping with the luxurious intent of the development, AA TOWER will feature an extensive range of amenities designed to cater to modern lifestyles. These include:
- A signature swimming pool
- A modern gym
- An indoor cinema
- A multi-purpose event hall
- A prayer room
- A barbecue area
The apartments will offer both open and closed kitchen layouts, finished with high-end materials from renowned brands, ensuring that the quality is reflective of the tower’s premium positioning.
Flexible Payment Plans
One of the standout features of AA TOWER is its flexible post-handover payment plan, a rare offering for ready-to-move-in properties in prime locations. For residential units, the payment plan begins with a 28% down payment, alongside the 4% registration fees payable to the Dubai Land Department and additional administrative fees of AED 3,000, followed by 12 quarterly payments of 6%.
Commercial spaces follow a similar structure, requiring a 40% down payment, along with relevant registration fees, VAT, and administrative costs, ultimately culminating in 12 quarterly installments of 5%.
Investment Pricing
Price points for residential units in AA TOWER range from AED 2.932 million to AED 5.4 million (approximately AED 3,544 to AED 4,578 per sq. ft.), making it a competitively attractive option in a high-demand market. Office spaces are priced between AED 2.232 million and AED 7 million (approximately AED 5,205 to AED 5,375 per sq. ft.), while retail stores start at AED 12.136 million, reaching up to AED 25 million (approximately AED 7,829 per sq. ft.).
About the Developer
The driving force behind this exceptional project, Harbor Real Estate, is a prominent player in Dubai’s real estate service industry. With a legacy dating back to 1972, the company offers a wide range of services, including research, investment advisory, sales, leasing, property management, and development supervision. Committed to client satisfaction, Harbor has consistently been recognized for its excellence, earning a Golden Rating from the Dubai Land Department for seven consecutive years and ranking among the top real estate companies by Forbes.
In summary, AA TOWER symbolizes a significant shift in Dubai’s real estate landscape, combining luxurious living with progressive investment opportunities, setting the stage for a new era of urban development. This project not only broadens the possibilities for local and international investors but also enhances Dubai’s stature as a global hub for real estate investment.
