Developer offers Year of Tolerance discounts on Dubai homes

Developer offers Year of Tolerance discounts on Dubai homes
Wasl Properties is building Park Gate Residences in Dubai.
Published: 13 March 2019 - 4:30 a.m.

Dubai-headquartered Wasl Properties is offering discounts on the fourth tower of its Park Gate Residences scheme near Zabeel Park and Dubai Metro's Al Jafiliya station as the UAE observes 2019 as the 'Year of Tolerance'.

According to the UAE Cabinet's website, President HH Sheikh Khalifa bin Zayed Al Nahyan has declared 2019 as the 'Year of Tolerance', which highlights the UAE as "a global capital for tolerance, via its various legislative and policy-oriented goals to enhance the role of the country in instilling the values of co-existence and peace".

The announcement by Wasl Asset Management Group's subsidiary follows the sales of Park Gate Residences' first three towers. Tower B, as the fourth structure is called, marks the first-phase conclusion of Wasl 1, within which Park Gate Residences is being developed.

Wasl 1 comprises 13 mixed-use towers, 1,000 parking lots, and 2,322m2 of retail space. The masterplanned development will feature hospitality, entertainment, and food and beverage outlets.

Tower B, a 16-floor structure within Park Gate Residences, comprises 160 one- to five-bedroom apartments. Park Gate Residences' handover is expected in Q3 2020, and the move will see the addition of 746 apartments to Dubai's real estate market.

Wasl Properties will offer 2% discounts each on a unit's overall value and its down payment, and an additional 50% discount on Dubai Land Department registration fees. Sales are expected to kick off on 16 March, 2019.

Commenting on Tower B's discounts, Wasl Properties' chief property management and marketing officer, Zainab Mohammed, said the offer is the company’s way of “rewarding [its] loyal customers for their interest in the project”.

She added: “The project will add on to our previous successes that have prominently highlighted our consistent capabilities of meeting investor expectations.

"This, in turn, reveals the sustainable demand and the response of investors to the outstanding projects in Dubai’s realty market," added Mohammed.

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