Dubai, UAE, May 20, 2014: Wasl properties have announced the completion of its latest residential buildings, Wasl amber and Wasl onyx, both located in the Al Karama district of Dubai. The sister developments have been designed to enhance the locality, bringing modern urban-style living to the well-established residential area that is popular for its shops, banks, malls, hotels and restaurants.
“Wasl amber and Wasl onyx bring advanced facilities and modern amenities to provide stylish city living in Al Karama,” said Zainab Mohammed, General Manager, Property Management, Marketing & Communications, Wasl. “The two buildings have been designed to help reinvigorate an established area of Dubai that has seen its demographics change as newer areas of the city have started to take off,” she added.
The two developments comprise 153 apartments in total, with Wasl amber providing 84 flats and Wasl onyx 69. Both feature a mix of one, two and three-bedroom units, with some offered with a maid’s room. Features common to both are a swimming pool, gym, kids’ playing area, security, single satellite TV feed, storage rooms, central gas system and central A/C. Both buildings come with basement parking and will house retail outlets.
The two new buildings are the latest developments in Wasl’ strategy to re-urbanise the traditional, older areas of Dubai. Wasl amber and Wasl onyx will add to Wasl’ real estate portfolio in Al Karama, which currently includes 2,360 residential units and 889 commercial and retails units.
Following the launch of the two buildings, Wasl was able to lease out 100 per cent of the residential units of Wasl onyx in just one week, while 99 per cent of the residential units of Wasl amber had secured tenants in two weeks. The retail space of both buildings is in the process of being leased.
The lively and strategically-located Al Karama area has witnessed an increased level of interest for residential units, with a 22 per cent increase in demand compared to last year. Demand for commercial units is even higher, registering 65 per cent more than last year. Of the total of 5,411 calls and inquiries made to Wasl’s Call Centre during the first quarter of this year, 13 per were related to residential and commercial space in Al Karama alone. There were also a significant number of inquiries about property in the area made to the company’s website. The past 12 months have seen Wasl’s residential rent values in Al Karama rising by 18-26 per cent.
Al Karama is proving a popular real estate proposition due to its extensive public transport network of buses and the nearby Burjuman Centre Metro Station, being one of only two stations on the network where the Green Line and Red Line meet. The Metro has made commuting easy and increased access to the area, adding to its residential and commercial viability.
“Wasl has various upcoming projects in Al Karama that will supply over 1,000 residential units by 2016. These will offer a diverse range of convenient accommodation options with modern living facilities, which will transform its urban landscape. Extensive research and feedback from our customers, as well bookings from potential tenants, demonstrate a shift in the residential demographic of Al Karama, with a noticeable increase in the number of families making inquiries about the area,” Zainab added.
“Wasl amber and Wasl onyx go some way to rebalance the development of Dubai, as the focus of the city’s expansion has until now predominantly been the other parts of the city,” said Zainab Mohammed. “Wasl amber and Wasl onyx will play a major role in bringing advanced amenities, convenience and modern standards of living to Dubai’s traditional residential areas,” she added.