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Dubai: Rufi Real Estate and Construction Co launched a Dh960 million residential tower on Tuesday at Cityscape Dubai.
Luxury Heights, located at the Waterfront, will have 50 floors with a total built up area of 700,000 square feet.
Mehrooz Manzoor Rufi, director of Rufi Real Estate and Construction Co, spoke to Gulf News about the features of the tower.
"This will be a landmark project at the Waterfront due to its high-tech home automation system," he said.
The tower will also feature a robotic car park which will offer residents the luxury of a mechanised valet service, while being a more "feasible solution in terms of space and reliability."
Additionally, the apartments located on the tenth floor upwards will have at least a partial sea view and most will have a full sea view.
Construction contract
Rufi said construction is set to begin within two months and will take three years to complete.
"We will start the bidding for the construction contract after two weeks," Rufi said.
The sale value of the project is Dh2.4 billion, with prices starting at Dh3,200 per square foot. Rufi said that the investment value is expected to increase 25-30 per cent annually.
The company will launch three other properties by the end of this year, bringing the total value of their four projects to over Dh6 billion.
Rufi will launch two residential towers this month, located in the master development Meydan, with an investment of Dh463 million.
Connected by a bridge, the buildings are designed to reflect the image of a horse. The total built-up area will be 343,000 square feet, comprising 20 floors of each building.
Construction is set to begin in January and finish three years later.
Their third development, also being launched this month, is The Palisades, located in the Dubai Investment Park.
With an investment of Dh825 million, the project will be a community designed for the middle-class end-user.
The company will also provide a flexible payment plan to suit the needs of all its targeted buyer types.
The development will have Victorian style buildings on 1.7 million square feet.
Dh3.92b resort
Construction will begin in January and will take three years to complete.
The company's last project this year is a Dh3.92 billion resort.
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