SPF Realty completes 70% of Monte Carlo Residences sale in record time

DUBAI, September 22, 2014: SPF Realty, the largest real estate broker in the UAE’s freehold property sector, has registered 70 per cent sale of its latest off-plan luxury property Monte Carlo Residences in a record time. Over a period of one month since the launch of sale campaign, the limited edition luxury residential project to be built in Jumeirah Village Circle in Dubai, has attracted investors signing for luxury apartment units at a total value of AED 50 million so far. 

Introduced by Porto Fino Real Estate Development, the AED 75 million Monte Carlo Residences project is the city's newest community of luxurious apartments inspired by the opulent and lush regions of the Mediterranean coast. The boutique collection of 52 plush residential apartments in the prestigious JVC -- dubbed the heart of Dubai’s most desirable district -- is expected to be completed on or before August 31, 2015. 

The third phase of Monte Carlo Residences project sale is live currently, having very limited properties available for potential buyers. The total units in the project include 24 one-bedrooms, 24 two-bedrooms and 4 three-bedroom duplex units, with a starting price of AED 872,355 for units which are sold at AED 935 per square foot. Meanwhile, other comparable residential projects in the area have been launched at AED 1,100 per square foot, and one more project is expected to launch in the same location at AED 1,100 per square foot. 

SPF Realty is UAE’s leading real estate service provider offering holistic solutions to all property-related requirements. Monte Carlo Residences at the JVC master community development with a charming neighbourhood will come to absolute completion around same time as the development in 2015. The JVC, placed adjacent to Emirates Living and centrally accessible to the new Al Maktoum International Airport, is positioned along Dubai’s new growth corridor. 

Commenting on the response for the latest project, Mr. Kalpesh Sampat- Director of SPF Realty, said, “It gives us great pride to be a part of Monte Carlo Residences, a beautifully designed development that offers stunning fixtures and fittings. We believe this project is the perfect location and will definitely stand out within the JVC community. The response we received has been overwhelming in the first and second phases of selling the off-plan project. It reflected the increasing demand for housing properties in Dubai as more investors from different parts of the world are coming to this market.”

“We are now in the third phase of selling the very limited units to cater to the high demand from buyers. The investors will see the plush residential units being delivered to them on or before August 31, 2015. However, we anticipate that the actual completion date may vary, either four months before or after the scheduled date, in line with issuance of the building completion certificate by the competent authority,” he added. 

The Mediterranean-themed project offers buyers a unique invigorating lifestyle. The developer of Monte Carlo Ms. Shakun Mulchandani, a globally-renowned fashion designer herself, is one of Dubai’s largest investors with a property portfolio in excess of AED 200 million. Ms. Shakun’s skills of sense for detailing, ability to mix textures and elements and impeccable imagination of colour palettes have been being utilised in the creation of Monte Carlo Residences.

Ms. Mulchandani said, “Monte Carlo Residences will see a residential community at the centre of Dubai’s most exciting residential destination. The project enjoys an excellent location combined with an opulent status. We are confident that this new luxury residential project will prove to be both a smart investment as well as a niche community where end-users enjoy a unique experience. We’re expecting these stunning homes to be in high demand among the investors in the UAE.”  

“The design of the Monte Carlo Residences is an appealing blend of Mediterranean and modern elements. The project has been conceptualized on the key principles of family living – safety, comfort, privacy and aesthetics. While being based in an ultra-modern community, Monte Carlo upholds the values of the rich heritage to provide the residents with a happy, peaceful and healthy living experience,” she added. 

Ms. Mulchandani says that her vision was to create a residential oasis, where life is celebrated in an environment that truly complements the aesthetics of Mediterranean heritage and values through beautiful interior and exterior design patterns.

The JVC is a relatively ‘affordable’ place to buy properties and the expansion plans are extensive for this highly desirable place to live in. The Monte Carlo Residences offers boutique Mediterranean-style living right at its heart. With the road network opening up further, this community will benefit from even better access to both the City and New Dubai, specifically the Marina area.  

Monte Carlo at Jumeirah Village Circle offers unmatched lifestyle amenities for the tenants. Located in proximity to Dubai Marina, the residents would have a direct Jumeirah Lake Towers skyline view from its coastal facing side. The project is designed to be self-sustained with international schools, town and country clubs, community centres, jogging and cycling trials, sports and leisure facilities, and round-the-clock security, all providing peace of mind and a real sense of community.