Prescott Real Estate Development has announced the launch of a residential development called Prime Residency III in the Al Furjan area of Dubai.
The project, worth AED140 million (more than $38 million), would be the first to bring the smart homes design concept to Al Furjan, said Prescott in a statement.
It is expected to be a mixed-use development that offers studios and one-bedroom apartments, with views of the city’s skyline.
The project is said to be aimed at first-time homebuyers looking to build or raise a family, and investors.
Prime Residency III will reportedly have 292 apartments in a G+2P+7 residential project, meaning they will be 10-story buildings with the top seven being residential in nature.
It is also expected to offer features such as a swimming pool, kids’ pool, and gym.
Prime Residency III will also have a residents’ lounge for casual meetups and get-togethers, a rooftop garden, and an outdoor sitting area, said Prescott.
The payment breakdown includes 10 percent down payment, 10 percent after three months, moving to quarterly instalments of 5 percent for a year, 10 percent on handover, and 50 percent post-handover over three years.
Prescott said it was offering a hotel stay for one week to their overseas buyers who invest in their projects.