Town Square
Town Square is a large-scale residential complex, which includes apartment blocks and townhouses, located in Dubai Marina. The project has been launched in the beginning of March 2015 by Nshama development company.
Town Square was designed as a mini-city of about 32 mln sq. ft in Dubai’s outskirts. According to the developer, the project will take 10 years to complete.
The large square with more than 500 outlets, cinemas, parks, etc. is the main feature of the project. It will be set in the middle of the development, the area of which equals to 16 football fields.
A total of 18 000 apartments and 3000 townhouses are planned to be built. By now, several blocks of apartments are ready to move in, which include studios, apartments with 1, 2 and 3 bedrooms and townhouses with 3 and 4 bedrooms.
All apartments come with standard developer’s finish, entirely fitted kitchen, built-in closets, and facilitated bathrooms. Each building features a swimming pool, a kids’ pool, a gym, a playground for children, an open-air lounge zone. There are stores, F&B and a large supermarket onsite.
Prices
Apartments and townhouses in sub-communities, as Jenna Apartments, Warda Apartments, Zahra Breeze Apartments, Safi Apartments, Zahra Apartments and Hayat Townhouses are available for purchase already. An average area of 2-bedroom apartments reaches 1.324 sq. ft, 3-bedroom apartment is about 1895 sq. ft.
Prices for Town Square properties start from AED 839 000; USD 230 000.
*The price is valid for 2021
Location
Community is set next to intersection of Emirates Rd and Al Quadra St. It will take 20 minutes to get to Palm Jumeirah by car and 25 minutes to popular shopping and entertainment center The Dubai Mall. Dubai International Airport is located within half an hour reach.
Artfully landscaped with plethora of greenery and water features the area of Town Square contains:
- 2 798 617 sq. ft public green spaces;
- 3 982 647 sq. ft parks;
- sports grounds and cycle lanes;
- 10 km running and jogging tracks;
- 500 venues for retail, cafes and suchlike;
- playgrounds for kids;
- 14 gardens;
- 2 football fields;
- 2 basketball courts;
- skate parks and tennis courts.
Town Square will house multiple amenities as:
- pools;
- clinics;
- schools;
- central park and central square with fountains;
- Reel Cinemas movie-theater.
The main plaza of the community includes:
- Town Square public park;
- Central park is planned to cover 14.3 sq. mi and will stand in one row with the largest central parks globally;
- multiple amusements for kids and grown-ups;
- walking paths;
- cinema;
- stone garden;
- playing areas.
Return on Investment
How much return on investment in Town Square properties can possibly be is clearly seen in the following example: 2-bedroom apartment priced at AED 650 000 is rented out for AED 45 000 on average. Apart from property price the owner has to pay 2% charge to Dubai Land Department (AED 13 000 in this case) and AED 4000 fixed registration fee (AED 667 000 in total).
By Law real property owner is liable for all expenditures associated to maintenance of the leased unit. Service charge for Town Square apartments is AED 13,5 per sq. ft, annualy. That means, one should pay AED 12 514 annually for a 2-bedroom apartment of 927 sq. ft.
Consequently, ROI calculation looks as follows: (45000/679514,5)*100%=6,6%
This is a very good coefficient in current realities. One may expect from 4% to 12% ROI in Dubai, depending on the area and property type.
The example given above is based on rough calculations and average price level of the area.
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