Nasser Rashid Lootah Building
About the project
Nasser Rashid Lootah Building is a residential complex by Nasser Lootah Real Estate. It was completed in 1974 at the very beginning of the UAE state’s history. At that time, Dubai was not densely developed.
The 15-storey, 65-metre tall residential complex was one of the first three buildings in the area near the First Roundabout on Sheikh Zayed Road. It became known as the Toyota Building since it had a neon Toyota sign on its roof for 40 years. Now, the sign is gone; it was removed in 2018 after the expiration of the contract.
Properties include one- to three-bedroom apartments with layouts that stand the test of time. Units have spacious balconies with beautiful views of the surrounding area. The building has been gradually supplemented with modern conveniences, particularly air conditioning, and it has 24-hour security.
Two-bedroom apartments have a starting price of AED 65,000 (USD 17,700), per year.
*The price is valid for 2021
Location
Nasser Rashid Lootah Building was built in a location that later became the centre of major attractions in Dubai. The complex is situated near Burj Khalifa, the world’s tallest tower.
In the 1970s, there were only villas surrounding the building. Gradually the area was modernised, and high-rise modern complexes were added to the mix. The building fits organically into the city’s developing landscape, which over time began to feature shopping centres, parks, exhibition halls, sports facilities, and entertainment venues. The traffic circle was replaced by a freeway with an intersection of roads and bridges.
Nasser Rashid Lootah Building is situated at the epicentre of cultural and business life in Dubai. Dubai International Financial Centre can be reached within a 10-minute drive of the complex. Dubai Mall is located within a 10-minute drive, and Burj Khalifa is situated within a 12-minute drive.
The nearest Metro station is Burj Khalifa/Dubai Mall, which can be reached within 100 metres of the apartments. Coca-Cola Arena and Sultanate of Oman Pavilion are located within a five-minute walk. There are several local cafés and restaurants situated within walking distance, and residents can access the beach within a 15-minute drive.
For medical services, Smart Salem and Valiant Clinic and Hospital are located within a five-minute drive of the complex.
Payback
Despite its respectable age, Nasser Rashid Lootah Building continues to be popular among investors. Its convenient location attracts owners and tenants from all over the city and beyond. The complex offers apartments with some of the lowest rental prices situated on Sheikh Zayed Road. Two-bedroom apartments have a return on investment rate of 5.5%, per annum.
The complex is ideal for those who work in the city centre and are looking for a long-term rental property. Property values continue to increase because of the area’s central location, well-developed infrastructure, and transport networks.
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Metropolitan Premium Properties
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[email protected]
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+971 4 428 6151
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36th-38th Floor, Al Salam Tecom Tower,
Internet City, Dubai, UAE
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