Acacia Avenue  

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  • Olgana Tower Review - August 2014

     Aug 09 2014  Olgana Tower  Apartments  Abyaar Real Estate Development

    This project is part of Acacia Avenues and was announced in February 2014. It is the second condominium development in the community (after Hilliana Tower which is now in an advanced stage of construction).

    Acacia Avenue is freehold property located next to Knowledge Village and close to the entrance of Palm Jumeirah. Both residential towers will have excellent and unobstructed views of Sheikh Zayed Road, the Palm, Burj Al Arab and the sea.

    Olgana Tower consists of 1, 2, 3 and 4 bedroom units. There are also duplex units and townhouses located at the very top and bottom of the building.

    Launch prices of the project in February 2014 were between AED 1,250 - 1,450 psf.

    As of August, 2014 - there are still some units available from the developer, but it appears that most of the prime sea view units and smaller units of 1 and 2 bedroom have been sold out.

    Average price psf in this building ranges from AED 1,400 - 1,750 psf.

    1 Bedrooms will typically cost between AED 1 - 1.6 million

    2 Bedrooms will typically cost between AED 1.8 - 3.0 million

    3 Bedrooms will typically cost between AED 3.5 - 4.0 million

    60% of the purchase cost is payable through the construction period while 40% is payable over 2 years after handover.

    This area is considered a hot-spot. With average prices psf ranging from 1,400 - 1,750 psf, it is cheaper than the Marina (average price psf of AED 2,000). It is located right next to the proposed Mall of the World Development. Acacia Avenue is also the only freehold area located in this part of Dubai.

    We expect that prices upon completion would be a minimum of AED 1,900 - 2,000 psf if the quality of the units is as advertised.


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