Al Safeer Tower 1 - Business Bay

Al Safeer Tower 1 is a G+15 residential building in Business Bay being developed by Al Seeb Real Estate. The developer began selling properties on an attractive payment plan once the construction had reached a more mature stage starting in 2014. As of early Nov 2016, the building appears close to handover.

Master Community: Business Bay
Property Types Available: Apartments
Location: Sheikh Zayed Road, Al Khail Road
Status: Under Construction
Year Launched: 2009
Estimated Completion Date: December 2016
Developer: Al Seeb Real Estate
Title Type: Freehold
Quality Classification: High-end
Height Classification: Mid-rise
Life Cycle: Under Contruction
Under-Construction Apartments: 232
Floors: 15

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Al Safeer Tower 1, Business Bay - Project Intro

 Published on Jun 16 2016   223 Views

 Category: Project Introduction

Al Safeer Tower 1 a residential building located in Business Bay. This video highlights location, affordability and investment feasibility.

Apartments for sale in Safeer Tower 1. Completion in 2016.

Studio, 1 & 2 bedroom apartments. Pay 60% post-completion.

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About Al Safeer Tower 1

General Guide

- Launched in 2008; construction paused following 2009 financial crisis. Construction resumed on site in 2014.

- The project is being developed by Al Seeb Real Estate. The developer began selling properties on an exceptional payment once the construction had reached an advanced stage in 2014.

- Al Safeer Tower 1 is one of the few residential buildings in Business Bay where buyers can purchase apartments off-plan and on a payment-plan.

- In 2014 the developer began offering units for sale on a 40:60 payment-plan i.e. 40% of the property value is payable between purchase and handover and 60% payable over 3 years following completion.

- Initially scheduled for delivery in December 2015 but delivery has been pushed back.

Properties & Payment-Plan

- As of June 2016 most of the project is sold out and only a handful of units are available for sale.

- Buyers had the option to purchase studio, 1 and 2 bedroom apartments on an exceptional payment-plan. 40% of the property value is payable between purchase and handover. 60% of the property value is payable over 3 years following handover (via monthly or quarterly installments).

- In Q2 2015, the following prices are available for limited stock available for sale directly from the developer:

Studio units have sizes ranging from 428 - 585 sq. ft. and prices between AED 737,000 - 1.0 million (AED 1,665 - 1,808 psf)

1 Bedroom units have sizes of 991 sq. ft. and prices AED 1.48 - 1.52 million (AED 1,492 - 1,541 psf)

2 Bedroom units have sizes of 1,561 sq. ft. and prices of AED 2.171 million (AED 1,390 psf).

Units can have either community views or views of the race-course which is right opposite the project site.

Legal & Finance

Escrow Account Details

Account Title: SAFFER TOWER 1

Bank Name: NOOR BANK

Swift Code: NISLAEAD

Account Number: 001-10553180012

Developer Details

Developer Name: Al Seeb Real Estate Development

Developer Number: 1014

Project Number: 1546

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