Announced in early March 2015, Town Square is a mega development that is to be built in stages along the intersection of Al Qudra Road and Dubai By-pass Road.
NSHAMA Town Square is a mega development which will eventually have 3,000 townhouses and 18,000 apartments. The 31 million sq. ft. development will be anchored by a central square the size of 16 football fields which will be surrounded by 350 shops, restaurants, cafes and a shaded public plaza.
The central square will also host a Vida branded hotel, a REEL Cinema cineplex and an open air cinema. Other facilities in Town Square will include extensive walking and cycling trails, a connection to the Dubai Cycle Track, a proposed Metro-line and Etihad Rail. According to press-releases, NSHAMA are in talks with school and clinic operators.
In March and May of 2015, NSHAMA launched two phases of townhouses called Zahra & Hayat - each phase offering various types of 3 & 4 bedroom townhouses. Prices of these townhouses ranged from AED 1.0 - 1.4 million for the 3 bedroom townhouses and AED 1.4 - 1.7 million for the 4 bedroom townhouses. Both phases were sold out on launch day itself.
In September 2016, NSHAMA announced a new phase of townhouses - Safi Townhouses which will consist of 3 & 4 bedroom townhouses to be handed over in 2019. Safi Townhouses were sold out on launch day itself.
From mid-2016 on-wards, secondary market transactions for townhouses in Zahra and Hayat have commenced. Buyers can now find units from the secondary market and purchase by paying premiums ranging from 8 - 15%.
In November of 2016, NSHAMA launched a fourth enclave of townhouses called Noor which also consists of 3 & 4 bedroom townhouses.
As of October 2016, the following apartment projects have been launched in Town Square:
- Zahra Apartments
- Safi Apartments
- Jenna Town Square
- Warda Town Square
- Zahra Breeze Apartments
- Hayat Boulevard
Each of these buildings offers mainly 2 & 3 bedroom apartments of various sizes. There are a constant stream of inquiries for studio and one bedroom units in Town Square, however, each building only offers a handful of these unit types.
What is the process of purchasing?
As of March 2017, no townhouses are available for sale from the developer; however buyers can purchase from the secondary market in either the Zahra or Hayat phase.
As of March 2017, various options are available for buying apartments in different buildings within Town Square. Our representatives will be happy to assist you in this regard.
At the time of issuing the booking deposit, the buyer will also have to pay a 4% Oqood (Land Department Title Registration) Fee.
Is Town Square a good buying proposition?
For townhouses, Town Square remains pretty much the most affordable option in Dubai even when purchasing from the secondary market and paying premiums.
Apartment are a decent investment as well. First of all buyers should be aware that studio and one bedroom units are rarely available in this community - it is mainly geared towards 2 & 3 bedroom units.
There are various sizes and layouts in each of these buildings. As an example, 2 bedroom apartments can range in size between 800 - 1,200 sq. ft. Typically, starting prices for the smaller 2 bedroom units is from AED 850,000. This kind of purchase will give buyers a strong rental yield.
Through 2016, the developer introduced a new payment-plan for the apartment developments offering a 50:50 payment plan (i.e. 50% payable upon completion).