In a first for Sheikh Zayed Road, Ahmed Mostafa Ahli Investment Group has announced the launch of fully freehold residential and commercial units at its new development, AA Tower.
The announcement marks a shift in ownership regulations following a recent government decision to allow private properties along the key highway to be converted into freehold assets.
The 60-storey mixed-use tower is located in one of Dubai’s most sought-after areas and is set to be unveiled at an exclusive launch event on May 27 at the V Hotel in Al Habtoor City. The event is hosted in partnership with Harbor Real Estate, the exclusive sales agent for the project.
First freehold project
AA Tower is the first development on Sheikh Zayed Road to offer fully freehold ownership to all nationalities. This move aligns with Dubai’s broader efforts to attract foreign investment and expand property ownership options in central locations.
Dr. Mohanad Alwadiya, CEO of Harbor Real Estate, said: “AA TOWER is a game-changer in Dubai’s real estate market. Its strategic location on Sheikh Zayed Road—one of the most iconic and important avenues in the city—creates wide-ranging opportunities for investors from within and outside the UAE.”
Residential and commercial mix
The tower comprises 369 residential units, including 195 one-bedroom, 198 two-bedroom, and three three-bedroom apartments. In addition, there are 26 office units, five retail stores, and 447 parking spaces. Each of the first 51 floors contains eight apartments, while the 52nd and 53rd floors feature larger two-bedroom units.
Buyers have the option to merge one- and two-bedroom units. All units come with high-end finishes and a choice of open or closed kitchen layouts.
Prime location and views
Situated along Sheikh Zayed Road, AA Tower offers direct views of Burj Khalifa, Downtown Dubai, and Jumeirah Beach. Nearby destinations include City Walk, DIFC, Museum of the Future, and The Dubai Mall. The tower also benefits from proximity to the Dubai Metro and key transport routes.
Amenities include a gym, swimming pool, cinema, event hall, prayer room, and barbecue area.
Payment plans and pricing
For residential units, the post-handover payment plan requires a 28% down payment, a 4% Dubai Land Department fee, Dhs 3,000 in administrative charges, and 12 quarterly instalments of 6%.
Commercial units require a 40% down payment, 4% DLD fee, 5% VAT, Dhs 3,000 in fees, and 12 quarterly instalments of 5%.
Residential units are priced between Dhs 2.93 million and Dhs 5.4 million, while office units range from Dhs 2.23 million to Dhs 7 million. Retail spaces are priced from Dhs 12.13 million to Dhs 25 million.
tanvir@dubainewsweek.com
