Abou Eid delivers Dhs70 million project in Dubai ahead of schedule
- 12 Jun 2024
Sajjad Ahmad, Deputy Business Editor
Abou Eid Real Estate Development Company has announced the completion of Celia Residence, its first residential project, seven months ahead of schedule.
The Dhs70 million Celia Residence project in Dubai Studio City was completed seven months ahead of schedule in November 2024.
The company has also announced the sale of all units at Celia Heights, its second residential property project located in Dubai's Majan area next to Al-Barari and consisting of 188 units.
During a press conference on Tuesday in Dubai to celebrate the launch of the company’s new project, ‘Celia Heights,’ and to announce the completion of the ‘Celia Residence’ project, Chairman Hussain Abou Eid stated that the company has decided to relocate its regional headquarters to Dubai.
He highlighted Dubai as one of the world's premier real estate cities, renowned for its profitability in the sector and serving as a strategic springboard for future expansion in the UAE and the GCC.
"A thorough analysis of Dubai's real estate market reveals a renewed wave of investment momentum and robust sales, achieving unprecedented records in 2023 and the first quarter of 2024.
This trend reflects growing confidence in Dubai's real estate sector and its sophisticated environment, supported by a strong legislative framework that regulates the market. We anticipate that Dubai's real estate market will gain even more momentum in the coming year," he added.
He emphasised that property investment in Dubai is gaining momentum due to its safety, cultural and tourism diversity. These factors make Dubai an ideal city for attracting affluent individuals and residents, offering a desirable environment for living, working, and professional development.
Abou Eid noted that the launch of Celia Heights, scheduled for delivery in August 2026, has been a tremendous success over the past four months, with all units sold out. This reflects the project's attractiveness, quality, and the strong demand for Dubai real estate. It also signals positive opportunities for upcoming real estate projects.
"Celia Heights, located on the main Mohammed Bin Zayed Road, is characterised by its proximity to Global Village and IMG, as well as its view of the Al Barari project. The units will be delivered with high-end finishes and furnishings," he said.
He added that the Celia Residence project in Dubai Studio City was completed seven months ahead of schedule in November 2024, with a total investment of up to Dhs70 million.
The project adhered to the highest agreed quality specifications while offering competitive prices. All units of the Celia Residence project were sold, featuring a highly flexible five-year payment plan directly from the developer. This made the project an attractive and feasible opportunity for both end users and investors.
He pointed out that the project successfully combined high quality with affordable prices and a thoughtfully planned payment scheme, achieving a return on investment ranging from 17% to 20%, depending on the type of unit.
It represented an excellent opportunity for those interested in real estate investment or homeownership, whether for investment or residence, in one of the most advanced and prosperous Arab cities.
Abou Eid revealed that the company will be launching its third project in Nad Al Sheba Gardens this autumn. He mentioned that the company, founded in 1989 in Lebanon, has completed thousands of real estate projects and expanded to Turkey, Morocco, and Portugal before entering the UAE market. The company established its office in Dubai in 2014 and recently relocated its headquarters to the emirate.
Among the factors contributing to the project's success, distinction, and rapid execution, Abou Eid highlighted the efficiency of the partners. Realistic Engineering Consultants provided a distinguished and precise design along with high-quality supervision, while Afaq Contracting executed the project efficiently and accurately.
Additionally, Emtelak Real Estate offered effective marketing strategies, which helped attract buyers and led to the quick sellout of units. Thanks to the partners’ cooperation and joint efforts, Celia Residence achieved great success in Dubai's real estate market.