Real Heights Real Estate Broker

^{Source: Copyright © 2009 Gulfnews.com. All rights reserved.}

Dubai: Victory Heights, the Dh2.5 billion, 25 million square foot development in Dubai Sports City has begun handing over villas and townhouses to their owners.

The first batch of 30 villas was handed over two weeks ago. Between now and June, around 600 villas will be handed over, said Yasser Abdullah, general manager of Victory Heights. Facility management will be operated by a French company, Ecovert.

"Eventually the developer will have to hand over the issue of service charges over to the home Owner's Association who will decide the maintenance and services required," Abdullah said.

Abdullah also said that they will manage the services and facilities management for three years to ensure everything is well before handing the reins over to the Owner's Association.

The development is centred around The Els Club Golf Course which has 18 holes and is designed to weave through the 965 villas and townhouses.

"The idea is to get people to live and overlook the golf course. More than 60 per cent of the villas overlook the golf course," Abdullah told Gulf News.

The entire development is extremely low density with properties only built on around 22 per cent of the land. The remaining 78 per cent is open space. There will also be the David Lloyd Next Generation Club and Tennis Academy within Victory Heights which will have 15 tennis courts, swimming pools and fitness facilities when complete which should be ready "no later" than the middle of 2010, according to Abdullah.

The townhouses are two and three-bedroom and the villas are four and five-bedroom. Around 85 per cent has been sold and around 120 properties remain unsold.

Officials at Victory Heights are aware that now may not be the best time to try and sell the remaining 120 properties and so the plan is to wait until the second half of 2009.

"The market is difficult and it's tough getting mortgages and financing so our focus now is on delivery of properties and continuing building the community and the finished product.

The second half of this year we will sell the remaining villas," Abdullah said.

Source: Copyright © 2009 Gulfnews.com. All rights reserved.