Unique Approach In a pioneering move in the UAE real estate landscape, Alphabeta Properties, a leading property development and management company in Dubai, is changing the game with an online auction to select tenants. This departure from conventional practices is reshaping how residents are chosen, marking a significant shift in the region’s property market.
M77 Residences: Luxury Living Redefined
Alphabeta Properties launched its residential project, M77, on Meydan Avenue, unveiling a distinctive rental procedure. M77 is set to determine its residents through an invite-only online auction, introducing a unique concept to Dubai’s real estate market.
Luxury Living Spaces: Amenities and Views: Unique Approach
Featuring 77 apartments with 1, 2, and 3 bedrooms, M77 offers stunning Downtown and Burj Khalifa views. The luxury building comes complete with a full-floor gymnasium, a 50-meter Olympic-sized pool, a smart keyless entry system, and various other amenities.
Rental Caps and Property Sizes: Unique Approach
The rental caps for M77 units range from Dh105,000 to Dh150,000 for 1-bedroom apartments, varying based on size (900 sqft to 1,650 sqft). Similarly, annual rents for 2-bedroom units (1,800 sqft to 2,000 sqft) range between Dh215,000 to Dh260,000, while 3-bedroom units are available for annual rentals between Dh250,000 to Dh350,000.
Online Auction Details: Registration and Participation
Alphabeta Properties initiated the online auction on January 21, set to run for two weeks. Prospective tenants interested in participating must register, with shortlisted individuals receiving invitations to partake in the auction and personally visit the properties.
Developer’s Track Record and Unique Philosophy
With a portfolio exceeding Dh1 billion in delivered projects across Al Barsha, Jumeirah, Al Safa, and other localities, Alphabeta Properties has focused on leasing, catering primarily to the affluent rental market segment. Founder Abdulla Al Shaibani emphasizes the novelty of the invite-only rental bidding auction system, a first in the rental market.
Transparency and Fair Opportunities: The Auction’s Origin: Unique Approach
The auction concept emerged from high demand, with individuals expressing willingness to offer higher bids for the same unit in previous projects. Al Shaibani aims for transparency, ensuring all potential tenants have an equal opportunity to bid for their desired unit.
Anticipated Demand and Occupancy
Al Shaibani anticipates high demand, expecting 50% of the units to be off the market on the auction’s opening day. The company’s philosophy revolves around ensuring the best building in the area remains occupied and in demand.
Consistent Success and Rental Rates: Unique Approach
Alphabeta Properties has consistently achieved rental rates 20-30% above the market rate. Offering semi-serviced apartments with a bundle of amenities comparable to serviced apartment hotels, the company’s approach aligns with providing residents with a premium living experience.
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