Dubai – Mubasher: Kleindienst Group on Sunday revealed that its the first phase of its Heart of Europe project has been sold by 85%.
Handover of the first phase of the AED 1.5 billion Heart of Europe project already commenced in 2018 and is fully on track to be completed in 2019.
Investor demand came primarily from UAE investors, which represented 40% of buyers in the first stage of the project, while GCC nationals made up 30% of investors.
This demonstrates “an understanding of the new second home concept in this region and the strong opportunity for favourable returns on investment (ROIs),” Kleindienst Group said in a statement.
Kleindienst Group’s Heart of Europe is “pioneering the second home market”, the firm said, noting that its project was “an unrivalled, innovative, world-class tourist destination on six coral-rich islands” that is bringing the best of European culture to Dubai.
Commenting on the staggering sales, Kleindienst Group founder and chairman Josef Kleindienst described 2018 as being “highly successful” in terms of The Heart of Europe Sales, which reached 85% for the first phase of the project, adding that his company was “passionate about building the impossible and the innovative world firsts [which] excite our investors.”
He added that the group’s projects offer 100% guaranteed ROI after 12 years as well as attractive rental yields and strong capital appreciation.
“As the only developer to increase our prices more than 50% due to strong demand for the second home market, a new concept in this region, we are confident that we will witness continued success year on year sales increase during 2019,” Kleindienst added.
The group has also built a fully functioning transportation hub, transporting people to and from the mainland, as well as a construction hub including barges, boats, and a batching plant.
Over 1,700 workers now reside, eat, and work on Kleindienst’s six islands, a 60% rise from data compiled earlier in the year, the firm added, noting that this number will growth further in 2019 as more projects commence construction works.
It is worth noting that Kleindienst Group has worked on properties on Sweden Island, Germany Island, and 78 Floating Seahorses situated in a Maldivian setting at honeymoon Island, St Petersburg.