Lootah Real Estate Development (Lootah), the real estate arm of Lootah Holding has announced the launch of the region’s first lease-to-own model of industrial warehouses in Dubai, with construction estimated to start in two months.
Located in Dubai Industrial Park (DIP), the model will offer clients pre-built industrial warehouses at 2 per cent down payment, with customisation options available for different business requirements. Moreover, clients will have full ownership of the warehouses within 10 years, with base price for individual facilities starting at $2.7 million.
Lootah has acquired 278,709.12 sqm land in DIP for the construction of Senaeyat, the industrial warehouse development project, which will be completed in two phases. Phase one will include the development of 92903.04 sqm land with four different built-up areas for warehouses: 1858 sqm, 2229 sqm, 2787 sqm, and 3344 sqm. Meanwhile, the second phase will have the same options in addition to 4645 sqm and 5574 sqm sized warehouses.
Speaking exclusively to MECN during the launch, Saleh Abdullah Lootah, CEO of Lootah Real Estate Development, said: “In phase one, we will start with 20 warehouses and in phase two we will look at constructing 30 more warehouses. Once we receive more responses, we will also consider expanding and providing our services in Abu Dhabi, the Northern Emirates and even outside the UAE.”
He added that this business model will help clients to convert their operational costs to assets, while also providing a uniform price for warehouse-leasing to counter the current fluctuating prices in the market.
Lootah further said that the Senaeyat project actively supports the Dubai Industrial Strategy 2030, by enabling the growth of the industrial ecosystem and providing clients with an important resource to achieve short and long-term goals.
“We have aligned ourself with the UAE’s industrial strategy to boost the non-oil sector as part of its diversification plans- by offering this kind of help for investments and investors, locally and internationally, and by giving them such spaces and turnkey solutions.”
Senaeyat’s location is also considered customs-exempted due to its presence at DIP and our portfolio of warehouses are designed to address different businesses from multiple industries, concluded Lootah.
