The 23-storey AG Tower will offer 437 modern residences

Real estate firm Fortune 5 has launched the AG Tower, one of the first projects to be announced since work begun on Business Bay’s Dubai Water Canal.

The residential apartment development is being developed by Arabian Gulf Properties and Time Properties, and will comprise 437 state-of-the-art residential living spaces over 23 levels for business professionals who are seeking an attractive entry point onto the city’s property ladder.

Commenting on the sales launch, Prem Gopalani, executive chairman of Fortune 5, says: “AG Tower is the perfect example of what smart investors and end-users want in a prime location property. Strategic thinking has been a key driver in our business success, which involves selecting the right partners and projects, and AG Tower is a good example of our collaboration with developers who share the same innovative vision as us.”

He says the development will offer city-loving, young professionals and families a relaxed, yet urban, and upscale residential living experience in Dubai’s central business district, located near some of the largest international corporations, and a popular landmarks, dining and retail options.

The iconic tower with striking architecture has contemporary interiors, and each apartment is expertly designed for an exclusive urban lifestyle, with sizes to suit every buyer’s need and taste. Apartment sizes are expected to start from 460 sq ft for studios, 870 sq ft for one-bedroom apartments, 1,370 sq ft for two-bedroom apartments and from 1,700 sq ft for three-bedroom apartments. The tower offers a variety of picturesque views of the Dubai landscape, from Godolphin Stables to the west, to views of the Dubai Water Canal and the city to the north.

Each unit will be designed by a reputed architects and engineering consultants company. With a flexible approach, future residents can work closely with the team to apply their own unique, personalised touches to the interior. Once completed, residents will have access to a full suite of amenities including a separate male and female gym, a sauna, changing facilities and a grand swimming pool.

Business Bay has gained a reputation as one of the best investment areas in the city with Dubai Land Department ranking it as the most popular buyers’ choice, registering the highest number of apartment sales in Q1 2015, with rental yields of 7.36 per cent and occupancy rates of 80 per cent.

Badar Rashid Murad Al Balooshi, CEO, Arabian Gulf Properties, which is working in conjunction with Time Properties, the prestigious developer of AG Tower, says: “We are delighted to be partnering with Fortune 5 to launch the AG Tower, providing buyers with a high quality product in close proximity to the city’s most popular landmarks. The launch of such a great tower confirms our commitment to developing quality projects which reflects demand and will add to the 1,500,000 sq ft of property that we have already delivered to the market.”

Fortune 5 expects Business Bay to continue to be a fertile ground into the rest of this year, with AG Tower representing the beginning of a real estate trend in Business Bay.