Park Towers, DIFC

HIGHLIGHTS

About Park Towers

Park Towers is a mixed-use complex located along Sheikh Zayed Road (E11) in Dubai International Financial Centre (DIFC). Developed by DAMAC Properties, the complex features two high-rise buildings with apartments, offices and shops for rent and sale. Each building has 49 floors, seven of which are designated for offices, while residential units begin from the 12th floor upwards. The podium level consists of parking spots as well as retail spaces.

With the height of 120 metres (393.701 ft.) each, the two buildings are instantly recognisable in the DIFC area. In fact, the complex was named the ‘Best Mixed-Use Development in the World ’. The project commenced in 2004 and was completed in 2011. On the residential side, one can choose between studio, 1, 2 and 3-bedroom apartments. Each apartment has a huge balcony that overlooks the neighbourhood with its parks, cafes and recreational facilities.

On the commercial side, Park Towers has a business centre featuring state-of-the-art office facilities along with cafes, eateries and retail shops. Business owners can choose between shell-and-core units as well as fully fitted offices in the complex.

IN A NUTSHELL

BUILDING DETAILS

Facilities in Park Towers

Parking

To begin with, you will find basement parking in Park Towers. Tenants/owners get at least one parking spot with their apartment/office. Street parking are also available next to the building.

Elevators

There are multiple high-speed elevators in Park Towers providing quick and convenient access to all floors.

Security, Central Air-Conditioning and Maintenance Services 

Moving on, the building gets 24-hour security along with CCTV monitoring. Moreover, on-site maintenance is provided without any additional charges. The complex also gets district cooling from Empower.

Event Space

Event space in Park Towers include a banquet hall and a meeting room for parties, special occasions and business meetings.

Gym and Fitness Facilities 

Moving on, residents can keep fit at the fully equipped gym in Park Towers.

Lifestyle Amenities

Among lifestyle amenities, there’s a large, indoor swimming pool, along with landscaped gardens and sports facilities at the podium level.

Concierge and Guest Services 

There is a 24-hour front desk to assist residents and visitors alike in the complex. Not to mention, visitors are welcomed with an exquisitely designed lobby.

Pet-Friendly

Pets are not allowed in the complex.

Park Towers Floor Plans 

As already mentioned, apartments in the complex are available in a variety of configurations. You can view Park Towers floor plans for all bed types in both 2D and 3D format on Bayut.

Apartment Types in Park Towers

Studio Apartments in Park Towers

Covered areas for studio apartments in Park Towers range from 415 sq. ft to 520 sq. ft. The studios come with a bathroom and fully fitted kitchen. The balcony provides amazing views of Zabeel Palace, DIFC and Downtown Dubai.

1-Bedroom Apartments in Park Towers

Covered areas for 1-bedroom apartments in Park Towers range from 600 sq. ft to 1,022 sq. ft. One-bed units in the building comprise one master, ensuite bedroom, along with a guest washroom. There’s a fully fitted kitchen leading to the living area. The balcony provides amazing views of the neighbourhood.

2-Bedroom Apartments in Park Towers

Covered areas for 2-bedroom apartments in Park Towers range from 894 sq. ft. to 2,150 sq. ft. These comprise two ensuite bedrooms along with a guest washroom. There’s a fully equipped kitchen, a spacious living area and a balcony that provides views of DIFC and Zabeel Palace.

3-Bedroom Apartments in Park Towers

Moving on, 3-bedroom apartments in Park Towers have covered areas ranging from 1,800 sq.ft. to 3,200 sq. ft. These spacious units comprise three ensuite bedrooms along with an additional bathroom. One also gets a maid’s/storeroom, equipped kitchen and balcony access.

Offices in Park Towers

Covered areas for offices in Park Towers range from 945 sq. ft. to 3,258 sq. ft. You can choose between shell-and-core units and fully-fitted, ready-to-move offices. You can also get partitioned offices in Park Towers. Office facilities in the building include shared bathrooms, high-speed internet access and meeting room.

Shops in Park Towers

Moving on, one can also buy and rent shops in Park Towers with covered areas ranging from approximately 451 sq. ft. to 1,705 sq. ft. You can also find even more spacious retail units that come with a terrace. Even for shops, you can choose between shell-and-core and fully-fitted units.

Most Popular Apartment Types in Park Towers

Most popular set of apartments in Park Towers are 1-bedroom apartments, receiving about 50.1% of the searches made for the building on Bayut. Followed by 2-bedroom apartments, accounting for about 41.3% of the searches. Studio apartments and 3-bedroom apartments are next in line with 5.7% and 2.9% of the total searches respectively.

Rental Trends in Park Towers

Prices for rental apartments in Park Towers are as follows:

• Rental prices for 1-BHK flats in Park Towers range from AED 64k to AED 85k per year
• One can also rent 2-bedroom units in Park Towers from AED 90k to AED 119k per year
• For 3-beds in Park Towers, rental prices range from AED 110k to AED 140k per year

Prices are relatively higher considering the location of the building as well as the facilities provided to tenants. Overall, apartments for rent in DIFC appeal renters particularly due to the area’s proximity to Downtown Dubai.

Prices for rental commercial units are as follows:

• Rental prices for offices range from AED 105k to AED 570k per year
• One can also rent shops in Park Towers from AED 40k to AED 213k per year

These rental prices likewise reflect overall property prices in DIFC.

Sale Trends in Park Towers

Prices for Park Towers apartments for sale are as follows:

• Sales prices for 1-bedroom flats in Park Towers range from AED 880k to AED 1.45M
• One can also buy 2-BHK flats in Park Towers from AED 1.3M to AED 2M
• Prices for 3-bedroom apartments are upwards of AED 2.3M

These prices are also on the high-end of the real estate spectrum. This is true for DIFC apartments for sale in general.

Sales prices for commercial units in Park Towers are as follows:

• One can buy offices in Park Towers for AED 1.5M
• Prices for shops range from AED 580k to AED 3M

Prices range according to the covered area as well as the features offered.

Rental Yield in Park Towers

All apartment types in Park Towers generate a good annual return through rent, and so are attractive investment prospects. The expected annual return for 2-bedroom apartments is about 7.5% of the total investment. 1-bedroom apartments yield about 6.9%. 3-bedroom and studio apartments generate average annual returns of about 4.2% and 1.5%, respectively.

NEARBY AMENITIES

Transportation near Park Towers

Part of the attraction in living or working in the complex is the availability of public transportation near Park Towers.

Restaurants near Park Towers

In terms of amenities, residents are never far from dining places. In fact, one can find eateries and cafes inside the complex. Chalco’s Mexican Grill, for instance, is located on P4 inside Park Towers. The restaurant offers authentic Mexican food with spacious indoor seating.

Other restaurants near Park Towers include:

• Crab Market Restaurant & Lounge
• KIZA Restaurant & Lounge
• Al Safadi Restaurant
• Camuti Restaurants

Located within a 5-minute distance from the complex, these restaurants offering several types of cuisines, such as Italian, Lebanese and African.

Cafes near the buildings include Caribou Coffee, Pacifico, Mercato, Caffe Nero, Bateel and Costa Coffee. Nearby bars and lounges include Mint Leaf of London, La Veranda Pool Bar & Shisha and Long’s Bar.

Supermarkets near Park Towers

One can also find several grocery stores and supermarkets easily. For instance, the BS Supermarket is located within the towers, which means you don’t have to go far for daily shopping.

Other supermarkets near Park Towers include:

• Spinneys
• Choithrams
• Al Maya Supermarket

These supermarkets are located within walking distance from the complex.

Major Landmarks

DIFC is home to several high-rise buildings that serve as landmarks in the area. Major points of interest near Park Towers include:

• The Gate
• Marble Walk
• Empty Quarter

The Gate is one of the oldest buildings in the area and is still one of the most sought-after when it comes to commercial events. Near The Gate is Marble Walk, home to several takeout places and retail stores. Empty Quarter is one of the many art galleries in DIFC, breathing life in an otherwise commercial district.

THINGS TO CONSIDER

To sum up, Park Towers in DIFC offers residents, investors, professionals and business owners luxurious commercial and residential units. The building has several facilities and modern amenities and is the number one choice for buying apartments in DIFC. Availability of transportation and proximity to Downtown Dubai add to the mix. Of course, considering its location, tenants/owners in Park Towers have to face a lot of traffic congestion and noise pollution.