Dubai Properties Starts Work on AED 2bn New Housing Scheme
8,000 Homes to Be Completed by 2008
Dubai (PRWEB) May 3, 2006 -–
Dubai Properties, one of the leading master developers in the UAE, has announced that work has started on its new residential development in Al Quoz, which will deliver 8,000 housing units by end of 2008. The estimated value of the project is AED 2 billion.
The development is located on Al Khail Road and is divided into two phases. Phase I, valued at AED 700 million, will be ready in January 2007 when 3,000 housing units will be ready for occupation. The second phase of the development is valued at AED 1.3 billion and will add 5,000 more units by the end of 2008.
Hashim Al Dabal, CEO of Dubai Properties stated: “Dubai Properties is always studying current market conditions to determine demand and supply, particularly in respect to the residential property market. We believe there is a real need for quality housing in Al Quoz, particularly from people working in the many businesses and free zones in the area.”
“We, at Dubai Properties, believe in providing market leading housing solutions, in addition to niche developments. We are enhancing our existing portfolio of projects by creating a development that is both unique and able to meet the evolving needs of the market.”
The project is modeled on sustainable housing developments found elsewhere in the world, and is part of Dubai Properties’ mission to provide integrated community housing that is in line with the market needs.
As part of the construction of the Al Quoz project, Dubai Properties is looking at long-term operating and maintenance requirements, the broader issues of support systems for residents, and the health and sustainability of communities.
“This initiative is intended to add more diversity to the Dubai property market by providing a new housing model. We will continue to study the market, and offer residential and commercial solutions as and when required,” Al Dabal concluded.
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