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As the project development arm of Dubai Properties Group (DPG), Dubai Properties (DP) is keeping those wanting to buy their first home firmly in mind as it looks to expand its property portfolio. The affordable Remraam community is one project that caters to the midmarket segment and the developer plans to build similar projects elsewhere, depending on demand.
Remraam, just off Emirates Road and located close to Dubai Motor City and the Arabian Ranches, had been in the making for a while, but has now flourished into a sought-after residential community. The reasonable prices are a big draw, with apartment units starting at Dh560,000. With the quality of facilities being offered, properties at Remraam are great value for money.
The attractive architecture of the mid-rise buildings is a pleasant sight. The development boasts extensive community facilities, while further improvements are on the horizon, including a clubhouse with a gym, a Géant supermarket and a new road connecting to Motor City.
Khalid Al Malik, Group CEO of DPG, tells Property Weekly what else is in store for the community.
- Why did the 200 units launched recently sell out quickly? Do you have more ready units available and do you plan to build more with the high demand?
In May we launched 200 units for sale at our Remraam community. The units, ranging from studios to three-bedroom apartments, were complete and ready to move in immediately. This, coupled with the attractive pricing and financial packages on offer and, of course, Remraam's convenient location in the heart of Dubailand, led to them selling out.
Now, due to popular demand, we have released a further 200 units, which are also complete and available immediately. We expect to see similar demand for these units.
Remraam is a thriving community, which is already home to many families, and we will consider launching further units as and when we see demand from the market. Our aim is to listen to the market and deliver what is required.
- Can the success be ascribed to the fact that Remraam is one of the few affordable communities that have good facilities in Dubai?
Certainly, these are important factors. Apartments at Remraam are attractively priced and offer genuine community living with ample facilities, in a location that is just moments from Emirates Road. Remraam boasts a range of facilities for residents, including swimming pools, basketball and tennis courts, as well as communal lawns, walkways, barbecues, seating and shaded play areas, all for a family lifestyle.
Our aim is to create real estate opportunities that are accessible to Dubai's end users and investors, and Remraam is a perfect example of that. Focusing on more affordable opportunities for families, DP will continue to develop these types of projects going forward.
We know there will be continued strong demand from investors looking for quality products in the mid-range sector. However, what we've noticed in the market recently is a rising demand from end users looking to buy their first home. With ready-to-live apartments, Remraam is a great opportunity for those looking for their first purchase or family home due to the affordability of the development, paired with its convenient location and range of facilities.
- Has your partnership with Dubai Islamic Bank (DIB) in offering home loans resonated with end-user buyers?
For the first 200 units launched in May, we saw a healthy mix of both investors and end users. We have just launched an additional 200 units and so far we've seen a positive response.
Buyers can choose any bank, however, we partnered with DIB to provide a special finance package with attractive rates as a further incentive for customers.
Remraam is the ideal first purchase for a family home and, of course, attractive home financing packages make it more accessible for end users. We will continue to partner with financial institutions to offer competitive home financing options for our projects whenever possible.
- Will DP consider building similar affordable projects in other areas, such as the up-and-coming Culture Village?
Culture Village has a unique proposition as the city's first creek-side development and we recently launched sales of our luxury residential project, Manazel Al Khor, to cater to the strong demand we are seeing for spacious, well-located residences offering waterside views.
Manazel Al Khor is our current focus, but we are committed to delivering projects that meet the needs of Dubai's investors and homeowners, and we will review further opportunities in Culture Village and other key areas if the market dictates.
Source: Nicole Walter, Special to Property Weekly