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In response to the demand for affordable housing, real estate developer Dubai Properties (DP) recently awarded a Dh541-million contract to Engineering Contracting Company for an 18-building expansion of its Remraam community in Dubailand.
According to Colliers International’s latest report, almost 50 per cent of the households in Dubai earn between Dh9,000 to Dh15,000 per month, creating a gap in the market for affordable housing, which DP is aiming to bridge.
Commenting on the news, Mohammed Al Habbai, Chief Officer for Urban Planning and Infrastructure at Dubai Properties Group, said, “Our aim is to develop projects that meet the needs of the market.
“With the current increased demand for residential properties in the mid-income sector — and given Remraam’s popularity in this particular segment—the additional building units are designed to respond to the needs of the population.”
The signing of this contract is a new milestone in the development of Remraam, as it will allow DP to offer even more convenient, reasonably priced units for residents and investors in one of the city’s most strategic locations — adjacent to the Expo 2020 site.
Al Habbai also revealed that more units will be launched in the market over time to respond to the growing demand for family homes and investment properties.
The announcement is testament to the popularity of Dubai Properties' thriving Remraam community. The strong demand it continues to receive from investors and end users resulted in the sell-out of 200 apartments in May and the launch of more units in June.
Consisting of units ranging from studios to three-bedroom apartments, Remraam represents a striking investment opportunity for investors and families looking for spacious, competitively priced and conveniently located apartments.
Remraam offers genuine community living with ample facilities for residents including a supermarket, swimming pools, basketball and tennis courts, communal lawns, walkways, barbecue areas, seating and shaded play areas for children.
In addition, the community is located in the heart of Dubailand, just off Emirates Road between the Jebel Ali Free Zone and Al Maktoum International Airport.
Source: Property Weekly