In response to the recent market demand for affordable housing, real estate developer, Dubai Properties (DP) recently awarded a 541Million Dirham contract to Engineering Contracting Co. LLC (ECC) 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 AED 9,000 to AED 15,000 per month, creating a gap in the market for affordable housing which Dubai Properties 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 at DP 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 giving Remraam’s popularity in this particular segment, these 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 us to offer even more convenient, reasonably priced units for Dubai residents and investors in one of the city’s most strategic locations adjacent to the Expo 2020 site.”
Al Habbai also revealed that further Remraam units will be launched to the market overtime to respond to the growing demand for family homes and investment properties. The announcement is testament to the popularity of DP’s thriving Remraam community and the strong demand it continues to receive from both investors and end users, resulting in the sell-out of 200 apartments in May and the launch of further units in June of this year.
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.
Apartments at Remraam offer genuine community living with ample facilities for residents including a supermarket, swimming pools, basketball and tennis courts, communal lawns, walkways, BBQs, seating and shaded play areas for a family lifestyle. In addition to this, the community is located just off the Emirates Road between the Jebel Ali Free Zone and Al Maktoum International Airport at the centre of DUBAILAND district.