Dubai Properties has announced that it has awarded a AED541 million ($147.3 million) construction contract to expand its Remraam community.
The decision to expand Remraam comes in response to the recent market demand for affordable housing, the developer said in a statement.
It said it has awarded the contract to Engineering Contracting Co (ECC) for an 18-building expansion of the Dubailand community.
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."
Consisting of units ranging from studios to three-bedroom apartments, Remraam is located just off the Emirates Road between the Jebel Ali Free Zone and Al Maktoum International Airport.
According to Colliers International's latest report, almost 50 per cent of the households in Dubai earn between AED9,000 to AED15,000 per month, creating a gap in the market for affordable housing which Dubai Properties said it is aiming to bridge.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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