By Andy Sambidge
Developer launches over 200 more homes at Dubailand community to cope with demand from buyers
Dubai Properties, the dedicated project development company of Dubai Properties Group, has revealed that the 200 units launched at its Remraam development in Dubailand last month have sold out.
News of investor interest in the community comes as the developer launches over 200 more residential units in Remraam which offers shaded walkways, swimming pools, basketball and tennis courts.
The units, ranging from studios to three-bedroom apartments, will be "competitively priced" starting from AED560,000, the company said in a statement.
DP said it has linked up with Dubai Islamic Bank to release a special finance package of up to 80 percent for UAE Nationals and 75 percent for expat residents with rates starting from 3.99 percent over 25 years.
Khalid Al Malik, Group CEO of DPG said: "The continued investor interest in Remraam is testament to the demand from Dubai residents and seasoned investors for well located, easily accessible and competitively priced housing.
"The fact that these apartments are complete and available immediately is a great bonus for those using it as a first purchase or a family home and we expect to see similar demand for the additional units just released."
Remraam is located just off the Emirates Road between Jebel Ali Free Zone and Al Maktoum International Airport in the heart of DPG's Dubailand district.
A new road which will connect Remraam with Motor City is currently underway and plans for a Geant Supermarket and community clubhouse are also progressing, the developer said.
On completion the clubhouse will feature a gym, multi-purpose room and Remraam management and security offices.
Dubai needs more of these developments - the mid market is where there is going to me most demand in the future. The upper market is now oversupplied and there is no demand.
Prices are going down big time in the 5M + space....
I agree the mid-market sector should be bolstered in lieu of all these multi-million developments. However, this article does not clarify if these are new apartments or if they are being consolidated from the economic woes of 2008. To have them "complete and available immediately" makes me think the latter.
Before DPG add "more fuel to the fire" so to speak, what about concentrating on delivering the original masterplan which many invested in back in 2008. Some of us still have nothing and when you speak to DPG they say speak to Tamweel and vice versa. One party even laughed and said they had spent the deposit and it was best to just write it off! It's like a game of tennis but you're actually the tennis ball being hit back and forth all the time.
The sooner they tighten up the SPA in terms of compensation for non-delivery of anything off plan the better and until the time that DPG and Tamweel address this ongoing matter, I would advise treading very cautiously.