By Anil Bhoyrul
New developer says to target middle income earners with its flagship Town Square mega project
Dubai developer Nshama has priced its new townhouses on the mega Town Square development at less than one million dirhams ($272,000).
The project, launched last week, will see over 1,000 three and four bedroom townhouses initially released, with completion due at the end of 2017.
The three bedroom homes are being priced at less than AED1 million, equating to under AED600 per square foot, with larger four bedrooms priced at AED1.5 million.
“We are targeting middle income people earning around AED20-35,000 a month. These are the people who are renting right now and they can’t afford to buy – this opens up an entirely new market segment,” Nshama CEO Fred Durie told Arabian Business.
He added: “We are looking to make money but not a huge margin. We believe for this price we can build and sell and make a reasonable profit.
"We have been very efficient in our designs so that they are very nice units, they are reasonable sizes and to meet this target we have looked at value engineering to deliver a good product at an affordable price. We have good relationships with contractors.
"This kind of housing is something that is required by Dubai for its 2021 vision and for Expo 2020. We also think it will be a great lifestyle development.”
Spread of 750 acres the development will eventually feature over 3000 townhouses and 18,000 apartments in addition to substantial retail, hospitality and commercial space. The masterplan also envisages a central and vibrant hub with shopping and dining districts, plazas, greenbelts, mosques, educational institutions, healthcare centres, entertainment and outdoor sports facilities.
A deal has already been signed with Vida Hotels and Resorts to operate a Vida Town Square Dubai hotel, while a joint venture with Reel Cinemas will see a movie complex built. In less than a decade, Nshama forecasts that 85,000 people will be living and working in Town Square.
Natural and paved running tracks crisscross the development, which will feature outdoor gymnasiums, skateboard parks, children’s play areas, relaxing green spaces, community swimming pools and access to cycle tracks.For all the latest real estate 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.
This is beyond the old Dubai Bypass road. Can't sell at huge premiums for so far off.
Hope the targeted middle class end users can buy this without investors coming on the way and selling at huge premiums.
Hope quality wouldn't be compromised!
Do not invest in any house, unless you see in real the quality of construction...I knoe atleast 50+ people who have been fooled in Dubai.