UAE-based developer Tiger Properties will be the first company to commence work on a residential tower that will house only studio apartments.
A number of developers have started targeting the affordable property market, tempting investors by selling studio units at attractive prices.
In September, Arabian Business reported that Shaikhani Group was planning to launch a tower of with just studio apartments, with prices in the range of AED400,000 [$109,000] per unit according to Mahmoud Shaikhani, managing director.
Tiger Contracting, the parent company of Tiger Properties, has said it will commence work on its Al Jawhara tower in Jumeirah Village Triangle with only studio apartments before year-end, with expected completion date being 2019.
“The Al Jawhara Residences will have 532 studio units,” Zahe Abozaed, Sales Director, told Arabian Business.
Details were not shared on apartment sizes and prices.
Last week, the joint venture between Emaar Properties and Dubai South, started selling studio units in Emaar South from AED280,000 [$76,230] with Nshama, another Dubai-based developer, all set to launch ‘Hayat Boulevard’ project this week in its Town Square development, with unit prices starting at AED378,888.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.
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