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Thu 12 May 2016 03:27 PM

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Work said to start on $626m Shah Rukh Khan-backed project in Dubai

Developers behind Royal Estates affordable housing project reportedly award first construction contract after delays

Work said to start on $626m Shah Rukh Khan-backed project in Dubai
Bollywood superstar Shah Rukh Khan

Work has reportedly begun on the construction of the Shah Rukh Khan-promoted AED2.3-billion Royal Estates project in Dubai.

It was reported on Thursday that developers behind the affordable housing project have awarded the first construction contract to Armada Contracting for townhouses.

Royal Estates was first launched in 2008 but was put on hold post the global financial crisis. It was relaunched in August 2014.

Emirates 24/7 quoted Texture Group general manager Shahid Rasheed as saying work has started on the project and the contractor is on site at Dubai Industrial Park.

Texture, alongside partners Pacific Ventures and PAL Developments are aiming to complete the 350 townhouses in the third quarter 2017 and more than 2,500 apartments a year later, the report said.

Rasheed said: “The market is stable and getting better. Our forecast and vision is very positive for the real estate and property market of Dubai. We believe as we get close to 2020 there will immense development and requirement of homes."

The developer has reportedly priced studio apartments from AED320,000 and interiors for the residential units have been designed by Gauri Khan, spouse of Bollywood superstar Shah Rukh Khan.

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