Work to transform an industrial area into prime residential real estate in Dubai is on schedule and will deliver 1,732 new homes, developers said.
Wasl, and asset management and investment firm owned by Dubai Real Estate Corporation, said an AED 645 million ($175 million) investment in the Ras Al Khor area was on track to pay off.
The company is working on 2.4 million sq ft of built up area, which when complete will have 1,288 two bedroom apartments and 444 one bedroom investment opportunities.
Executives confirmed hand overs are to take place in phases from April to September this year.
Bosses also gave their views on the state of the UAE real estate market, and said government measures could soon kick in and help the sector.
Hesham Al Qassim, chief executive of wasl and Dubai Real Estate Corporation said: “The leasing sector’s long term outlook is set to turn positive in line with many government initiatives, including the floatation of the $20 billion bond by the Dubai government to stimulate the economy.”
Real estate in the company’s Ras Al Khor project is available on a leasehold basis and is part of the firm’s aim to regenerate large areas of the emirate.
Dubai Real Estate Corporation was established by the Dubai authorities and is charged with managing and encouraging investment in the country’s land bank.
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