In response to the recent market demand for affordable housing, real estate developer, Dubai Properties, DP, recently awarded an AED541 Million contract to Engineering Contracting Co. LLC (ECC) for an 18-building expansion of its Remraam community in Dubailand.
According to Colliers International’s latest report, almost 50 percent of the households in Dubai earn between AED 9,000 to AED 15,000 per month, creating a gap in the market for affordable housing which Dubai Properties is aiming to bridge.
Commenting on the news, Mohammed Al Habbai, Chief Officer for Urban Planning and Infrastructure at Dubai Properties Group, said: “Our aim at DP is to develop projects that meet the needs of the market. With the current increased demand for residential properties in the mid-income sector, and giving Remraam’s popularity in this particular segment, these additional building units are designed to respond to the needs of the population.
“The signing of this contract is a new milestone in the development of Remraam, as it will allow us to offer even more convenient, reasonably priced units for Dubai residents and investors in one of the city’s most strategic locations adjacent to the Expo 2020 site.”
Source : WAM News Agency for United Arab Emirates
