Dubai South Properties, the development and real estate arm of Dubai South, revealed that preparations are on track to meet the property needs of investors and end-users.
Real estate projects that are currently being developed within Dubai South Residential City including the Pulse - a freehold, mixed-use community which is set for handover mid 2019 onwards. Featuring townhouses, apartments and shopping destinations, the Pulse is catered to the mid-market audience.
Crew Village, a community for shared living, is another component of Residential City. In addition to these investment opportunities, the master plan offers dedicated plots of land for healthcare, education, retail, hospitality and special community services.
Dubai South's Residential City includes 6,000 new homes ready to move in by 2020 and approximately 200,000 sqft of retail space in phase 1 and 2.
The community will be home to more than 50,000 residents once completed and 2,000 hotel rooms by hospitality brands will be available ahead of Expo 2020.
Recently, more than Dh1 billion was invested towards the realisation of the Residential City's vision.
Mohammed Al Awadhi, CEO for Dubai South Properties, said: "Residential City takes up 10 per cent of Dubai South's masterplan. The Office Park is 60 per cent leased out. Fortune 500 and local companies will build their headquarters in Commercial City."
"We are taking an extremely cautious approach to taking on new projects, and we don't want to saturate the market with too many homes. The market's trying to find its equilibrium. We will be ready to offer more when the market's ready."
At Residential City, about Dh2.5 billion has been deployed for infrastructure and the various projects.
A metro or tram line connecting all the cities within Dubai South is part of the masterplan. A decision on when to launch the transport network will come once the extension of Metro to the Expo 2020 venue is completed.
Source: Khaleej Times
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