Funds in place for every single Dubai project, says DPG

Dubai Properties Group (DPG), the real estate development arm of Dubai Holding, has funds in place to complete all its projects, a senior company executive told Emirates24|7.

“For the time being, we have fund for every single project,” said Mohammad Al Habbai, Chief Officer for Urban Planning and Infrastructure, DPG.

“Despite sales or not, we will go ahead with these projects,” he added.

Last month, the master developer of Jumeirah Beach Residence, Business Bay and many other developments in Dubai, launched Dh800 million Dubai Wharf, a waterfront district in Culture Village and Maram Residence, an upscale twin-tower in Burj Khalifa district, during Cityscape Global.

The DPG senior executive revealed that construction was all set to commence on Dubai Wharf project by year-end and was slated for completion in the two year’s time.

“Enabling work has already commenced on Maram Residence with main construction contract being awarded soon,” he added.

Affordable housing

Asked why DPG was not focusing on launching affordable housing, Al Habbai revealed that the company was studying the needs of the market for affordable housing, but nothing had been finalised.

“We are studying market needs for those type of projects (Al Khail Gate). We are looking for the percentage of demand for that particular product to cater but for the time being we are not launching anything in that segment.”

Al Khail Gate is a leasehold affordable residential complex in Al Quoz, Dubai.

According to the DPG senior executive, the company saw “good demand” for units in Remraam, Dubailand.

Price in the freehold community ranged between Dh550,000 and Dh1.2 million.

“Remraam is a hot spot for us. There is good demand for the product and we are planning to launch more buildings next year.”

Catering to the entire market

Al Habbai asserted DPG wasn’t merely concentrating on launching luxury products, but was catering to the entire market ranging from labour camps, staff accommodation, middle-income housing to high-end market.

”This is the major difference between us and other developers,” he stressed.

Last week, Emirates 24|7 reported that DPG had informed all buyers of the 40 hotel plots sold by Dubai Holding to complete their respective projects by 2017.

(Read: Gearing for Expo 2020: DPG sets 2017 deadline for 40 hotels)

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