The Dubai Properties Group has announced an 8.2 million sq ft, Spanish-themed, development in Dubailand, which is to be developed across five phases – with the first to be ready in 2018.
The ‘Serena’ project will feature clusters of four to six units, with Phase 1 to have two and three-bedroom townhouses and three-bedroom semi-detached villas. It is being pitched in the “affordable housing” space.
According to Abdul Latif Al Mulla, Group CEO of DPG, “Dubai Properties is helping lead the resurgence of Dubai’s real estate market through the strategic development of mixed-use destinations, as we anticipate and deliver on the rapidly changing and diversifying Dubai. Serena stems from our long standing experience in the market, and our understanding of the growing demand for affordable housing in the emirate.”
For those wanting to rent a villa in Dubai, Serena, with direct access to Emirates Road, will have the Dubai Properties built Layan and Al Waha communities in its vicinity. It will also have retail space of approximately 100,000 square feet available on lease. Details of the project’s cost and those of the individual units have not been revealed.
This is the second major off-plan launch by Dubai’s master-developers in the last two days. Damac Properties has just unveiled the “Aykon City”, featuring a six-tower cluster on 4 million sq ft near the Dubai Canal extension on Sheikh Zayed Road. The developer has already released the first units at Aykon City, and expects to generate Dh7 billion plus from sales across all phases.
The Meydan-Sobha Group also launched a new phase at its upscale villa project in MBR (Mohammad Bin Zayed) City. By pressing ahead with their planned launches, developers are clearly stating their intent in creating demand now rather than sit it out until the next upturn comes around.
According to a 2014 report compiled by Savills, developers need to turn towards creating “specific pedestrian-friendly, urban schemes to attract occupiers”, similar to those in cities like New York and London.