Dubai Properties is responding to the demand for affordable housing by awarding a $147mn (AED541mn) contract to Engineering Contracting Co. LLC (LLC) for an 18-building expansion of its Remraam community in Dubailand.
According to Colliers International’s latest report, almost 50% of the households in Dubai earn between AED9,000 ($2,450) to AED15,000 ($4,083) per month.
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.”
Al Habbai also revealed that further Remraam units will be launched to the market over time to respond to the growing demand for family homes and investment properties.
Remraam, which is located just off the Emirates Road between the Jebel Ali Free Zone and Al Maktoum International Airport, consists of units ranging from studios to three-bedroom apartments.