Dubai firm hands over 76 homes of $26m DIP project

Published: 17 July 2017 - 3:30 a.m.
By: Neha Bhatia

A Dubai-based real estate developer has handed over 76 homes built as part of a $26.4m (AED97m) project that will be connected to the Route 2020 metro link.

Properties Investment, a joint venture owned Dubai Investments (70%) and Union Properties (30% ), handed over the Green Community Dubai Investments Park (DIP) – West Phase III units. 

Dewan Architects and Engineers is the lead consultant of Green Community DIP – West Phase III, while Shapoorji Pallonji Mideast is its main contractor. 

Spanning 13.7 ha (1.48 million sqf), the development comprises 210 townhouses, which are being developed in three stages. 

West Phase 3 features 122 four-bedroom and 88 three-bedroom townhouses and 16 duplex apartments, in addition to retail units and recreation centres. 

Stage 2 of the project will include 100 townhouses, expected to be handed over by October 2017, and Stage 3, comprising 34 townhouses, 16 apartments, and three retail units, will be completed by the end of this year. 

Remarking on the handover of Stage 1's units, Dr Rashid Abdulla Al Haji, general manager of Properties Investment, said the company is "confident" about increased demand for Stages 2 and 3 of the project.

He continued: "The handover of the first stage of the Green Community Dubai Investments Park – West Phase III is a significant milestone, and reinforces the commitment of Properties Investment in completing and handing over its projects on schedule.

"This sends a very strong signal to the real estate sector.

"Amidst the current market conditions, the luxury real estate segment is still attractive to investors.

"High-quality developments such as the Green Community DIP – West Phase III will continue to witness strong demand, driven by its salient advantages," Al Haji added. 

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