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Eye of Riyadh
Business & Money | Sunday 15 March, 2015 12:00 am |

Residential projects on fast track in DIP; 1,150 units currently under construction

DIP to have nearly 15,000 residential units when the current construction phase is completed in three years’ time

Dubai Investments Park [DIP], the unique integrated commercial, industrial and residential community in Middle East and a subsidiary of Dubai Investments, has announced that over 1,150 residential units, which include townhouses, duplex, three, two and single-bedroom & studio apartments, are currently under construction within the development.

This surge in new residential units comes amidst a growing demand within DIP in view of its proximity to the Expo 2020 site. The multi-phased projects are expected to be completed by 2018 and are being developed by individual real estate developers and investors, with DIP providing the requisite infrastructure.

The new units will complement the 10,000-plus operational residential units within DIP. A mix of townhouses as well as smaller units and designed to the best international standards in terms of facilities and space, the units currently houses over 20,000 residents. Once the new units are completed, the total population in DIP residential units is expected to cross 45,000 residents.

Mr Omar Al Mesmar, General Manager of DIP, said: “The UAE real estate sector is witnessing a buoyant trend and investors have started accelerating the various construction projects across Dubai and other Emirates. Dubai Investments Park is fast reinforcing its identity as the preferred residential community, and its proximity to the Expo 2020 site makes it a favored option for both investors and end-users. The magnitude of residential development within DIP is testimony to the surge in demand for quality residential units in this part of Dubai.”

The sustained growth within DIP continues to transform the development into a self-contained city within a city – reinforcing its identity as the most sought-after destination for tenants and businesses looking for good returns on investments, added Mr Al Mesmar.

Green Community, one of the most sought-after residential projects within DIP, recently announced the commencement of construction works on Phase 3 of its master-development. This will see the addition of 227 units, of which 210 are townhouses, apart from duplex apartments, two-bedroom apartments and a dedicated retail space spread across 1.48 million square feet. The enabling works are scheduled to be completed in Q1 2015.

In July 2014, Aristocrat Star announced the launch of its Royal Estates project, a 2.3 million square feet gated community consisting of 700 units – including apartments, townhouses, club houses, retail spaces and office complex. The first phase, comprising 400 units, is scheduled to be delivered in 2016.

The range of other residential units on offer within DIP includes The Palisades, RITAJ, Dunes Village, Dubai Lagoons and EWAN Residences. Equipped with world-class facilities, each is a self-contained community development with its own unique characteristics and features.

The facilities within DIP includes 140-km of internal road network, besides a wide array of educational institutions, retail outlets, healthcare facilities, hotels, offices, mosques, recreational and leisure amenities. DIP is one of the largest integrated residential and business communities in the Middle East and offers state-of-the-art facilities and infrastructure.
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