$175m wasl project on track
Dubai, March 11, 2009
Asset management group wasl has announced that work on its Dh645 million ($175.6 million) Ras Al Khor project is on track to meet the handover scheduled between April and September.
The project will bring on line 1,732 leasehold residential units to meet anticipated market demand, said a statement.
It will also have a total built up area of 2.4 million sq ft featuring 1,288 two-bedroom apartments and 444 one-bedroom units.
This will mark the transition of the historically industrial nature of the Ras Al Khor area into a residential community in the long term.
“Our primary objective is to improve the status of various districts around the emirate and give them a pivotal role to help sustain Dubai’s economic development,” said Hesham Al Qassim, CEO of wasl and Dubai Real Estate Corporation.
wasl currently owns approximately 15,000 residential units in different localities around Dubai. Its property management division consistently monitors trends in the leasing sector, both in the commercial as well as in the residential space.
Al Qassim added: “The leasing sector’s long term outlook is set to turn positive in line with many government initiatives including the floatation of the $20 billion bond by the Dubai government to stimulate the economy.
“We believe our track record over 30 years will allow us to take a leading role in targeting specific and specialised urban development and re-development projects.”
Delivering community-focused, lifestyle facilities, the Ras Al Khor project will include a mosque, a supermarket, and retail outlets, in addition to well-equipped recreation facilities.
In the first phase of the residential development, six buildings are scheduled to be completed, with an additional thirteen buildings to be added in Phase-2 and Phase-3.
The project is conveniently located in proximity to the Dubai-Hatta Highway, offering residents an easy link to the major arterial road network.
The asset management company’s current sphere of operations includes the management of 5,000 industrial land plots and 20,000 leased commercial and residential units around Dubai.
wasl, which owned by Dubai Real Estate Corporation, has a portfolio ranging from property management, leisure and entertainment to hospitality, project management and industrial land development. – TradeArabia News Service