Dubai: There could be some respite in store for Dubai’s mid-tier residential rentals with more than 2,000 homes set to be delivered next year at Nshama’s Town Square development. The project — which currently has 5,000 units under construction — has been a favoured hot spot for end-user buyers.
Now, if of the upcoming 2,000 units, a good number are occupied by their owners, it could offer some respite to the residential market elsewhere in the city, especially in regard to rentals. Market sources have maintained that only significant new supply can ensure the rental dynamic veers ever so slightly in favour of tenants.
“For the first time, customers have the opportunity to shift from a rental model to owned homes in a mega-development with all the modern amenities,” said Fred Durie, CEO of Nshama. “The value proposition that we put forward is unbeatable.”
To date, the developer has issued construction contracts worth Dh3 billion awarded for eight residential projects and allied infrastructure. The 31 million square feet development is anchored by a central square, the Vida Townsquare Dubai hotel and a Reel Cinemas Cineplex.
According to Durie, “Across all aspects of the development, we have set clear construction milestones. Town Square will be a proud addition to the residential portfolio of Dubai, made distinctive for its affordability lifestyle attractions. “We are working with the best-in-class contractors and consultants, who have accelerated their workflow to ensure on-time delivery.”
Multiple residential launches
Key contractors include Shapoorji Pallonji, Kier Dubai, Al Naboodah Contracting, Beaver Gulf Group and Binladin Contracting Group.
Town Square has had multiple residential launches to date, most recently coming up with the Noor Townhouses featuring three- and four-bedroom homes. As of November, nearly a third of all work on the 730 Hayat Townhomes are done, with the foundation completed and superstructure is in progress.
For the Zahra Apartments — 546 of them — the superstructure work is progressing on Level 6 of the tower. Construction of the Zahra Townhouses (320 in number) is nearly 65 per cent complete.
Meanwhile, on the wider infrastructure, progress is as per schedule. This includes a massive 2.5 million cubic metres earthworks, 75 per cent of the sewer and storm water networks and 50 per cent of the potable water, irrigation, firefighting and telecom networks. The initial road works package has been awarded to Binladin Contracting, who is also responsible for the construction of wet utilities.
For information on the real estate sector, within the UAE, please visit our sister site, getthat.com.