DUBAI Dubai Investments Park will add 1,150 new residential units in the next three years to meet rising demand for homes near the Expo 2020 site.
The new units will include a mix of studios, one-, two- and three-bedroom apartments.
Located near Jebel Ali Port and Dubai World Central, DIP is already home to nearly 20,000 people. Omar Al Mesmar, DIP general manager, said the community’s proximity to the Expo 2020 site has fuelled demand for more housing. “DIP is like a mini-city with around 10,000 apartments, townhouses and villas and now we are adding more homes,” he said.
The community comprises into three zones for residential, commercial and industrial use.
The residential developments include The Palisades, RITAJ, Dunes Village, Crown City, Dubai Lagoons, EWAN Residences and Green Community. Two-bedroom apartment rents in EWAN Residences hover around Dh75,000 per annum. A 527 square foot studio in Ritaj Tower fetches around Dh48,000, while a one-bedroom goes for Dh66,000.
Green Community is the largest and most posh in DIP. A four-bedroom villa here could set you back Dh230,000 per annum.
In July last year, DIP made news with the launch of Bollywood celebrity Shah Rukh Khan-endorsed Royal Estates project. The 2.3 million square foot gated community will have 700 units, 400 of which will be delivered by 2016.
Green Community comprises 1,555 townhouses, villas, bungalows, apartments, family and luxury villas. Another 227 units will be added by late 2017. The Dh680 million expansion will be spread over 1.48 million square feet adjacent to the existing Green Community West. Construction is expected to begin next month.
