Properties Investment LLC, a joint venture owned 70% by Dubai Investments PJSC and 30% by Union Properties and engaged in investment and development of real estate properties, has announced plans to hand over 134 townhouses and 16 duplex apartments in stage 2 & 3 of its Green Community Dubai Investments Park – West Phase III project, by the end of 2017.
The project, covering an area of 1.48 million square feet, comprises 210 townhouses, including 122 four-bedroom and 88 three-bedroom townhouses, 16 duplex apartments, retail units, recreational centres, swimming pools, squash court and landscaped areas. A total of 76 townhouses were handed over in stage 1 in July 2017.
Stage 2 will include 100 townhouses with expected handover in October 2017; and stage 3 handover, comprising 34 townhouses, 16 apartments and three retail units, will be completed by the year-end. The project model is being showcased at Cityscape Global 2017.
To coincide with this project progress, Properties Investment also announced plans to develop two residential buildings and expansion of The Market shopping arcade within Dubai Investments Park. The two projects, covering a total built-up area of over 480,000 square feet, are expected to be completed by the third quarter of 2019.
Dr Rashid Abdulla Al Haji, General Manager of Properties Investment, said: “In line with the increasing demand for the Green Community DIP – West Phase III project, Properties Investment is committed to complete the project handover on schedule. Given its strategic location, the demand for the remaining units in the project is expected to surge in the coming months.”
The Green Community – West Phase III project will be connected to the Route 2020 Metro link, creating ease of access in the area around Dubai South and to the rest of the city. Properties Investment is also offering payment plans that span from two to eight years of in-house financing from the developer, circumventing the need for a mortgage provider, added Dr Al Haji.
The new projects announced by Properties investment include two residential buildings within DIP [G+4 floors, 115 units] and The Market shopping arcade expansion [200 retail units including new food courts, plus six cinemas, 65,000 square feet].
“With a clearly-defined growth roadmap, Properties Investment differentiates itself with projects with enhanced residential and retail options to support the needs of the residents and visitors. The company continues to diversify its revenue streams through asset management, and other aspects of the development and investment cycle including acquisitions, sourcing opportunities, leasing, administration & management of properties,” added Dr Al Haji.