DAMAC Properties, the largest independent developer in the Middle East, has announced it has reached the third level of its ‘Suburbia’ residential development adjacent to the Jebel Ali free zone.
The developer is rapidly progressing with construction, to ensure it’s well positioned to meet increasing demand for residential apartments within close proximity to Dubai’s expanding trade and logistics hub.
Jebel Ali is one of Dubai’s main economic growth engines; it generated more than $60 billion dollars worth of trade over the past twelve months. Logistics and trade are creating employment and that is stimulating demand for nearby housing. More than 200,000 people work at the Jebel Ali Port, and of that number, currently about 80 per cent commute to work from elsewhere in Dubai, or the wider Emirates, said Niall Mc Loughlin, Senior Vice President DAMAC Properties.
‘’We are developing our ‘Suburbia’ residential project at pace in anticipation of increased demand for residential housing in this particular area of Dubai over the next few years”.
Suburbia is a low rise multi-building development influenced by Moroccan architecture. It will offer 1, 2 and 3 bedroom apartments as well as townhouses on the ground level. The development will also include first class facilities including a state of the art gymnasium, children’s play area and swimming pool. It is also located within walking distance of the Dubai Metro station.
“We have reached the third floor on the north and south towers of the project and are extremely pleased with the rate of construction. The project is slated for delivery in 2013, and we are on track to meet that deadline” Mc Loughlin added.
The main contractor for Suburbia is Sharpoorji Pallonji & Co. Ltd., which has been active in the Middle East for more than 40 years. The enabling works were carried out by Stromek Emirates Foundations.
Suburbia is positioned in the middle of the ‘Dubai Logistics Corridor,’ which was officially opened by the Ruler of Dubai H. H Sheikh Mohammed bin Rashid Al Maktoum last year. It is designed to be the world’s largest multi-modal logistics platform that links sea, land and air to facilitate the transportation of goods in record time. The unified project, with its extensive facilities, is expected to considerably boost logistics operations in Dubai.
Last year alone, 480 new companies, including 55 multinationals, launched operations in Jebel Ali. Companies are drawn by the convenience of having all relevant services readily available to conduct effective business operations.
“Jebel Ali is the heart and soul of logistics in Dubai. The potential for growth in the logistics sector is enormous, and from that we are predicting there will be a flow on effect to demand for residential property within the logistics corridor” Mc Loughlin commented.
The optimistic outlook is supported by a recent forecast by the IMF, which is predicting growth to remain steady in the UAE at about 4 per cent for the next six years. The improved outlook reflects large public investment spending by Abu Dhabi as well as stronger tourism, logistics and trade in the emirate of Dubai.
DAMAC Properties constantly assesses and evaluates the macro-economic environment to provide property and investment solutions in rapidly changing markets. As one of the leading developers in the Middle East, DAMAC Properties has an impressive track record of selecting and developing the right properties in the right location at the right time.