Dubai Investments Real Estate unveils new residential, commercial projects
• Move follows success of RITAJ project within Dubai Investments Park
• Company launches strategic projects at Mirdif, Meydan and Jumeirah
Monday, October 7, 2013
Dubai Investments Real Estate Company [DIRC], the real estate arm of Dubai Investments PJSC [DI] – the largest investment company listed on the Dubai Financial Market [DFM], has announced that it has commenced working on new residential and commercial projects at strategic locations within Mirdif, Meydan and Jumeirah in Dubai.
The new projects follow the success achieved by DIRC on its iconic RITAJ project, the modern residential complex located in Dubai Investments Park [DIP]. The company has sold or leased most of the residential units within RITAJ, which comprises over 2,000 apartments in 11 blocks spread across 2,580,000 square feet. RITAJ also offers unmatched lifestyle amenities, boasting of a community centre with 17 outlets as well as a 24x7 supermarket.
The new projects reinforces DIRC’s growing presence in the real estate sector, backed by its enviable portfolio of residential, commercial, warehousing and labour accommodation units. DIRC has also diversified its presence in the hospitality through its subsidiary Al Mujama Real Estate and tapped into the sports & luxury health sector with its partnership with Al Qudra Sports Management.
DIRC is participating in Cityscape Global 2013 – the Middle East’s largest and most influential property event, being held from October 8 to 10 at Dubai World Trade Centre. The event has brought together more than 200 exhibitors from the UAE, region and beyond.
Obaid Al Salami, General Manager of DIRC, said: “Over the last seven years, DIRC has witnessed robust growth – driven by our projects which offer unparalleled quality and value for money. The success of RITAJ is a reflection of the tremendous confidence and trust in our construction and delivery standards. As a step further in this direction, we are happy to announce details about our forthcoming projects at strategic locations within Dubai.”
He added: “Our projects are coming up at Meydan – one of the world’s most exciting destinations; Mirdif – one of the most sought-after residential neighbourhoods; and Jumeirah Village – the idyllic development in Jumeirah. The projects stem from the fact that investor buoyancy is back in Dubai’s residential sector, which has maintained positive momentum amidst solid market fundamentals and steady economic growth.”
A recent study by Standard Chartered Bank revealed that prices for purchases have rocketed 38 per cent for apartments in Dubai, and 24 per cent for villas for the year. This was the fourth consecutive quarter increase in house prices during the year. Apartment rents went up 20 per cent while villa rents increased 17 per cent year-on-year, the report said.
As a rapidly-growing real estate company, DIRC has always endeavored to continuously set and meet challenging, new standards. The company currently has a wide array of projects in its portfolio, which includes residences and commercial space. DIRC has also built a warehouse complex at DIP, which provides high-tech, well-designed spaces for warehousing and logistics management.