Dubai Properties Group (DPG), the government-controlled developer, plans to build an 8.2 million square feet masterplanned residential community in the Dubailand area of the emirate, targeting the affordable housing segment of the market.
The Mediterranean architecture inspired development, called Serena, will be built in five phases. The first phase consists of clusters of four-to-six units and it is scheduled for completion by the fourth quarter of 2018. The clusters will contain two-to-three bedroom townhouses and three-bedroom semi-detached villas, the developer said in a statement.
The project, which is in close proximity to the Downtown Dubai area, will feature recreational and healthcare facilities and about 100,000 square feet of retail space for leasing.
Serena stems from our long standing experience in the market, and our understanding of the growing demand for affordable housing in the emirate, Abdullatif al-Mulla, group CEO, said in the statement, without giving the estimated value of the project.
DPG develops and manages properties and offer project development, portfolio management and asset management services through its subsidiaries. Its portfolio includes the multi-billion dollar master developments of Business Bay,