Property

Dubai Properties unveils ‘affordable’ Serena project

Residential development in Dubailand to span 8.2 million square feet

PHOTO: Serena will be developed in five phases with homes arranged in clusters of four to six units. Credit: Supplied

The UAE-based developer Dubai Properties has unveiled an 8.2 million sq ft residential development geared towards the affordable housing market.

The company says its Serena project, located in the Dubailand district, will be developed in five phases with homes arranged in clusters of four to six units.

The first phase, expected to be completed by the end of 2018, consists of two- and three-bedroom townhouses and three-bedroom semi-detached villas.

Amenities include three community centres, recreational facilities, swimming pools, gyms, play areas, and a healthcare facility. The development will also include leased retail spaces of approximately 100,000 sq ft.

“Dubai Properties is helping lead the resurgence of Dubai’s real estate market through the smart and strategic development of iconic mixed-use destinations, as we anticipate and deliver on the rapidly changing and diversifying Dubai. Serena stems from our long standing experience in the market, and our understanding of the growing demand for affordable housing in the emirate,” said Abdullatif AlMulla, the group Chief Executive of Dubai Properties Group.

“We believe that everybody should have access to good quality affordable housing that meets their needs and we are delighted to be embarking on 2016 with the launch of Serena as one of the most sought after destinations in the country.”

Developers in the UAE have been putting a bigger focus on homes geared towards those on lower incomes.

Nshama was last year marketing three-bed properties at its Town Square development for Dh1 million ($272,000), while Abu Dhabi developer Aldar Properties in June announced its “mid-market” Meera residential development, located on Reem Island.

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