Industry advisors discuss affordable housing
Panel members at the ‘Cityscape Abu Dhabi Mena Real Estate Summit’ discussed the importance of government intervention to deliver affordable housing projects. “Deliver property for the market, not a market that does not exist,” said Christopher Sims, CEO of Naseej, a Bahrain-based real estate and infrastructure developer. The discussion highlighted the need for government intervention […]
Panel members at the ‘Cityscape Abu Dhabi Mena Real Estate Summit’ discussed the importance of government intervention to deliver affordable housing projects.
“Deliver property for the market, not a market that does not exist,” said Christopher Sims, CEO of Naseej, a Bahrain-based real estate and infrastructure developer.
The discussion highlighted the need for government intervention to deliver properties of a fair value to the middle-income market, as well as the importance of Public-Private Partnerships (PPPs). Other panel members included Gurjit Singh, CEO of Sorouh; R Lakshmanan, CEO of Sakana; Sami Asad, CEO of ALDAR Properties PJSC; and Jonathan Herps, advisor to SBK Holding, Abu Dhabi Capital and the Private Office of Highness Sheik Sultan bin Khalifa bin Zayed Al Nahyan.
The summit took place from 17-20 April, located at the Abu Dhabi National Exhibition Centre (ADNEC)
“There are three parts to a real estate project: plan, construction and finance. The margins in affordable housing are quite small and so costs have to be at an attractive rate, and so the government has to take initiative to speed up the process.” Sims continued.
Representatives of the Abu Dhabi General Services Company, Musanada, used the event to announce their contract awarded by Abu Dhabi government to manage the delivery of a new infrastructure residential development in South Shamkha worth over US $1.9 billion.
The self-sufficient community will include an extensive public transportation system with a metro connected to the capital, 12,460 plots for Emirati housing and areas allocated for shopping centres, health, educational, commercial and recreational facilities to serve a population of 200,000.
