Properties Investment, a joint venture between Dubai Investments (70 per cent) and UAE-based developer Union Properties, has successfully handed over 76 townhouses in the Stage One of its Green Community Dubai Investments Park – West Phase Three in line with its scheduled time frame.

The Dh97-million ($26.4 million) project, covering an area of 1.48 million sq ft, will see a total of 210 townhouses being built in three stages, including 122 four-bedroom and 88 three-bedroom townhouses, 16 duplex apartments, retail units, recreational centres, swimming pools, squash court and landscaped areas.

Stage Two, which includes 100 townhouses, is expected to be delivered by October and Stage Three, comprising 34 townhouses, 16 apartments and three retail units, is expected to be completed by the end of 2017.

The total built-up area of the project is 1.01 million sq ft and sellable area is 976,718 sq ft.

On the successful handover, Dr Rashid Abdulla Al Haji, the general manager of Properties Investment, said: "It is a significant milestone, and reinforces the commitment of Properties Investment in completing and handing over its projects on schedule. This sends a very strong signal to the real estate sector."

"Subsequent to the hand over, we are confident on a stronger demand for the Stages Two and Three of the iconic Green Community DIP – West Phase Three," observed Dr Al Haji.

According to him, the strategic location of the project in DIP is one of its unique advantages, and the demand is likely to surge in the years leading up to Expo 2020.

"The project will be connected to the Route 2020 Metro link, creating ease of access in the area around Dubai South and to the rest of the city," said Dr Al Haji.

"Moreover, Properties Investment is offering payment plans that span from two to eight years of in-house financing from the developer, circumventing the need for a mortgage provider, making the process easier for the investors,” he noted.

Dewan Architects and Engineers are the lead consultants for the project, while Shapoorji Pallonji Mideast are the main contractors of the Green Community DIP – West Phase Three project.

Covering 67 hectares of residential, leisure, retail, and commercial properties, the Green Community development prides itself on its modern surroundings and tranquil environment, stated Dr Al Haji.

“Amidst the current market conditions, the luxury real estate segment is still attractive to investors. High-quality developments such as the Green Community DIP – West Phase III will continue to witness strong demand, driven by its salient advantages,” he added.-TradeArabia News Service