Dubai Real Estate Corporation's (DREC) asset management group, wasl, said it will redevelop a number of landmark properties in Dubai as part of its mandate to oversee and ensure sustainable development of real estate sector for Dubai Government.

The HSBC Bank building in the Bani Yas market and the Dubai International Marine Club (DIMC) are some of the properties that will acquire a new dimension under wasl’s latest plan which covers the tourism, hospitality and healthcare sectors, according to a top wasl official.

'Additionally, the Ras Al Khor area will be revamped, bringing on stream over 2,500 residential units for wasl’s employees. The project is scheduled to be completed in 18-months,' said Hesham Al Qassim, CEO of wasl and DREC.

The asset management group is currently conducting a comprehensive study of the tourism sector to further identify projects, including four and five star hotels, to further drive Dubai’s objectives of attracting 15 million visitors by 2015, he noted.

“With Dubai gaining a firm foothold on the global tourist landscape as one of the most frequented destinations, it is only important that we complement its status through giving a fresh impetus to our landmark developments,' he added.

Qassim said that as a diversified asset management company, wasl pursues a multi-pronged strategy to cater to Dubai’s increasing demand in the tourism sector as projected by key industry studies.

'Our current endeavour will successfully bridge any demand-supply disparity and price variations, adequately equipping Dubai to accommodate the growing number of residents over the next few years,' he opined.

According to Qassim, the demand for commercial space in Dubai has registered a considerable increase reflecting the real estate sector’s robust growth.

'wasl is keen to service the escalating demand for commercial and storage space from light and heavy industries, which underline the heightened trade activity in Dubai.'

'Currently, we manage over 20,000 customers in the industrial and residential sectors. This includes 5,000 industrial plots of land and 15,000 residential units and a vast portfolio of hotels and entertainment facilities,' he observed.

Qassim said that catering to different real estate sectors will stabilize the real estate prices in Dubai.

'The real estate market is one of the most important segments of our economy and diversity will promote investment and open new economic prospects,' he added.

wasl’s areas of expertise includes project management, property management, hospitality, real estate investment management.

Its vision encompasses the management of real estate projects in the residential, commercial, shopping centers, industrial and real estate development, public utilities and entertainment sectors.-TradeArabia News Service