Dubai South to see Dh7 billion investment ahead of Expo 2020
More than Dh7 billion will be pumped into real estate in Dubai South ahead of Expo 2020, said a senior official.
Khalifa Al Zaffin, executive chairman, Dubai Aviation City Corporation and the Dubai South, said that half of investments will be made by the master developer while the remaining half will be deployed by private investors.
“Our total investment till Expo 2020 is Dh3.5 billion in real estate projects in Dubai South in residential, commercial and other mixed-use projects. I think private sector investments will be equal to ours. For example, we have invested Dh10 billion in Dubai South and around same amount has been invested by the private sector,” Al Zaffin said.
Dubai South also launched its latest residential project, Parklane, at Cityscape, including 1,200 apartments and townhouses. It has priced studio apartments at Dh300,000, attracting strong response from prospective buyers and investors.
“Parklane is the continuation of our previous project, The Pulse, and it’s similar in nature. Since we started, we have sold 40 per cent and 15 per cent in the first few hours at Cityscape,” he said.
Al Zaffin said the contract for The Pulse would be awarded soon and for Parklane in the next three months.
Al Zaffin said projects like shopping mall and other projects in the pipeline are at a conceptual stage.
Mohanad Alwadiya, CEO of Harbor Real Estate, said Dubai South would be the ‘New Dubai’, offering great opportunities to investors as well as end-users.
With population in Dubai South expected to increase substantially in the coming years due to Expo 2020 and the expansion of Al Maktoum International Airport, he said prices in the area are currently low and hence will offer good yields in coming years. He added that Dubai South would cater to the high demand for affordable housing in the emirate.