A developer has revealed plans to build 1,000 affordable homes around Dubai World Central.
The project is expected to have a construction value of US$700 million and is being developed by a joint venture company created by MAG Property Development and MBM Holding, Work on the MAG 5 Boulevard development will begin in the fourth quarter of this year, with initial handovers expected by the first quarter of 2018.
Dubai developers are increasingly targeting mid-market homes as municipal authorities in Dubai push to introduce mandatory affordable housing quotas for all new developments.
MAG is marketing the project as an affordable housing development, with studios starting from Dh449,000 and two-bedroom apartments being sold for Dh799,000.
Danube Properties yetserday also revealed plans to build more affordable housing in the city with the launch of Glitz Residence 3 by Danube.
Last week, Jumeirah Golf Estates announced that it was set to start developing mid-market homes for the first time around the course that is home to the European Tour Race to Dubai.
Damac, a Dubai developer known for its luxury projects, is also now developing hundreds of affordable homes at its 55 million square feet Akoya Oxygen development.
Emaar is building more affordable housing with projects such as Mira, where three-bedroom town houses were sold starting from less than Dh1 million.
“It is important to remember that there is a huge pent-up demand for affordable housing in the UAE,” said Steven Morgan, the chief executive of Cluttons Middle East.
selgazzar@thenational.ae
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
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French Touch
Carla Bruni
(Verve)
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Funk Wav Bounces Vol.1
Calvin Harris
Columbia
WRESTLING HIGHLIGHTS
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Donating your hair
• Your hair should be least 30 cms long, as some of the hair is lost during manufacturing of the wigs.
• Clean, dry hair in good condition (no split ends) from any gender, and of any natural colour, is required.
• Straight, wavy, curly, permed or chemically straightened is permitted.
• Dyed hair must be of a natural colour