Dubailand owners have high hopes for the development

Remraam, in Dubailand, may not be as green and picture perfect as the brochures had promised, but investors are upbeat about the future.

Mohammed Rizwan plans to rent out his Remraam apartment to cover the mortgage he took out seven years ago. Satish Kumar / The National

DUBAI // This Dubailand community may not be as green and picture perfect as the brochures had promised, but investor Mohammed Rizwan is upbeat about the future.

He plans to rent out his Remraam apartment to cover the mortgage he took out seven years ago.

Because of a reduction in the size of his three-bedroomed home, he has been promised a Dh130,000 discount on the Dh1.35 million price tag.

Like others taking possession, he is optimistic about the development’s prospects and confident more greenery will brighten up a neighbourhood that already has two tennis courts, three pools and basketball courts.

“I do want to move in because all over rents are moving up, but it’s best if I give it out to rent first,” said Mr Rizwan, who works for a construction company and rents with his family in Al Qusais.

“It’s a fantastic community, although it does not yet have the conveniences required, such as grocery stores, medical centres or restaurants.

“What attracted us was that it looked like a rain forest in the brochures, but the green space is not on the same scale as promised. But in two to three years, it will be a fully-fledged thriving community with lush green spaces and a lot of play areas for kids.”

That is when he hopes to move in, when his four-year-old son can enjoy the space.

“I need to strengthen my financial position over the next couple of years by renting it out and then when my kid is growing up, we can move here,” he said.

“Our intention was always to live here. The facilities and the community areas are still pending, there is a lot to be developed. But it is still a good place to live.”

Other investors say the delay has been costly since buyers should have taken possession three years ago.

“We are paying banks a lot of money because of the whole delay,” said Tarek Al Emam, a banker who lives in Business Bay and owns three studios and two one-bedroom apartments in Remraam that he plans to rent out.

Since he came on board at the pre-launch stage and was among the first batch of investors to sink money into the project, he snapped up the studios for Dh350,000 and the one-bed apartments for Dh680,000.

The buying price is already 20 per cent higher now and even rents have jumped, he said.

“People working on the Expo project and Jebel Ali will always prefer to stay near their work sites and that is why the prices will surely rise,” said Mr Al Emam. “Remraam will always do well because it’s near the Expo project, next to the airport, near Jebel Ali industries, so it is being seen as one of the good communities coming up.”