The first phase of an affordable housing project in Dubailand announced last week sold out “within hours” on its launch day, the developer of the community has claimed.
Dubai Properties Group (DPG) said that “intense demand” from buyers resulted in clients and investors “queueing from the early hours of Saturday morning”.
The developer, which is owned by Dubai Holding, announced on 21 February that the masterplanned 8.2 million square foot ‘Serena’ project would be launched in five phases. The first phase, called Bella Casa at Serena, is expected to be completed by the end of the third quarter of 2019.
The Dubailand project is located on Emirates Road, close to the Layan and Al Waha communities.
DPG hailed the sell-out as “an indication of a positive and healthy real [estate] market in the UAE”.
“Selling out Serena confirms our deep understanding of the real estate market in the country, and our capability to create master-planned developments in response to verifiable market need is evident today, which encourages us to continue to release additional units in the coming days,” DPG executive director of sales and sales operations Marwan Al Kindi said in a press statement.
The project will include about 100,000 square feet of retail space, as well as other swimming pools, play areas, a health clinic and a gym.
As well as its work in Dubailand, DPG’s previous projects include Business Bay and Jumeirah Beach Residence.