Dubai Properties Group has announced the launch of a new affordable housing project, Serena, in Dubailand.
The company said that Serena will cover an area of 8.2 million square feet, with the first phase containing two and three bedroom townhouses and three-bed semi-detached villas, with homes being arranged around clusters that each contain four to six units.
In total, work on the Spanish-themed properties will be completed in five phases, with phase one due for completion by the end of 2018.
Dubai Properties said the site will have direct access to Emirates Road and is surrounded by some of its other Dubailand communities including Layan and Al Waha.
It will contain about 100,000 sq ft of space for retail units, which it plans to lease, and will house three community centres including swimming pools, gyms, retail units, play areas and a clinic.
Abdullatif AlMula, the group chief executive of Dubai Properties Group, said: “Serena stems from our long standing experience in the market, and our understanding of the growing demand for affordable housing in the emirate.
“We believe that everybody should have access to good quality affordable housing that meets their needs.”
Dubai Properties is part of the government-owned Dubai Holding group. Earlier this month, Dubai Holding’s operating arm reported a 25 per cent increase in net profit for 2015 of Dh5.83m as revenue grew by 15 per cent to Dh14.5bn.
mfahy@thenational.ae
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