LOADING CLOSE

Dubai’s upscale community to offer ‘affordable’ housing

Dubai’s upscale community to offer ‘affordable’ housing

Gulf News, 18 December, 2018

With villas starting at around Dh8 million, District One in Mohammad Bin Rashid Al Maktoum City (MBR City) is on par cost-wise with many of the pricey residential communities in Dubai. But one of the emirate’s newest prime residential communities has one significant edge. “You’re basically in the middle of the city,” says Mohammad Abdul Nasser Al Khayat, vice-president of commercial and free zone at Meydan Group, noting how District One addresses both the exclusivity and accessibility factors that residents long for.

Bordered on its western edge by Al Khail Road and by Al Meydan Road on the south side, District One has fast access to major arteries, including a quick five-minute drive to Shaikh Zayed Road. This, combined with plush amenities that include the world’s largest man-made Crystal Lagoon that residents can exclusively use and a super-regional mall next door, have justified the price tag. The lagoon, which spans 7km, is ready for use by residents, while the mall, Meydan One, will open in 2020, along with a section of the lagoon that will be for public use, according to Al Khayat.

In a move that appears to respond to the current market dynamics, Meydan announced a new phase for District One that consists mainly of low-rise apartments along the lagoon. The one-, two- and three-bedroom apartments, collectively called the D1 Residences, have been positioned more competitively in the market with prices starting at around Dh1.1 million, but Al Khayat says a more aggressive pricing structure could be soon introduced.

“There are a lot of people looking at lower than the Dh1-million ticket price,” says Al Khayat during a recent launch of the community’s tallest tower, which rises 16 floors. “Others are looking for below Dh1.5 million for a two-bedroom apartment. We’ve done some market research on that and we might be introducing something similar.”

The project’s first seven buildings launched earlier are set to be completed by December next year. Around 500 of the 1,500 apartments have been sold, according to Al Khayat. The apartments are part of the third phase of District One. Phase one and two consisted of villas and mansions, of which 85 per cent have been delivered and the rest to be completed by March.