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wasl to Add Units to Residential Leasing Portfolio
DUBAI — wasl, the asset management group owned by Dubai Real Estate Corporation, announced on Tuesday that work on the Dh645 million Ras Al Khor project is progressing as scheduled.
The project is expected to bring on line 1,732 leasehold residential units to meet anticipated market demand, the company said in a statement on Tuesday. The project handover is scheduled to take place in phases between April and September 2009 and will have a total built up area of 2.4 million square feet featuring 1,288 two-bedroom apartments and 444
one-bedroom units.
“Our primary objective is to improve the status of various districts around the emirate and give them a major role to help sustain Dubai’s economic development,” wsaid Hesham Al Qassim, CEO of wasl and Dubai Real Estate Corporation.
wasl currently owns approximately 15,000 residential units in different localities around Dubai. “The leasing sector’s long term outlook is set to turn positive in line with many government initiatives including the floatation of the $20 billion bond by the Dubai Government to stimulate the economy. We believe our track record over 30 years will allow us to take a leading role in targeting specific and specialised urban development and re-development projects,” added Al Qassim.
business@khaleejtimes.com
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