Saturday, January 27, 2007

Aspire launches affordable flats in Dubai

A Middle-income development of Dh.530 million has been developed in Jumeirah Village South in Dubai by Aspire, a property developer.

The five storey project, with twelve buildings will consist of a total of 1180 units with forty percent comprising studio and single bedroom apartments and sixty percent two bedroom units.

The minimum price for studios is Dh.275,000, while the single and double bedroom apartments will be sold at Dh.550,000 and 750,000 respectively.

Every apartment will have a minimum of one parking space and the apartments which are more than 585.2 Sq. mts in area will have two. The ground floors include retail units, health club, swimming pools, and children’s zone. Every room will have an access to wireless internet, and Tabreed district cooling systems will be provided in apartments for reducing the running costs of end-users by fifty percent.

The Managing Director of Aspire, Harshit Kantaria, during the occasion, mentioned that while ninety five percent of developers in Dubai are targeting sophisticated consumers, eighty five percent of residents in Dubai still live in rented apartments, as they are unable to afford a luxury house. He added that Aspire intends to come up with a good mix of apartments comprising all facilities, at a price which common men can afford.

He said that a couple, whose monthly income is Dh.10,000 each, can very well afford a Jehaan apartment and that Aspire is actually targeting the end-users, rather than investors. In addition, real estate agents selling Jehaan units will be given a four percent commission by Aspire.

The project is scheduled for completion by March, 2009.

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