Funds in place for every single Dubai project, says DPG...

Dubai Properties Group (DPG), the real estate development arm of Dubai Holding, has funds in place to complete all its projects, a senior company executive told Emirates24|7.

“For the time being, we have fund for every single project,” said Mohammad Al Habbai, Chief Officer for Urban Planning and Infrastructure, DPG.

“Despite sales or not, we will go ahead with these projects,” he added.

Last month, the master developer of Jumeirah Beach Residence, Business Bay and many other developments in Dubai, launched Dh800 million Dubai Wharf, a waterfront district in Culture Village and Maram Residence, an upscale twin-tower in Burj Khalifa district, during Cityscape Global.

The DPG senior executive revealed that construction was all set to commence on Dubai Wharf project by year-end and was slated for completion in the two year’s time.

“Enabling work has already commenced on Maram Residence with main construction contract being awarded soon,” he added. 

Affordable housing 

Asked why DPG was not focusing on launching affordable housing, Al Habbai revealed that the company was studying the needs of the market for affordable housing, but nothing had been finalised.