Dubai's Luxury-Property Woes Spark Drive for Cheaper Rentals - Bloomberg Business:
"Nakheel PJSC, the developer of Dubai’s palm-shaped islands, is building thousands of lower-priced homes in the city to become less dependent on income from luxury accommodation, Chief Executive Officer Sanjay Manchanda said.
Nakheel announced on Tuesday that the Jebel Ali Gardens project in south Dubai will provide 10,000 affordable apartments for rent, spread across 42 towers. The one- to three-bedroom properties will house about 40,000 people, the government-owned company said this week at the Cityscape Global conference. Nakheel declined to say how much the project will cost or how much tenants will pay to live there.
Having a presence in both the “luxury and the budget segments means you have a very stable business model, and this is what we are trying to achieve,” Manchanda said in a Sept. 8 interview."
'via Blog this'
No comments:
Post a Comment