Property News · March 14, 2017

ZonesCorp selling off first phase of worker city project on outskirts of Abu Dhabi


ZonesCorp, the government-owned developer and operator of industrial zones in the UAE, is selling off the first phase of its new Razeen worker accomodation project on the outskirts of Abu Dhabi.In a statement on Tuesday, the Higher Corporation for Specialised Economic Zones (ZonesCorp), said that it was due to start marketing Razeen A, the first phase of Razeen Labor City to investors.Razeen is a 640,000-square metre purpose-built project close to Al Wathba which can house up to 100,000 workers in four identical compounds.Each compound consists of 18 three-storey, dormitory-style accommodation buildings, three three-storey kitchen and dining buildings, a three-storey clinic, a three-storey administration and security building, a single-storey shopping centre, a mosque that can accommodate 2,000 worshippers at a time, 16 guardrooms and landscaped recreation areas.ZonesCorp said that it was currently working to finish the infrastructure at Razeen city to make it operational by the end of the year.”Demand for housing outstrips supply in this segment of the market as a result of rapidly growing industrial and manufacturing sectors and therefore represents an excellent opportunity for investors, particularly due to its close proximity to the Industrial City of Abu Dhabi,” said Falah Al Ahbabi, the chairman of ZonesCorp.ZonesCorp currently oversees 28 camps which house over 450,000 workers from the industrial sector.A growth in construction and manufacturing in the UAE has led to an increase in popularity for worker accommodation among investors seeking new high-yielding asset classes.Brokers say that yields for the properties can reach as high as 10 per cent in some cases.Dozens of camps are advertised for sale on property websites such as bayut.com and dubizzle, offering sites in the UAE for between Dh10 million and Dh100m.lbarnard@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…ZonesCorp selling off first phase of worker city project on outskirts of Abu Dhabi

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